The transaction, carried out through FIAF, supports the group’s growth and industrial development, positioning it among the leading national players in savoury baked goods
Milan, 9 January 2026 – Fondo Italiano d’Investimento SGR announces its acquisition of a majority stake in Alimenta Produzioni S.r.l., an Italian company specialising in the production of piadina, pinsa and regional savoury baked specialties, and one of the main operators in the sector.
The transaction, executed through the Fondo Italiano Agri&Food (FIAF), a sector-specific vehicle dedicated to supporting excellence in the national agri-food supply chain, is carried out in partnership with the current management team, which will remain at the helm and co-invest to sustain the company’s industrial development and medium-to-long-term growth.
Founded in 2013 and headquartered in Riccione, Alimenta is led by founder and CEO Valter Baldacci, together with partners Alberto Fenati and Matteo Federici. The company employs 265 people and generated approximately €50 million in revenue in 2025. In just over a decade, it has become one of the leading national operators in the IGP Romagna piadina market, where it holds a leadership position, while progressively expanding its product portfolio to include pinsa and other related categories. The company primarily serves the large-scale retail sector and has built a solid and structured industrial platform, with three main production and logistics hubs across Emilia-Romagna and Marche.
Alongside the domestic market, Alimenta has steadily strengthened its presence abroad, with international markets now accounting for over one-third of total revenues. The company operates in several European countries—particularly the UK, Germany, the Netherlands, Poland and Northern Europe—as well as in Australia and the United States. This internationalisation strategy has been supported by significant industrial investments, which in recent years have led to the development of highly automated and technologically advanced facilities. Notably, the recent launch of a new plant dedicated to pinsa production provides substantial additional capacity, creating the conditions for further growth acceleration, especially internationally.
Fondo Italiano’s investment aims to support a new phase of development, helping Alimenta strengthen its international presence—particularly through pinsa, which has seen significant growth in recent years and now represents about 30% of the company’s turnover—while consolidating its leadership in the Italian market. This strategy also includes the development of innovative product lines, such as those based on Altograno flour, characterised by a high natural content of protein and fibre. This project was developed in partnership with Molino Casillo, a historic Apulian producer of premium flours and semolina, for which Alimenta holds exclusive licensing rights in its product categories. These innovations represent a distinctive element of the company’s offering and a strategic lever to capture new consumer trends focused on premium and “better-for-you” products.
The shared growth plan also foresees increased attention to the Ho.Re.Ca. channel, particularly in strategic geographies, and further industrial investments, including the construction of a new production facility, to respond flexibly to evolving market dynamics.
Special focus will also be placed on ESG themes, in line with FIAF’s investment approach. Alimenta has already initiated a structured sustainability programme, evidenced by the voluntary publication of its sustainability report, and will continue to strengthen its environmental, social and governance practices, leveraging Fondo Italiano’s expertise to support responsible, long-term growth.
Pier Felice Murtas, Senior Partner at Fondo Italiano d’Investimento SGR, stated: “Alimenta represents a solid industrial platform with a distinctive positioning and significant growth opportunities, particularly in international markets. Together with the current management team led by Valter Baldacci—whose achievements in just a few years since the company’s founding we greatly appreciate—we share a medium-to-long-term vision: we aim to guide the group into a new phase of its journey, leveraging industrial investments, customer base expansion and organisational strengthening, while fully valuing internal expertise.”
Valter Baldacci, CEO of Alimenta, added: “The entry of a partner like Fondo Italiano d’Investimento marks a key milestone for Alimenta and allows us to further accelerate investments supporting our ongoing industrial development. In this context, we will continue to integrate ESG considerations into our operational decisions as part of a long-term value creation approach.”
The transaction is expected to close within the first half of 2026, subject to customary legal requirements.
With this initiative, the Fondo Italiano Agri&Food (FIAF) continues to implement its investment strategy supporting Italian agri-food companies with solid industrial foundations, strong product identity and significant growth prospects both domestically and internationally. FIAF’s portfolio already includes Corradi and Ghisolfi (Corte de’ Frati, Cremona), Pasta Berruto (Carmagnola, Turin), Trinità – Industria Salumi (Vallese di Oppeano, Verona), Scatolificio del Garda (Pastrengo, Verona) and Santangelo Group (Terni).
In this transaction, Fondo Italiano d’Investimento SGR was advised by Giovannelli e Associati (legal), Russo De Rosa Associati (tax), Deloitte (financial due diligence), EY Parthenon (business), ERM (ESG and EHS due diligence) and Marsh (insurance). Alimenta Produzioni S.r.l. and its shareholders were assisted by Ethica Group as financial advisor, PedersoliGattai (legal) and Studio Fùlcros (tax).
