Italian agribusiness group BF has reached an agreement to sell a controlling stake in its couscous business, Bia, to private equity firms PM&Partners and Armònia.
While the financial details of the transaction remain undisclosed, this move is poised to reshape the landscape of couscous production.
In a recent statement on LinkedIn, PM&Partners emphasized that the investment aims to “accelerate Bia’s growth trajectory through external development opportunities, leveraging its strong customer base both in Italy and abroad.”
Bia is currently under the ownership of BF Agroindustriale, which BF controls along with Ocrim – Società per l’Industria Meccanica and Investimenti Industriali.
After the deal is finalized, BF AgroIndustriale and Investimenti Industriali will reinvest, maintaining approximately 10% and 5% of Bia’s share capital, respectively, as stated by BF.
BF acquired Bia in 2022 as part of a broader strategy aimed at developing an integrated grain hub to consolidate control over the Italian food supply chain.
During BF’s ownership, Bia’s revenues increased from around €33 million ($37.9 million) in 2021 to €48 million in 2024, with EBITDA reaching approximately €7 million. This growth was driven by enhanced production capacity, expansion into new markets, and a focus on high value-added products, according to Milan-listed BF.
Federico Vecchioni, chairman of BF, remarked, “We are proud to welcome qualified investors such as PM&Partners and Armònia into Bia’s share capital, which will foster Bia’s consolidation as a leader in couscous production and marketing, while enabling the BF Group to continue investing in strategic food supply chains with the best margins through further M&A transactions.”
Bia specializes in private-label couscous and holds a “recognized leadership” position in Italy, France, and Spain, with a notable focus on gluten-free and organic offerings, as highlighted by PM&Partners in their LinkedIn post.
According to its website, Bia operates three production facilities in the town of Argenta, located in the province of Ferrara, one of which is dedicated solely to gluten-free products.
With an annual production capacity of 54 million kilograms, Bia packages over 24 million cases each year, while also producing couscous under its own brand.
Apart from Bia, BF’s portfolio includes Le Stagioni d’Italia, which features Italian pantry staples; Zorzi, which is noted for dried legumes and cereals; and Fabianelli, a premium pasta maker.
In 2024, BF reported consolidated revenue growth of 8.5%, totaling €1.5 billion compared to 2023. Furthermore, EBIT increased to €46 million, a substantial 53% rise from the previous year, while net profit climbed to €13 million, up from €4 million.
