Salpa & Cherubini, the producer of Italian ice-cream sandwiches and biscuits, has experienced a shift in majority ownership.
Luxembourg-based private-equity fund, Equinox, has divested its 63% share in the Perugia-based company to the pan-European investment firm Apheon for an undisclosed amount.
Established in 1934 by the Cherubini family, Salpa & Cherubini is the owner of Break & Go, a brand specializing in ice-cream sandwiches, and operates the gluten-free biscuit line known as Kèlinea. Additionally, the group supplies its products to major food corporations such as Nestlé and Unilever.
The Cherubini family will retain ownership of the remaining 37% stake.
A company statement said that “Apheon’s entry into the capital will allow Salpa to further accelerate growth in the US, a market of strategic importance for the company”.
Maria Rita Cherubini and Abramo Cherubini said, “We thank the Equinox team for the successful collaboration over the last few years and recognise in Apheon a partner capable of offering strategic guidance and capital for a new phase of growth.
“We appreciate Apheon for its local, yet global approach and for its knowledge of the food industry and food ingredients. Thanks to this partnership, we will be able to continue to grow and enter new markets, innovate and reach new goals. This is the beginning of a new chapter for set sail and we are excited to embark on it with Apheon.”
Salpa & Cherubini possesses three manufacturing facilities in Italy, covering an approximate area of 90,000 square meters, and has a workforce of approximately 250 employees.
Massimiliano Monti, a partner at Equinox, said, “It has been a privilege to have contributed to the development of the company over the last three years and to have supported the Salpa management team in achieving the great organic growth which has laid the foundations for the next phase of expansion of the business.
“We have identified Apheon as the ideal partner to accompany the family and the company in this exciting journey which aims to extend Salpa’s leadership position on a global scale.”
Among Apheon’s portfolio of food companies are Dolciaria Acquaviva, an Italian business-to-business frozen bakery firm, and Vanreusel, a company specializing in frozen meat-based snacks.