Platinum Equity, a US private-equity firm, has acquired Italy-based pasta condiments and vegetable preserves producer Polli.
Financial details were not disclosed.
The California-headquartered firm bought the majority stake from affiliates of the founding Polli family. The Polli family will retain a minority stake in the business together with CEO Marco Fraccaroli, who will continue to lead the company.
Founded in 1872, Polli is an Italian producer of pasta sauces, food in-oil, olives, pickles and condiments to customers in more than 50 countries and is “one of the largest producers of pesto in the EU”, according to a statement.
The company operates four plants, producing around 29,000 tonnes of vegetables and more than 190 million packages per year.
Manuela Polli, managing director of Polli and member of the sixth generation of the family, said: “We are excited to continue our ambitious journey with Platinum, an important partner who shares our company’s values and goals.
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By GlobalData“We are confident that together we will take the business to a new level of global leadership.”
Platinum Equity’s portfolio includes private-label sweet-biscuits manufacturer Biscuit International in France, wine producer Fantini Group in Italy, seafood provider Iberconsa in Spain and rum blending specialist E&A Scheer in the Netherlands.
Louis Samson, co-president at Platinum Equity, said: “Platinum has a lot of experience helping family-owned businesses leverage our M&A capabilities and global operating expertise to capitalize on market opportunities and maximize their potential.
“Polli has built an exceptional brand with a proud heritage, and we look forward to working together to build on that legacy.”
