Pan-European mid-market private equity firm Apheon will sell its majority stake in Dolciaria Acquaviva, an Italian producer of frozen bakery products, to Vandemoortele, a Belgian family-owned food group.
The sale marks the conclusion of Apheon’s collaboration with the Acquaviva family since 2019. Apheon acquired a majority stake in Dolciaria in July that year and has since supported two add-on acquisitions and investment in a new production line. Revenues and EBITDA have more than doubled over Apheon’s holding period, according to a press statement, with Dolciaria having a turnover of around €120m in 2023.
Dolciaria Acquaviva was founded in 1979 and headquartered in Naples. The company operates four production lines in a factory in Naples as well as three smaller plants in northern Italy, serving more than 40,000 customers in hotel, restaurant and café channels nationally.
Apheon and Dolciaria were advised by Houlihan Lokey, Vitale, PwC, GOP, Russo De Rosa Associati and OC&C.
