Private equity firm Bluegem Capital Partners has agreed to acquire Italian frozen food producer Rispo Group from Europe Capital Partners and CS and Associati.
Management will roll over a minority stake alongside the buyer. Subject to regulatory approvals, the transaction represents the firm’s second investment in three months following its acquisition of The Béaba Suavinex Group.
Founded in 1991, Rispo produces regional specialties including arancini, supplì, pinsa and focaccia romana across four Italian sites. The group employs more than 250 people and supplies 750 customers across foodservice, retail and B2B sectors in 15 countries.
Rispo forecasts revenues of over €90m (£75.7m) and EBITDA of c.€14m (£11.4m) in 2026, having grown from €18m (£15m) in 2018. Following completion, Paolo Perego will be appointed chairman of the group alongside chief executive Franck Bocquet.
Clearwater and BPER acted as M&A advisers to Bluegem, with Ropes and Gray providing legal advice. Houlihan Lokey served as M&A adviser to Europe Capital Partners, with Gatti Pavesi Bianchi Ludovici providing legal support.
Emilio Di Spiezio Sardo, chief executive of Bluegem Capital Partners, said: "Rispo is a clear expression of Bluegem’s strategy going forward: backing real economy, manufacturing-led businesses with B2B and B2B2C entry points, differentiated products and resilient demand, in markets supported by structural tailwinds and growing ahead of GDP. Our role is to work hand in hand with management to transform these companies into pan-European leaders, combining operational excellence, international expansion and disciplined buy-and-build. Food and Beverage is a strategic sector for us, and Rispo is the ideal platform to execute this strategy. I am very excited to work alongside Franck and Paolo in this next phase."
Paolo Perego, chairman-designate of Rispo Group, said: "Rispo brings together what is hardest to build in food: authentic products that customers love, the industrial capabilities to produce them consistently at scale and a team that is passionate about quality. Demand for authentic Italian food has never been stronger, and Rispo has only just begun to capture its international potential, from rolling out pinsa in new markets, to bringing its specialties to new customers and channels abroad. Together with Bluegem, Franck and the whole management team, I see a significant opportunity to build Rispo into a leading global platform in premium frozen specialties, both organically and through acquisitions."
Franck Bocquet, chief executive of Rispo Group, added: "I am very enthusiastic about the future of Rispo, a leading company in Italy within its product categories. Over the past few years, we have built a strong and solid platform based on an important industrial culture and a close-knit, efficient team. We are now well-positioned to accelerate our growth, both in Italy and internationally. Bluegem and Paolo are the ideal partners for this new phase, thanks to their in-depth expertise in food products, their proven track record in establishing international platforms and their hands-on approach to value creation. I would also like to extend my warmest thanks to the entire team at Europe Capital Partners and CS and Associati for their support and partnership throughout this successful journey, which has made Rispo the group it is today."
