California Bakery, the American specialty coffee and pastry chain created by Marco D'Arrigo and his wife Caroline 25 years ago in Milan, whose parent company was declared bankrupt last year, has definitively changed hands to Ten Food & Beverage of the Volpi Group, owner of the Ten Restaurant, Al Mare by TEN and Pasticceria Svizzera 1910 brands. The operation is a further and important step in the Group's diversification process, commissioned by Gabriele Volpi, President of Orlean Invest Holding, and by Gianpiero Fiorani, CEO of Orlean Invest Holding (known to most for the events of the Popolare di Lodi at the time of the governor of the Bank of Italy Antonio Fazio).

The closing of the transaction was announced today. The change of ownership will allow the iconic Milanese chain, famous for breakfasts and brunches loved by young people, to continue the restaurant business in the 12 existing stores. The acquisition follows the previous lease of the business unit by the Ten Food Group defined last year and which made it possible to guarantee the operational continuity of the business and safeguard the employment of over 150 employees.