The investment in the historic Umbrian confectionery company marks the fifth deal by the Italian Agri&Food Fund (FIAF) in under two years
Milan, 10th July 2025 – Fondo Italiano d’Investimento Sgr announces the acquisition of a majority stake in Santangelo Group S.r.l., a historic family-owned company from Umbria specializing in the production of ambient leavened baked confectionery for large-scale retail distribution.
The transaction, the fifth completed in the last 18 months through the Italian Agri&Food Fund (FIAF)—a sector-focused investment vehicle supporting excellence across the Italian agri-food value chain—involves the acquisition of a 70% stake in Santangelo. The remaining 30% will be re-invested by entrepreneur Gianluigi Formichetti, the current CEO, who will maintain his role and continue to lead the company operationally following the Fund’s investment.
The FIAF investment aims to strengthen Santangelo’s position as a benchmark in the premium leavened baked goods segment, leveraging its deep local roots and distinctive artisanal production to support an ambitious growth trajectory.
Founded in 1968 in Terni, Santangelo produces and markets both branded and private-label products, primarily through large-scale retail distribution. Between 2020 and 2024, the company more than doubled its revenues, reaching €32 million in the most recent fiscal year. Exports account for over 25% of total turnover.
Santangelo stands out for its artisanal production process and the use of high-quality raw materials, which result in premium leavened goods—distinct from the fully automated production typical of larger industrial players. The company has established itself as a producer of breakfast specialties (notably croissants), and in recent years has expanded into seasonal leavened products (primarily panettoni and colombe), also made using artisanal methods and superior ingredients, aimed at the premium segment of the retail market.
Today, the company is one of the leading players in its market segment—the largest among those focused on artisanal, premium-quality production rather than volume. It ranks among the top five producers nationally and holds the number one position in Central Italy. Its economic and financial performance confirms a growth rate consistently exceeding industry averages, along with higher margins than typical competitors.
Santangelo Group operates a 5,000-square-meter production facility in Terni, which has been renovated and expanded over the past five years with the addition of new lines, machinery, and equipment. The site employs approximately 180 people. A further expansion is currently underway to significantly boost production capacity, in support of the growth plan developed jointly with the Fund. This plan includes a strong push toward sales growth, particularly in premium seasonal products for international markets.
The transaction is expected to close by the end of July, subject—as is standard—to the fulfillment of customary closing conditions.
Marco Pellegrino, Senior Partner at Fondo Italiano d’Investimento SGR, commented: “We are particularly pleased to support Gianluigi Formichetti and his entire team in the next phase of Santangelo’s growth. 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. We are confident that the organizational and managerial support Fondo Italiano can provide will help accelerate Santangelo’s development plans and capitalize on the many opportunities emerging in the premium leavened goods market—both everyday and seasonal—while further strengthening its leadership and competitive edge.”
Gianluigi Formichetti, CEO of Santangelo Group, added: “I am very pleased with Fondo Italiano’s investment, through FIAF, in our company and excited to continue leading the business and its people—both direct and indirect—through this next phase of growth. 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.”
The Italian Agri&Food Fund (FIAF), one of the strategic investment initiatives under Fondo Italiano d’Investimento’s 2022–2025 Industrial Plan, already includes in its portfolio Corradi and Ghisolfi (based in Corte de’ Frati, Cremona), Pasta Berruto (Carmagnola, Turin), Trinità S.p.A. – Industria Salumi (Vallese di Oppeano, Verona), and Scatolificio del Garda S.p.A. (Pastrengo, Verona).
In the Santangelo Group transaction, Fondo Italiano d’Investimento SGR was advised by Pavia e Ansaldo for contractual and legal due diligence, EY for financial, tax, and payroll due diligence, GEA for business due diligence, ERM for ESG, EHS, and climate due diligence, and De Besi – Di Giacomo for insurance due diligence.
Santangelo Group S.r.l. was assisted by the Corporate Finance team of KPMG Advisory S.p.A. as financial advisor, the M&A team of WST Law & Tax Firm for legal matters, and the accounting firm of Dr. Lorella Proietti as the seller’s advisor.
