Casa della Piada, an Italy-based bakery products manufacturer, has been bought by local investment firms Wise Equity and Fondo Italiano d'Investimento.

The Milan-based investors bought the business from another investment business, Aksìa, for an undisclosed sum. Their ownership split has not been disclosed but it is understood Wise has taken a majority stake.

Wise Equity carried out the acquisition through its Wise Equity VI fund while Fondo Italiano d'Investimento used its Italian Private Equity Co-investment Fund, also known as Fipec.

Aksìa had owned Casa della Piada through its Aksìa Capital IV fund since 2018.

Fondo Italiano d'Investimento said it wants to help the Modena-based company expand its export business.

Casa della Piada was established in 1974 by the Montagnani family and makes a range of Italian bread products including piadena and tigelle, as well as other baked goods. It has five manufacturing plants and supplies large retailers in the country with brands including Casa della Piada and Gastone.

A turnover of more than €50m ($54.1m) is projected for 2024.

Fondo Italiano d'Investimento was founded in 2010 on the initiative of the country’s Ministry of Economy and Finance (MEF) and backed by the likes of CDP Equity and Banco BPM. It described Casa della Piada as a well-established company “with great development prospects both in Italy and in other European markets” which is “active in strategic sectors in the country”.

Its Fipec fund has a remit to invest in companies in sectors including agriculture, food and ‘made in Italy’ supply chains.

In a statement on its website, Wise Equity said it too foresees expansion of Casa della Piada flatbread-type products in foreign markets.

It said it had invested in the business because of “the solidity of its management team and the attractiveness of the reference market” and “solid growth prospects”.

Wise Equity senior partner Stefano Ghetti said: “We are happy to be able to support a historic Italian company like Casa della Piada in its development path.

“We identified in Casa della Piada the characteristics that usually distinguish our investments: a leading company in a niche market, with growth prospects and great expansion potential abroad, also through acquisitions.”

Casa della Piada CEO Marco Vespasiano, who has participated in the investment to guarantee the management continuity of the company, said: “Twenty years of experience in companies like ours, combined with a strongly industrial approach and the expertise developed in the buy and build sector, make Wise Equity the right partner to support the growth of Casa della Piada in Italy and abroad.

“We are excited to start this collaboration.”