Lantmännen Unibake to acquire Panificio San Francesco
The deal marks a strategic expansion for Unibake into Italy‘s growing bake-off bread segment.
ITALY – Lantmännen Unibake, a leading European bakery group under the Swedish cooperative Lantmännen, has signed an agreement to acquire Panificio San Francesco S.p.A., a prominent Italian producer of frozen and par-baked bread products for retail.
Announced in late December 2025, the deal underscores Unibake’s strategic push into high-growth markets, such as Italy’s bake-off segment, where consumers increasingly favour convenient, in-store fresh bread solutions.
Panificio San Francesco, founded in 2006 and based in Codevilla, near Milan, employs around 80 people and operates a modern facility with two production lines capable of producing 26,000 tons annually.
The company specializes in frozen bread products, supplying a wide range of baguettes, ciabatta, sandwich loaves, breadsticks, and specialty items to retail customers, particularly in the private-label bake-off sector.
Majority-owned by private equity firm ITAGO through its NEIP III SICAF fund, with minority stakes held by private investors, the company has built a strong regional footprint supplying pre-baked frozen breads to Italian retailers.
The acquisition, for an undisclosed sum, aligns with Unibake’s ambition to blend San Francesco’s local expertise and retail network with its international innovation capabilities, unlocking new commercial opportunities in frozen bakery.
Magnus Kagevik, President and CEO of Lantmännen, highlighted the move as a key step in fortifying the group’s European presence.
“We continue to strengthen and expand Lantmännen’s existing businesses through strategic acquisitions in attractive markets. The agreement in Italy reflects our ambition to build a strong platform for long-term growth,” Kagevik stated.
Carsten Thomsen, President of Lantmännen Unibake, echoed this enthusiasm: “We are pleased to announce the signing of this agreement… It supports our ambition to actively participate in the evolving dynamics of the European bakery sector.”
Domenico Tonussi, Managing Partner at ITAGO, described the transaction as a natural evolution of San Francesco’s industrial trajectory, poised to fuel its next phase of development under Unibake’s global umbrella.
This follows Unibake’s recent acquisitions, including Dutch savoury baker Boboli Benelux in September 2025 and an SKR 700 million investment in a Swedish bread facility earlier that year, signalling accelerated expansion amid rising demand for premium frozen bakery goods.
Subject to regulatory approvals and customary conditions, the deal is expected to close later, pending finalization.
For Lantmännen Unibake, this enhances its portfolio in a competitive landscape where bake-off products are projected to grow steadily across Europe, driven by retail trends and convenience.
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