Lagfin, the investment holding company of the Garavoglia family and controlling shareholder of global spirits group Davide Campari-Milano, is nearing a deal to acquire a minority stake in consumer-centric private equity house Bluegem Capital Partners, according to a report by Bloomberg citing sources familiar with the matter.
The Luxembourg-based family office is in advanced discussions to take an approximate 20% interest in the London-headquartered PE firm. As part of the strategic partnership, Lagfin is also expected to become an anchor investor in Bluegem’s forthcoming flagship vehicle, Fund IV, the sources said.
An official announcement could be made in the coming days. Both Lagfin and Bluegem declined to comment.
Founded in 2007, Bluegem specialises in mid-market investments across the consumer landscape, with a core focus on food & beverage, wellness, and personal care segments. The firm currently manages around €1bn in assets and counts portfolio companies such as baby goods retailer Mamas & Papas, French burger chain Big Fernand, and baby food brand Béaba.
The firm has a track record of high-profile transactions, including its 2010 acquisition of British department store Liberty, later sold to a Glendower Capital-led consortium. In 2023, Bluegem exited luxury fragrance brand Dr. Vranjes Firenze via a sale to L’Occitane International, and divested its majority stake in Italian beauty brand Beautynova to PAI Partners. It also acquired a majority stake in packaging firm Pinard Group alongside Arev Partners.
Bluegem is preparing to launch pre-marketing for Fund IV after the summer break, with plans to target a capital raise exceeding the €340m it secured for Fund III in 2022. Fund IV will target family offices and institutional LPs across Europe and the Middle East, with final close anticipated by Q2 2027.
The upcoming fund will pursue control investments in B2B consumer companies with enterprise values ranging from €70m to €200m, writing equity tickets between €30m and €70m.
As the firm gears up for its next growth phase, Bluegem has appointed Co-Founder Emilio Di Spiezio Sardo as CEO – a newly established leadership role focused on steering future fundraising initiatives. Fellow co-founder Marco Capello will transition away from leading new deals while continuing to oversee the existing portfolio.
Lagfin, which owns a 52% stake in Campari – the maker of iconic brands such as Aperol, Campari, and Bulldog Gin – maintains a diversified global investment portfolio spanning financial services, corporate investments, and real estate.
