Belgian bakery business Vandemoortele has acquired Italy-based Dolciaria Acquaviva from its private-equity owners and family shareholders.
Vandemoortele will take a majority interest in the frozen baked-goods supplier from the pan-Europe-focused investor Apheon and the rest from the Acquaviva family. Financial terms have not been disclosed.
Pierluigi Acquaviva, who heads up the Naples-headquartered company as its founder and CEO, will remain chairman of the board post-deal, which Vandemoortele said bolsters its presence in Italy.
Yvon Guérin, the CEO of family-owned Vandemoortele, said: “We will combine our strengths and expertise to drive continued growth.
“This combination will allow us to create powerful synergies in terms of product portfolio, brands, innovation and distribution in one of the countries where Vandemoortele has been active for some time and which makes a substantial contribution to the group’s total turnover.”
Founded in 1979, Dolciaria Acquaviva produces sweet pastries, savoury items and patisserie products from four manufacturing plants in Italy. The company had a turnover of €120m ($130m) in 2023 and employs more than 200 staff, according to a statement from Vandemoortele.
It serves the retail and foodservice channels.
Mr Acquaviva added: “We are very happy about the combination of Acquaviva and Vandemoortele in Italy as it will give exciting opportunities to our Italian customers and partners and employees.”
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By GlobalDataIn a separate statement, Apheon, which previously operated as Ergon Capital Partners until last year, acquired the majority interest in Dolciaria Acquaviva in 2019.
Under the private-equity firm’s guidance, Dolciaria Acquaviva acquired local peer Unigel in 2021, along with a distributor of its own products, Dolce Milano.
For its part, Apheon took a majority interest late last year in Italy-based ice-cream sandwiches and biscuits maker Salpa & Cherubini. The 63% stake was bought from investment peer Equinox in Luxembourg.
Commenting on the Dolciaria Acquaviva divestment, Apheon partner Riccardo Collini said: “We always saw in Dolciaria an entrepreneurial DNA that is common with Apheon’s and this was proven right with a very fruitful partnership with management during which we worked together through challenging moments, including the Covid-19 pandemic to achieve all our ambitious goals.”
Vandemoortele generated revenue in 2023 of €1.93bn, up 11% on the previous 12 months.
Adjusted EBITDA in the period to 31 December rose 31% to €216m, while net profit increased 53% to €109m.
Last November, Vandemoortele took a majority interest in New Jersey-based Banneton, giving it a manufacturing presence in the US for the first time.
