Italmobiliare Sells Capitelli Stake for €36M

Italmobiliare has successfully divested its majority stake in Capitelli Fratelli srl, a prominent Italian producer of premium cooked and smoked cured meats, to French food group CA Animation. This strategic exit, finalized after nearly seven years of ownership, yielded a significant return for Italmobiliare, generating a 3x cash-on-cash multiple and an internal rate of return (IRR) of 20%. The transaction also involved the acquisition of an additional 10% from Angelo Capitelli, the company's president and son of the founder, bringing CA Animation's total ownership to 90%, with Angelo Capitelli retaining a 10% stake.

The deal values Capitelli at an enterprise value of €36 million on a cash-free, debt-free basis. This valuation reflects the substantial growth achieved under Italmobiliare's stewardship. Since Italmobiliare's initial investment in December 2019, when it acquired 80% of the company, Capitelli's revenues have surged by over 70%. The Piacenza-based salumificio, established in 1976, reported revenues of €24.7 million in 2025, a notable increase from approximately €13 million when Italmobiliare first invested.

Financial performance has seen robust expansion, particularly in recent years. Capitelli's EBITDA reached €4.5 million in 2025, marking a 12.3% increase from the previous year. This consistent upward trajectory in both top-line and profitability underscores the operational improvements and market penetration strategies implemented during the investment period. The company's net profit for 2025 stood at €2.4 million, demonstrating its enhanced earning capacity.

Beyond financial metrics, the investment period saw significant operational enhancements at Capitelli's Borgonovo Val Tidone facility. The production plant underwent a comprehensive reorganization and expansion, complemented by the introduction of new product lines. Furthermore, efforts were intensified to strengthen supply chain selection and traceability, alongside a strategic overhaul of the organizational structure. These developments, supported by collaborations with entities like Italgen, have positioned Capitelli for continued success in the competitive premium food sector.

The transaction's success is further highlighted by the substantial dividends distributed to Italmobiliare during its holding period. The company received €5 million in dividends in 2025 alone, following distributions of €2 million in 2024 and €1.5 million in 2023. This dividend flow contributed significantly to the overall attractive return profile of the investment, demonstrating effective capital management and value extraction.

CA Animation's acquisition of Capitelli aligns with broader trends in the European food industry, where consolidation and the pursuit of premium, high-quality brands are key strategic drivers. The French group's expansion into the Italian cured meats market signals an appetite for established, quality-focused producers with a strong heritage. The deal, which is subject to Golden Power regulatory approval, is expected to close by the end of the fourth quarter of 2026. Marcello Balzarini will continue to lead Capitelli as CEO.