Under the stewardship of FAI, Sfoglia Torino consolidated the Italian frozen puff pastry sector and tripled sales to become an Italian market leader
FAI's exit, orchestrated through a share buy-back, enables the Perrino family to regain full ownership of the company
Turin & Milan, January 20th, 2020 - Fondo Agroalimentare Italiano has successfully completed its first exit with the sale of its stake in Sfoglia Torino.
FAI's 2017 investment in the company, alongside CEO Enzo Perrino and his family, enabled Sfoglia Torino to carry out an ambitious external growth strategy in view of consolidating the Italian frozen puff pastry sector and becoming an Italian market leader.
The successive acquisitions of Righi and Idea Quick reinforced Sfoglia Torino's product range and distribution channels and tripled the group's sales to nearly €M 30. The Group's operational profile was also enhanced with a strengthened management team and investments to expand and improve its Buttigliera d'Asti production facility.
Following this successful growth phase, Sfoglia Torino is ideally positioned to continue its development trajectory once again under the full ownership of the Perrino family.
Enzo Perrino, CEO of Sfoglia Torino, declared: "Through our collaboration with FAI we have been able to rapidly consolidate our sector: a major step enabling us to pre-empt the moves of some competitors. I thank the Fondo Agroalimentare Italiano team for their financial and strategic support at a critical period in Sfoglia Torino's history."
Francesco Orazi, Director of Fondo Agroalimentare Italiano, added: "It has been a pleasure accompanying Enzo Perrino, who demonstrated remarkable skills rapidly integrating two new companies within the Group, on this journey. Appreciative of the great harmony with both the Perrino family and the management, we wish Sfoglia Torino further success. With regards to the first exit of FAI, this transaction perfectly demonstrates the pertinence of our approach focused on consolidating and strengthening Italian SMEs to create national and international leaders."
As a reminder, Fondo Agroalimentare Italiano held its final close in December 2019 with commitments of €M 55. FAI has already mobilized more than €M 33 completing 6 principal transactions. The Fund is expected to complete 3 to 4 additional investments and several opportunities are currently under review.