Fondo Italiano d'Investimento (FIAF) acquires stake in Santangelo Group
The acquisition of the historic Umbrian confectionery company is the 5th deal in less than two years.

Fondo Italiano d'Investimento Sgr has acquired a majority stake in Santangelo Group Srl, a historic Umbrian family-run company specializing in the production of leavened, ambient baked goods for large-scale retail distribution.
The transaction, the fifth completed in the last 18 months through the Fondo Italiano Agri&Food (FIAF), a sector vehicle through which FIAF supports excellence in the Italian agri-food supply chain, involves the acquisition of a 70% stake in Santangelo. The remaining 30% will be reinvested by entrepreneur Gianluigi Formichetti , the current CEO, who will maintain the same role and operational leadership of the company following the FIAF's acquisition.
The aim of joining Fiaf is to consolidate Santangelo's position as a benchmark in the premium leavened confectionery sector, leveraging its strong local roots and distinctive artisanal production, in support of an ambitious path of further growth.
Founded in 1968 in Terni, Santangelo produces and sells—primarily through large-scale retail trade—both its own-brand and private-label products. From 2020 to 2024, the company more than doubled its revenue, reaching €32 million last year. Exports account for over 25% of its turnover.
Santangelo stands out for its artisanal production process and the use of high-quality raw materials, ensuring the creation of premium leavened products compared to the fully automated production processes typical of large-scale manufacturers. The company has established itself as a producer of breakfast specialties (croissants), to which in recent years it has added a range of seasonal leavened baked goods (primarily panettone and colomba), also made using artisanal processes, superior-quality raw materials, and aimed at the premium segment of the large-scale retail channel.
The transaction is expected to be completed by July and is subject, as is standard practice, to the satisfaction of the usual conditions precedent for these transactions.
"We are convinced that the organizational and managerial support that Fondo Italiano can offer will allow Santangelo to further accelerate its development project and seize all the opportunities that the market currently offers to specialists in premium leavened products, both for everyday use and for special occasions, further strengthening the segment leadership and the company's competitive positioning," says Marco Pellegrino , Senior Partner of Fondo Italiano d'Investimento Sgr.
For his part, Gianluigi Formichetti , CEO of Santangelo Group, adds: “The investments envisaged in the business plan shared with Fiaf will give us the tools and resources to develop, even more than we have done so far, our offering of premium-quality, delicious, and genuine products, both on the domestic market and in the main international markets.”
Among the strategic investment programs of the 2022-2025 Industrial Plan of the Italian Investment Fund, Fondo Italiano Agri&Food – Fiaf already has the companies Corradi and Ghisolfi, Pasta Berruto (read the EFA News ), Trinità SpA – Industria Salumi (read the EFA News ) and Scatolificio del Garda (read the EFA News ) in its portfolio.
EFA News - European Food Agency