Fondo Italian Agri&Food Fund (FIAF) enters partnership with Santangelo through minority stake
The investment by FIAF is intended to reinforce Santangelo’s standing in the high-end leavened baked goods sector.
ITALY – Fondo Italian Agri&Food Fund (FIAF) has acquired a 70% stake in Santangelo Group, a bakery business in Italy.
The Italian investment firm revealed that this marks the fifth transaction executed over the past 18 months via its subsidiary, the Fondo Italiano Agri&Food Fund (FIAF).
According to FIAF, the remaining 30% interest in Santangelo is held by the bakery company’s CEO Gianluigi Formichetti, who will remain in that role and lead the business from now on.
The financial aspects of the agreement expected to conclude this month have not been made public by the parties involved.
The investment by FIAF is intended to reinforce Santangelo’s standing in the high-end leavened baked goods sector.
It will leverage the bakery’s strong regional heritage and signature handcrafted production to accelerate its ambitious growth plans.
Established in 1968, Santangelo crafts a diverse selection of breakfast bakery goods for retail, offering both branded and private-label items.
From 2020 to 2024, Santangelo’s revenue doubled to €32 million (US$37 million), more than doubling within four years. Exports accounted for over a quarter of the company’s total turnover, underscoring its growing international presence.
“We are particularly pleased to support Gianluigi Formichetti and his entire team in the next phase of Santangelo’s growth,” said Marco Pellegrino, Senior Partner of Fondo Italiano d’Investimento.
“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.”
“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,” added Gianluigi Formichetti, CEO of Santangelo Group.
As part of the Italian Investment Fund’s 2022–2025 Industrial Plan, Fondo Italiano Agri&Food (FIAF) has built a portfolio featuring notable food and packaging companies.
These include Corradi, Ghisolfi, Pasta Berruto, Trinità SpA – Industria Salumi, and Scatolificio del Garda. The lineup underscores FIAF’s commitment to backing regional leaders in agri-food production and packaging.
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