The majority shareholder of Sfoglia Torino, the Italy-based bakery-products business, has struck a deal to own the business outright.
Fondo Agroalimentare Italiano, an investment fund which backs Italian agri-food start-ups, has sold its 30% stake in Sfoglia Torino to the Perrino family, which now owns 100% of the pies and puff pastry maker. Financial terms were not disclosed.
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The fund, sponsored by French agri-foods investment firm Unigrains, first invested in Sfoglia Torino three years ago.
Since then, Sfoglia Torino has acquired two businesses in its sector – Idea Quick and Righi. Those transactions tripled Sfoglia Torino’s sales to nearly EUR30m (US$33.3m).
Enzo Perrino, the CEO of Sfoglia Torino, said: “Through our collaboration with FAI, we have been able to rapidly consolidate our sector: a major step enabling us to pre-empt the moves of some competitors.
Fondo Agroalimentare Italiano held its final close in December with commitments of EUR55m. The fund has already used EUR33m, completing what it calls “six principal transactions”. It expects to complete “three to four additional investments” and said “several opportunities are currently under review”.
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