September 18, 2018

Fondo Agroalimentare Italiano I (FAI I) announced that it has acquired a stake in Agrimola, a leading manufacturer, processor, and marketer of chestnuts and fruits, in partnership with Luca Sassi, the company’s CEO and majority shareholder.

Founded in 1978, and located in Emilia-Romagna, one of Italy’s key agricultural regions, Agrimola is the leading player in the EU fresh chestnut market. The company has also diversified into being a supplier of high quality fresh, frozen, aseptic and mainly organic fruits to more than 50 international distributors for use in marmalades, ice creams, dairy products, and desserts. Annually, the company handles approximately 40,000 tons of product, half being chestnuts, and half being fruits.

“The growth trend towards healthy foods and clean labels is driving the addition of more fruits into more recipes,” said Francesco Orazi, director of FAI I. “The combination of excellent sourcing capabilities with the highest quality industrial processes enables Agrimola to respond to increasing client demand for organic, traceable and high-quality products.”

Together with Sassi, and along with the experience of the Agrimola management team, FAI I plans to support the company achieve its strategic growth goals through the expansion of its client relationship, most notably with its B2B and international clients; the innovation and development of value-added fruit products such as layered fruit yogurts, baby foods, and jams; and through leveraging external growth opportunities as a platform for consolidation in both the Italian and European fruit transformation industry.

This focus on fruit solutions may also be a wise strategic move for the company. As early as 2013 The Guardian reported that Italian chestnut imports exceeded production for the first time, as cheaper, lower-quality chestnuts from China flooded the Italian market. These chestnuts not only flooded the market, but  brought with them Dryocosmus kuriphilus – a deadly wasp that lays eggs in chestnut trees damaging them. That same year it was reported that Italy’s chestnut harvest totaled only 18,000 tons, down 70 percent from 2005.

FAI I also brings the backing, sector expertise, international network, and resources of its sponsor Unigrains, the leading ag and food investor in Europe. As an active investor for more than 55 years, Unigrains is a growth capital partner with more than €750 million (US$875 million) in equity capital for players, including SMEs, large companies, private groups, and cooperatives in the agri-food and agro-industrial sectors, according to the firm’s website.

Unigrains has supported more than 1,000 companies, and has a current portfolio of 150 participations. This investment in Agrimola follows Unigrains’ investment last year in Sfoglia Torino – an Italian producer of frozen puff pastry.

With the help of the undisclosed investment, Sfoglia Torino was able to pursue its strategic growth plan to consolidate its category – acquiring 100 percent of Idea Quick Srl, a rival Italian frozen puff pastry producer. This deal also marked the next transaction under Sfoglia Torino’s strategic expansion plan launched in February 2017 by company CEO Enzo Perrino, and followed Sfoglia Torino’s acquisition of Righi Srl – a leading producer and distributor of frozen savory pies and puff pastry snacks.

“Dedicated to our sector, with a deep understanding of our industry and objectives, FAI I is a natural partner for accelerating Agrimola’s development,” said Sassi. “Their expertise and networks, as well as the support and international scope of Unigrains, will be invaluable in helping us seize organic and external growth opportunities both in Italy and abroad.”
-Lynda Kiernan