Italian confectionery giants Pernigotti and Walcor have officially merged under the stewardship of both private and government investors.
The Italian stock exchange filing reveals that the newly formed entity, although unnamed, boasts an impressive annual turnover of approximately €70 million ($82.5 million) and employs over 340 professionals. Notably, this entity maintains an export footprint across around 50 countries.
Crucially, production will continue at established facilities located in Novi Ligure (Alessandria) and Pozzaglio ed Uniti (Cremona).
Since 2022, Pernigotti has been under the ownership of JPMorgan Asset Management, which acquired the company through its Lynstone fund. Furthermore, JPMorgan also obtained a majority stake in Walcor, in partnership with a minority holding from Invitalia, Italy’s investment and economic development agency.
In a separate announcement, Walcor stated that this merger will “simplify the structure, expand the commercial offering, and improve operational efficiency,” ultimately enabling “agile management and quick decision-making.”
The newly formed board of directors has appointed Francesco Pastore as the CEO of the combined group, while Luigi Mastrobuono will assume the position of chairman. The statement expressed gratitude to Attilio Capuano for his leadership leading up to this integration.
Mastrobuono articulated, “This merger is a demonstration of our vision to support and relaunch Italian excellence. Now united, Pernigotti and Walcor represent a successful model of the Historic Brands Safeguard Fund. The arrival of Francesco Pastore is a crucial step for our future.”
Pastore emphasized, “The merger with Walcor is more than an operation: it is the creation of a confectionery hub that combines tradition and innovation. My commitment will be to leverage synergies, expand our global presence, and inspire our team to reach new milestones. Together, we will build a successful future.”
Founded in 1954, Walcor specializes in chocolate coins, hollow figures, and Easter eggs, while Pernigotti, established in 1860 by Stefano Pernigotti, is known for its Italian chocolate offerings, including Gianduiotto, Cremino, and Nocciolato, as well as spreadable creams and seasonal items.
In 2022, the Toksoz Group divested Pernigotti to JPMorgan’s Lynstone fund. With Invitalia already holding a minority stake in Walcor, the shares of Lynstone and Invitalia have been “aligned” across both companies, as noted on Pernigotti’s website.
