Fondo Italiano Agri & Food Buys Alimenta Produzioni

Fondo Italiano Agri & Food (Fiaf), a dedicated investment vehicle managed by Fondo Italiano d’Investimento SGR, has finalized the complete acquisition of Alimenta Produzioni srl. This strategic move marks the sixth investment for Fiaf, which launched in December 2022 with an initial closing of €130 million. The transaction sees Fiaf taking full ownership of the Romagna-based company, a specialist in regional baked goods including piadine, pinsas, and pizza bases.

The acquisition involved the purchase of 100% of the company's capital, previously held through two entities, Alimenta Holding spa and its subsidiary Alimenta Newco srl. The principal seller was majority shareholder Valter Baldacci, who held a 52.5% stake. Baldacci, a seasoned executive with extensive experience in retail and large-scale distribution, had partnered with Alberto Fenati and Matteo Federici to acquire the business in 2012. Under their stewardship, Alimenta has experienced significant expansion, evolving from a small artisanal operation founded in 2003 into a substantial industrial player.

Alimenta Produzioni has demonstrated impressive growth, particularly since its industrialization phase began a decade ago. The company's product portfolio has broadened considerably beyond its initial focus on Piadina Romagnola IGP. This diversification has propelled its revenue trajectory, with turnover escalating from approximately €650,000 in 2012 to over €50 million in 2025. Financials for the most recent reporting year show revenues reaching €51.2 million, accompanied by an EBITDA of €5.3 million and net debt of €15 million.

The transaction was supported by a robust financing package. BPER Banca acted as the Agent Bank, with Intesa Sanpaolo and Crédit Agricole Italia serving as co-arrangers. The funding structure includes a mezzanine debt component, provided by Tenax Capital Ltd and Green Arrow Capital Private Debt, aimed at optimizing the capital structure. This financial backing underscores the confidence in Alimenta's future growth prospects within the Italian food sector, a market segment that continues to attract significant private equity interest due to its resilience and export potential.

Andersen in Italy and L&B Partners spa provided debt advisory services to Fondo Italiano d’Investimento SGR, while Milano Notai handled the notarial aspects of the deal. Importantly, the current management team will remain in place and will participate in the investment, signaling a commitment to continuity and a collaborative approach to driving future industrial development and medium-to-long-term expansion. This partnership model is a common strategy employed by Fiaf to ensure operational expertise remains integrated post-acquisition.

This acquisition aligns with Fiaf's broader strategy of investing in high-potential Italian agri-food businesses. Alimenta Produzioni joins a growing portfolio that includes companies such as Santangelo Group (baked goods), Scatolificio del Garda (sustainable food packaging), Trinità – Industria Salumi (cured meats), Pasta Berruto (pasta), and Corradi e Ghisolfi (biogas and biomethane plant engineering). The Italian food industry, valued at over €150 billion annually, is a key sector for the national economy, with specialized segments like baked goods and regional specialties showing strong domestic and international demand.