Advised on Purchase of Company

Food & Beverage

Ergon Capital Management SA

Lower mid-market private equity Italy

Acquired Majority Control of Business Operations

Dolciaria Acquaviva S.p.A.

Company active in the frozen bakery sector Italy

Assisted Ergon Capital Partners on the acquisition of a majority stake in Dolciaria Acquaviva SpA

Ergon Capital Partners IV SCSP announced the acquisition from the Acquaviva family of a majority stake in Dolciaria Acquaviva, a leading Italian producer of fhigh quality rozen bakery products. Pierluigi, Giuseppe and Marco Acquaviva will reinvest alongside Ergon in the transaction.


Founded in 1979, Acquaviva is a leading frozen bakery manufacturer in Italy. The Company has widespread product portfolio of ~560 sweet and savoury references and is recognized as one of the most innovative players in the sector. The Company operates through a state-of-the–art plant in Gricignano di Aversa (Caserta) with three high-speed production lines, characterized by cutting-edge systems. The third production line, in particular, is operational since early 2019 and has more than doubled the production capacity of butter and margarine based croissants. The Company serves more than 20k customers across Italy, mostly in the Ho.Re.Ca. segment, through a combination of third party distributors and 8 directly operated commercial platforms.


The Family was searching for a partner that could accelerate the Company’s growth strategy (also through acquisitions) and share management’s values, vision and strategy. As a result, Ergon will lead the transaction in partnership with the Company’s management and the Acquaviva brothers. Through the partnership with Ergon, Dolciaria Acquaviva will be able to leverage Ergon’s panEuropean presence and strong track-record in executing industrial projects alongside entrepreneurs.


Pierluigi Acquaviva, who will remain CEO of Dolciaria Acquaviva, declares: “This partnership creates opportunities to accelerate the Company’s growth trajectory. In Ergon, we found the best partner to write a new chapter in our family business that has recently celebrated its 40th anniversary. Throughout our discussions, we particularly appreciated the fact that Ergon and our Family share the same entrepreneurial DNA, values and vision on the development of our Company. I’m convinced that through its experience, expertise, extensive network and financial means, Ergon will enable us to further accelerate the Company’s growth, also through acquisitions in a highly fragmented market”.


Emanuele Lembo, Managing Partner at Ergon, comments on the transaction: "We are enthusiastic to support Pierluigi and Dolciaria Acquaviva in their ambitious growth plans. Ergon's pan-European presence and strong entrepreneurial approach match perfectly with the Company’s needs. Furthermore, our strong track-record in executing bolt-on acquisitions will allow Dolciaria Acquaviva to accelerate growth also through buy-and-build, in line with the Family’s ambitions".


Riccardo Collini, Partner at Ergon, complements: "We are delighted with the upcoming collaboration with Pierluigi and the Family. Dolciaria Acquaviva has an excellent reputation and is recognized as one of the best players in the Italian market. We are impressed by the Company’s outstanding track-record and clear vision. We look forward to support the whole Dolciaria Acquaviva team in realizing its ambitious goals".