Fondo Italiano d’Investimento has acquired a 70% stake in Italy’s Santangelo Group, in a deal valued at approximately $34.6m. 

The investment was made via the Italian Agri&Food Fund (FIAF), marking the fund’s fifth transaction in less than two years.

Santangelo is a family-owned bakery based in Umbria, known for its artisanal production of premium leavened goods. CEO Gianluigi Formichetti, who will retain a 30% stake, will continue to lead the business. The company specialises in both branded and private-label breakfast products and seasonal goods, such as croissants, panettoni, and colombe.

Founded in 1968, Santangelo recorded €32m in revenues in 2024, more than double its 2020 figures, with exports accounting for over 25% of total sales. It is now one of the top five producers of artisanal leavened products nationally, and the market leader in Central Italy.

The business operates a 5,000-square-metre facility in Terni with around 180 employees. A major expansion is underway to support its growth strategy, which includes boosting international sales of premium seasonal products.

“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 at Fondo Italiano d’Investimento. “We are confident that the organisational and managerial support Fondo Italiano can provide will help accelerate Santangelo’s development plans and capitalise on the many opportunities emerging in the premium leavened goods market.”

Formichetti commented: “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.”

The acquisition adds to FIAF’s growing portfolio, which already includes Corradi and Ghisolfi, Pasta Berruto, Trinità S.p.A. – Industria Salumi, and Scatolificio del Garda.

The transaction is expected to close by the end of July, pending standard closing conditions.

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