Italian cured-meat producer Capitelli Fratelli is set to change hands, after Italmobiliare agreed to sell its controlling interest to European agri-food company CA Animation.
The investment firm said it had entered into a binding agreement covering the disposal of its full 80% stake in Capitelli. The deal places an enterprise value of €36m ($40.4m) on the business on a cash-free, debt-free basis.
As part of the transaction, CA Animation will acquire a further 10% from Capitelli president Angelo Capitelli, the founder’s son. Angelo Capitelli will retain the remaining 10% of the company.
For Italmobiliare, the sale is expected to generate a “three times cash-on-cash return”, including dividends collected throughout its investment period, according to the statement.
Italmobiliare chairman and CEO Carlo Pesenti said: “We are pleased to have accompanied Capitelli over the last few years, giving impetus to the development of a company that represents excellence within the national gastronomic panorama.”
Capitelli operates from Borgonovo Val Tidone in Italy’s Piacenza province, producing cooked and smoked cured meats. Its best-known product, San Giovanni cooked ham, was introduced in 1994.
At the end of 2019, Italmobiliare purchased a majority stake in the charcuterie business from Angelo Capitelli.
The investment company said it supported Capitelli through a period of “growth and development”, helping increase sales to €24.7m in 2025. That figure represents growth of more than 70% compared with 2019.
Angelo Capitelli said CA Animation’s investment would begin “a new chapter full of interesting opportunities”.
“Our family enthusiastically confirms its presence in the company with the conviction that has accompanied us since the beginning: for as long as the Capitelli name is on the product, there will always be a promise of quality to be kept,” he added.
CA Animation already has a presence in the Italian cured-meats market through its investments in Dok and Pio Tosini. Its wider agri-food portfolio also includes Loste Tradi-France, a distributor specialising in processed meats and charcuterie.
Completion of the Capitelli acquisition is anticipated during the fourth quarter of this year, pending regulatory clearance.
Marcello Balzarini, who has served as Capitelli’s CEO since 2020, will continue to lead the company. Italmobiliare credited him with making a “fundamental contribution” to the business’s development.