Frozen-food company Gelit has been successfully sold to Wealth Venture Fund Sicar, a firm based in Luxembourg. Previous investors Consilium and Progressio, along with entrepreneur Massimo Menna’s company, collectively sold the Italian company for an undisclosed amount.
The consortium had acquired Gelit, located in Doganella di Ninfa, south of Rome, in 2019 from the American food giant Conagra Brands. This acquisition marked a pivotal moment for the firm, which has established itself as a significant player in the food and beverage industry trends within Italy and beyond.
Founded in 1977, Gelit specializes in producing private-label frozen ready meals and filled crêpes for retail customers not only in Italy but also across the EU and the US market. The company also caters to the foodservice sector, significantly impacting food and drink business dynamics in the region.
Stefano Mattioli, Gelit’s CEO, will continue to lead the company following the acquisition. The selling investor group stated that since acquiring Gelit, they have invested over €30 million ($31.6 million) to enhance production capacity and initiate sustainability initiatives. This commitment to sustainability and growth aligns with current food and drink consumer trends, showcasing a forward-thinking approach in the industry.
Additionally, Gelit has achieved B-Corp certification, affirming its commitment to social and environmental performance.
Paolo Santoro, a partner at Consilium, expressed pride in supporting Gelit’s management during its international growth trajectory, which has enabled the company to become a leader in Italy’s representative food sector.
Consilium manages around €300 million across its private equity investments, while Progressio focuses on the Italian market, overseeing approximately €810 million in funds. Notably, Conagra Brands had previously acquired Gelit in 2012 through its Ralcorp Foods purchase before transferring ownership to the current investors in 2019.
Following Gelit’s sale, Conagra went on to divest the Peter Pan peanut butter brand to Post Holdings and sold the Egg Beaters brand to the same entity in 2021. More recently, Conagra also sold its majority interest in Agro Tech Foods to Convergent Finance and Samara Capital, reaffirming its strategy to streamline operations within the competitive food and beverage sector.
As part of its expansion strategy, Conagra acquired Sweetwood Smoke & Co., a US meat snacks producer, further diversifying its product offerings in the ever-evolving food and drink landscape.
