U.S.-based private equity firm Platinum Equity — which partnered with another firm yesterday to announce the acquisition of Rise Baking Co. — has agreed to acquire a majority stake in F.lli Polli S.p.A. (Polli), a producer of pasta condiments and vegetable preserves in Italy.
Polli manufactures pasta sauces, food in oil, olives, pickles and condiments for customers in more than 50 countries. It is considered one of the largest producers of pesto in the European Union, the announcement noted. It was founded in 1872 and operates four plants, producing approximately 29,000 tons of vegetables and more than 190 million packages annually.
With Platinum’s investment, Polli expects to build its global business through M&A activity as well as capitalizing on market opportunities and maximizing the business’ potential. It is expected that the partners will pursue additional acquisitions to expand the business or fill gaps in the product lines, expand product distribution in Europe and the U.S., and provide new technology to advance operations.
The founding Polli family will retain a minority stake in the business together with CEO Marco Fraccaroli, who will remain as the company’s leader. Financial terms were not disclosed.
