Chequers Capital has acquired Gourmet Italian Food (GIF), the leading Italian ready meals group, from private equity investors Alcedo, FVS, and other minority shareholders in an undisclosed deal.

The transaction marks a significant exit for Alcedo, which launched the GIF platform in 2019 with the acquisition of Eurochef Italia and transformed it into a national market leader with over €140m in annual revenue. According to Alcedo managing partner Filippo Nalon, the business has grown eightfold from its initial €17m turnover.

Chequers Capital will support GIF in accelerating its strategic expansion, including targeted acquisitions to enhance its product range and consolidate its leadership in the premium convenience food space. The founding entrepreneurs of the acquired companies have reinvested in the group, while GIF’s management team has co-invested alongside Chequers.

Originally created as a buy-and-build platform for high-quality ready meal producers in Italy, GIF has executed multiple acquisitions under Alcedo and FVS ownership. These include La Gastronomica, Fabian, Cucina Nostrana and Deppieri, Firma Italia, and most recently, the health-focused brand 100grammi.

Chequers Capital highlighted the synergies unlocked through these integrations, noting the group’s strong positioning as a premium supplier to leading Italian supermarkets and horeca clients. GIF now operates six production sites and employs over 450 people.

With this acquisition, Chequers Capital aims to reinforce GIF’s growth trajectory and expand its presence in the European food market.