Investindustrial backs Italian flavours and fragrances maker PA Aromatics
What's the deal? InvestindustrialDealroom has a profile for this one. Try Dealroom → has agreed to invest in PA Aromatics, an Italian developer and manufacturer of flavours and fragrances. The deal, made through Investindustrial Growth III, was announced in July 2026, with the Montagna family staying on to lead the group — Pinuccio Montagna as chairman and Riccardo Montagna as CEO.
What does PA Aromatics do? Founded in 1984 by the Montagna family and based in Carbonara al Ticino (Pavia), the company makes customised flavour and fragrance solutions for the food, beverage, confectionery, animal feed, pharmaceutical, cosmetics and personal care sectors. It supplies more than 8,000 products to multinational and Italian customers, operates four production plants (three in Italy and one in Brazil) and employs over 100 people. The group generated around €50 million in revenue in 2025.
The signal: The flavours and fragrances sector has drawn steady interest from buyout firms seeking family-owned businesses with broad product ranges and established customer bases. Investindustrial's move fits that pattern, adding a founder-led Italian manufacturer to its portfolio to support both organic growth and further M&A.
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