Argos Wityu, a pan-European investment group, has acquired Italian bakery manufacturer Monviso.
Financial terms of the transaction were not disclosed.
Monviso, previously owned by Cerea Partners and CAPZA, has approximately 90 years of expertise in the dry bakery industry, producing premium, gourmet, and healthy products.
Based in Northern Italy, the company manufactures a range of products, including rusks, biscuits, and bread substitutes.
It supplies retail, third parties and the private-label channel with its Monviso brand, which is claimed to be the “third-largest” rusk brand in Italy.
Monviso focuses on “health-conscious” products, including organic, gluten-free, and palm oil-free options.
The company has expanded its product range through strategic acquisitions such as Biscotteria Tonon in 2015 and Grissinificio Europa in 2018.
Argos Wityu managing partner Jean-Pierre Di Benedetto said: “The investment in Monviso is perfectly aligned with Argos’ approach: while it might appear a traditional and mature sector, we believe substantial growth can be achieved if constant innovation is pursued.
“Final and intermediate client needs are rapidly evolving, and producers need to accompany and anticipate those changes.”
Monviso CEO Manfredi Cusmano said: “This partnership will enable us to further strengthen our leadership in the premium bakery market and continue innovating to meet the evolving needs of our customers.”
Monviso, which was acquired by Cerea Partners and CAPZA in 2018, operates five production plants and employs more than 160 people across northern Italy.
The company is expected to generate revenues of approximately €60m ($63.38m) in 2024.
Argos Wityu said it will also support Monviso's management team in “becoming a leading platform in the premium dry bakery market”.
With Argos Wityu's backing, Monviso aims to further target retailers, co-makers, and industrial clients with a premium multi-product portfolio offering.
Francesco Pugliese, who has expertise in food retail and consumer goods, has been appointed chairman.
Previously, Pugliese served as CEO of CONAD and general manager of pasta and sauces heavyweight Barilla.
