The final company in NEIP III Sicaf's portfolio has been sold: the private equity fund Itago announced the signing of an agreement for the sale of Panificio San Francesco, a leading Italian company producing pre-baked and frozen bread for large-scale retail trade. The bakery has been acquired by Lantmännen Unibake, an international baking group and one of Europe's leading operators in the sector, owned by the Swedish agricultural cooperative Lantmännen.

The company is currently controlled by Itago, an independent private equity firm, through NEIP III SICAF SpA, which holds a 75% stake, while Massimo Sanchioli and Isidoro Roncato participate in the capital as minority shareholders.

Founded in 2006 and grown as a leading specialist in the high-quality industrial bread segment, Panificio San Francesco has established itself over the years as a reliable partner of large-scale retail trade thanks to a wide range of products, high quality standards and a strong focus on production efficiency and food safety.

For Itago, the investment in Panificio San Francesco aimed to support the company on a structured path to industrial and organizational strengthening, optimize production processes, and consolidate commercial relationships with leading modern retail operators. During the investment period, the bakery company benefited from significant strategic and managerial support, thanks in part to the contribution of minority shareholders Massimo Sanchioli and Isidoro Roncato .

This process has strengthened its competitive position in the Italian market and doubled its revenues, reaching €33 million in 2025, along with profitability levels well above industry standards.

"Panificio San Francesco's entry into the Lantmännen Unibake Group represents the natural conclusion of a solid and coherent industrial growth path and is aimed at supporting a new phase of development," commented Domenico Tonussi of Itago. "During our investment, Itago has played an active role in driving the company's growth, working to structurally strengthen both its operational and strategic profile."

"In particular," Tonussi adds, "a significant technological and digital investment plan has been implemented, aimed at doubling production capacity, and our distinctive industrial expertise and the quality of our offering have been enhanced. This approach, geared toward creating 'industrial value,' which has characterized PSF's journey, also represents a distinctive element of Itago's other investments."

Following the transaction, NEIP III SICAF is selling its remaining stake, completing the fund's lifecycle to the satisfaction of investors. The fund has made a total of nine investments across diversified sectors. The transaction is subject to customary closing conditions and required regulatory approvals. Until closing, expected in 2026, both companies will continue to operate independently.

Itago SGR was founded by Domenico Tonussi, Nicola Bordignon, Piergiorgio Fantin, and Daniele Mondi and has offices in Venice and Milan. The Itago team advises NEIP III Sicaf SpA and is currently investing in the Itago IV fund, launched in December 2020. The fund's portfolio includes Vernici Caldart, Idrostudi, Apice, Eco-Techno, Teknoice, and SRMecatronic, and recently sold its stake in Operamed.