Charterhouse Capital Partners has agreed to sell Casa Optima, a leading manufacturer of gelato and pastry ingredients, to a consortium of investors led by consumer-focused private equity firm Terlos, according to a report by Bloomberg.
The transaction, which is expected to complete in Q1 2026, is backed by limited partners including IAG Chairman Javier Ferrán and a unit of the Abu Dhabi Investment Authority. Financial terms have not been disclosed, although sources close to the matter indicate a valuation approaching €900m (~$1bn), inclusive of debt.
Casa Optima, headquartered in northern Italy and founded in 1984, supplies more than 30,000 gelato shops and 6,000 pastry outlets across over 150 countries. The business produces artisanal gelato, pastry, and beverage ingredients through manufacturing hubs in Italy and Brazil.
The exit forms part of a broader portfolio realignment for Charterhouse, which recently agreed to divest a minority stake in European health-care education provider Novétude Group and to acquire a majority interest in Estya, a French electronic fire safety and security systems business.
Charterhouse, which targets pan-European mid-market investments with enterprise values between €150m and €1.5bn, has returned approximately €2bn to investors since 2023. The firm, which welcomed former NatWest Group CEO Alison Rose as a senior partner, is reported to be preparing a new fundraising cycle in 2025.
