Food and Beverage Business

Hyle Capital Partners Acquires Majority Stake in Ciemme, an Italian Gnocchi Manufacturer

Hyle Capital Partners Acquires Majority Stake in Ciemme, an Italian Gnocchi Manufacturer Frozen, Refrigerated, Shelf-stable Food and Beverage Business

Hyle Capital Partners has made a significant investment in Ciemme Alimentari, a potato gnocchi producer based in Milan, Italy, allowing Hyle to take on “a majority share” in the pasta business. The private-equity group’s buyout fund, Finance for Food One fund, worth €130m ($142.7m) in total, was used for the investment. Matteo Chieregato and Francesco Zito of Hyle Capital Partners commented on the acquisition, stating that it marked “Hyle’s first investment in southern Italy where we believe there are great opportunities to explore”.

The CEO of Ciemme Alimentari, Bartolomeo Palmieri, will continue to lead the company and use the investment to drive innovation in the business, expand production lines, and broaden distribution, particularly in the US and Canada. Palmieri expressed his satisfaction with the partnership, stating that “Hyle, thanks to their expertise and network, will give us an additional push to achieve the growth goals we have set for ourselves.”

Ciemme Alimentari’s portfolio consists of chilled, shelf-stable, and frozen gnocchi products. The company’s factory, located near Barletta in the Puglia region, employs 105 people and serves 50 countries worldwide, with primary foreign markets in Germany, France, the US, and Canada. The company expects to exceed an annual turnover of €40m in 2023, a 40% increase from 2022, and predicts that its export share will exceed 30% of its turnover.

This strategic investment by Hyle Capital Partners demonstrates the ongoing trend of private-equity firms investing in the food and beverage industry, reflecting the increasing consumer demand for innovative food products worldwide.

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