PX3 joins Aksìa in joint-control deal for €200M Italian pizza maker Valsa
What's the deal? Pan-European private-equity firm PX3 PartnersDealroom has a profile for this one. Try Dealroom → is joining Italian buy-out house AksìaDealroom has a profile for this one. Try Dealroom → as a co-shareholder in Valsa GroupDealroom has a profile for this one. Try Dealroom →, a producer of pizza and savoury bakery products. The two firms completed a "joint-control investment" alongside Valsa's management team, which reinvested in the business. Financial terms were not disclosed.
How it was funded: The deal drew on three funds: Aksìa CF I, a nearly €200m ($221.7m) single-asset continuation fund; Aksìa's latest flagship vehicle, Aksìa Capital VI; and PX3 Fund I, PX3's inaugural flagship. A group of lenders led by Pemberton provided debt financing, while Belnord Capital was lead investor in the continuation fund.
What does Valsa do? Headquartered in Valsamoggia, the company runs eight production sites across Italy and supplies retail and foodservice customers in more than 40 countries. Its portfolio spans pizza, pizza bases, pinsa, focaccia, and panzerotti, sold mainly in fresh and private-label formats.
What's the endgame? The investors plan to back international expansion, broaden Valsa's customer base, add manufacturing capacity, and pursue further acquisitions. PX3 flagged the US as a target market.
Why now? Aksìa built Valsa through a buy-and-build strategy launched in 2020 with the purchase of ValpizzaDealroom has a profile for this one. Try Dealroom →, a mainly frozen-pizza supplier. The company has since grown tenfold, from €20m in revenue to nearly €200m, via six add-on deals — most recently a majority stake in I Maestri del FornoDealroom has a profile for this one. Try Dealroom → in September.
Aksìa founding partner Marco Rayneri said the firm sees "significant further value to be created" and renewed its commitment through its first continuation fund and new flagship vehicle.
The signal: The move extends sponsor backing for Valsa's buy-and-build push amid broader consolidation in European pizza, including September's combination of Crosta MollicaDealroom has a profile for this one. Try Dealroom → and Nestlé/PAIDealroom has a profile for this one. Try Dealroom →'s European Pizza Group, which together hold about €1bn in retail sales.
Read more: just-food.com
Image credit: Generated with Gemini
