Advised on Sale of Company

Food & Beverage

B.F. - Bonifiche Ferraresi

Leader in the Italian agro-industrial chain Italy

Acquired Majority Control of Business Operations

BIA S.p.A.

Global leader in the production of organic couscous Italy

Advised Alto Partners on the sale of couscous specialist BIA

Alto Capital IV, a private equity fund managed by Alto Partners S.G.R. S.p.A., signed a binding agreement for the sale of 95% held in BIA S.p.A. (the "Company"), to the B.F. - Bonifiche Ferraresi, a leader in the Italian agro-industrial chain, whose parent company B.F. S.p.A. is listed on the Italian Stock Exchange, where it is present in the FTSE Italia Mid Cap index.


BIA is active in the production and marketing of couscous, and it is one of the top players in the European market and world leader in the production of organic couscous, which in 2021 generated a turnover of approximately Euro 33 million. In the first half of 2022 BIA reached a turnover of 20,5 million Euro, 24% higher than the same period of 2021.

The presence of Alto Partners - which acquired the controlling share of the Company in January 2019 - together with the commitment of Ing. Luciano Pollini, CEO of BIA, have allowed the Company to successfully pursue a growth strategy implemented through an important industrial investment policy (for about 10 million Euro total) culminated in the construction of a line for high automation, which has increased the production capacity of couscous from 30 thousand tons/ year thousand to more than 50 thousand tons/ year.


Vitale (IMAP Italy) acted as financial advisor to Alto Partners SGR S.p.A., providing support in the coordination of due diligence activities, the structuring of the transaction and the assistance in negotiation phases.