The Riverside Company, a global private investor focused on the smaller end of the middle market, has acquired Canuti Tradizione Italiana, a family-owned producer of frozen pasta serving the food service channel.
The Riverside Company, a global private investor focused on the smaller end of the middle market, has acquired Canuti Tradizione Italiana (Canuti), a family-owned producer of frozen pasta serving the food service channel.
The acquisition is an add-on to Riverside’s prior acquisition of Il Pastaio di Brescia (Il Pastaio) earlier this year.
Founded in Rimini in 1950, Canuti produces and sells frozen filled pasta and non-filled pasta. The company was acquired in 2015 by the Toffano Pagnan family, who also have interests in the real estate and touristic sectors, and who built Canuti from a small pasta factory into a leading producer for haute cuisine with a product range of more than 150 pasta dishes. Canuti has a well-diversified customer base, mainly distributing its products through the food service channel, and has expanded in recent years, now selling 45% of its products internationally in 35 countries.
Founded in 1983, Il Pastaio di Brescia is a specialist in the fresh and ambient potato-based gnocchi category, selling its products in more than 35 countries worldwide mainly for the retail channel. It is one of the pioneers of fresh pasta success outside of Italy and in recent years has enjoyed strong organic growth due to the high quality of its products, efficient production methods and a focus on international expansion.
Riverside invested in Il Pastaio earlier this year, with a plan to further internationalise the company, increase production capacity, implement operational improvements to support future growth, grow through selected add-ons and execute a proactive ESG strategy.
Riverside worked with Allen & Overy and PWC as legal advisor, PWC for financial, tax, labor, ESG and commercial diligence, Alvarez & Marsal for operational diligence. Studio MBA acted as M&A advisor for the firm.