Italian Investment Fund Buys Stake in Santangelo Bakery Group

Fondo Italiano d’Investimento recently acquired a 70% stake in Santangelo Group, a distinguished bakery business based in Italy.
This transaction marks the fifth deal completed in the last 18 months through its subsidiary, Fondo Italiano Agri&Food Fund (FIAF).
As highlighted in their statement, the remaining 30% interest in Santangelo is retained by CEO Gianluigi Formichetti, who will continue to lead the bakery’s operations.
Although the financial terms of this deal, expected to conclude this month, are undisclosed, Santangelo’s market position hints at significant value.
Established in 1968, Santangelo specializes in producing both branded and private-label breakfast bakery products for the retail sector, including croissants and the renowned Italian specialty panettone.
The company operates from a 5,000 square-meter facility in Terni, located in the Umbria region of Italy, and employs approximately 180 people.
Between 2020 and 2024, Santangelo doubled its revenues, reaching €32 million ($37 million) in the latest fiscal year, with exports contributing over 25% of the total turnover, as reported.
FIAF aims to “strengthen Santangelo’s position as a benchmark in the premium leavened baked-goods segment.”
Marco Pellegrino, senior partner at Fondo Italiano d’Investimento, stated: “We are particularly pleased to support Gianluigi Formichetti and his entire team in the next phase of Santangelo’s growth.”
“Beyond the company’s strong financial performance, we greatly value the quality of its products, the artisanal nature of its production, and its positioning as a leading brand in the premium breakfast leavened goods segment.”
Formichetti commented: “Santangelo has proven its ability to expand even in a fluctuating consumption environment. The investments outlined in the business plan shared with FIAF will equip us with the tools and resources to further develop our offering of high-quality, wholesome, and delicious premium products, both in the domestic market and key international ones.”In addition, last year, Fondo Italiano d’Investimento acquired a majority stake in local cured meat manufacturer Trinità Spa Industria Salumi.
Furthermore, it participated in an investment in Casa della Piada, an Italy-based bakery products manufacturer, and acquired a majority stake in pasta maker Pasta Berruto.