M&A

Mergers and acquisitions in Italia food driven by health and bakery products

The number of deals closed in 2025 analysed by PwC increased by 30% to 100, with the value of known deals (only the largest) approaching EUR 3.5 billion

by Maria Teresa Manuelli

30 April 2026

4' min read

Translated by AI

Versione italiana

4' min read

Translated by AI

Versione italiana

The global food & beverage M&A market closed 2025 with divergent trends: volumes remained essentially stable, while values rose on the back of a few very large deals. According to PwC data, the total value of M&A deals in Consumer grew by 32% globally, driven by ten megadeals - transactions exceeding USD 5 billion - double the five in 2024. In food & beverage, the most emblematic example is the acquisition of Kellanova by Mars for $35.9 billion, designed to build a global snacking leader. On the same trajectory is the announced acquisition of JDE Peet's by Keurig Dr Pepper, which aims to create a global coffee specialist with advantages of scale in sourcing, roasting and distribution.

M&A (M&A, mergers and acquisitions, ed) in the food&beverage sector in Italia recorded an increase of more than 30% in number in 2025: according to PwC data, there were cone hundred deals closed in the year with a countervalue that exceeded USD 4.12 billion (EUR 3.49 billion), mainly thanks to two major transactions:the acquisition of WK Kellogg cereals by Ferrero and the purchase of Carrefour Italia by New Princes.

"M&A transactions are also recovering sharply in value thanks to significant cross-border operations and deals promoted by industrial investors," comments Emanuela Pettenò, partner PwC Italia and consumer markets leader. Financial players (private equity funds, family offices, club deals) account for 35-42% of the number of deals, but the largest transactions remain the prerogative of industrial players. It should be noted that out of one hundred deals closed, 91 have an undisclosed value: "The mid and small cap market in Italia still lacks transparency on the price front," note PwC.

Among the most important operations is that of New Princes - created from the integration of Newlat Food and Princes Group in 2024 - which, in addition to the acquisition of Carrefour Italia and Diageo Operations Italy, is planning to acquire the business unit of Heinz Italia with the Plasmon, Nipiol, BiAglut, Aproten and Dieterba brands.

On the divestment front, Campari sold Amaro Averna and Mirto di Sardegna Zedda Piras to Illva Saronno Holding, and Cinzano to Caffo 1915, in a strategy of refocusing on the core portfolio. Also of note was the acquisition of 49% of La Regina di San Marzano di Antonio Romano by Campbell, a sign of international interest in Italian food excellence, and the purchase of Claremont Ingredients by Nactarome as part of a foreign expansion strategy.

Going into the product details of the closed deals, a more granular picture emerges. The 'pure' food & beverage deals - i.e. excluding, for example, companies producing ingredients, agricultural products or those linked to distribution, intermediate processing and grocery - number around sixty.Wine & spirits and bakery are the most active categories in terms of number of agreements, with ten transactions each, followed by 'meat & protein' and beverages with eight each; 'snacks and confectionery' with seven; 'pasta & staples' stops at ciqnue, while 'healthy & fresh' and 'frozen' count four transactions each. Data which, read together with the operations described below, confirm a structural interest in products with a higher functional and health content "still fragmented in small operations". On the B2B front, the ingredients sector counts 11 deals, confirming the growing interest in the supply chain.

If we add to the one hundred deals of 2025 those announced and to be concluded this year, we arrive at 122, and looking at the top 18 deals with declared value, four strands emerge. The most consistent in perspective is that of health, functional and free-from products. Valsoia - listed on Euronext Milan - acquired 70% of the Slovenian Kele & Kele, producer of traditional kefir under the Krepko brand name, a leader in Slovenia with a 30% share in value: a transaction worth around EUR 3 million out of an enterprise value of EUR 5.4 million, entirely financed by its own resources. The Heinz branch brings NewPrinces into the clinical nutrition segment, with BiAglut and Aproten explicitly free-from, intended for coeliacs and phenylketonurics. The health cluster also includes the investment in Alimentiamoci Srl Società Benefit, better known as PlanEat: a digital platform for meal planning and waste reduction, active in company canteens, schools and hospitals.

The second strand is snacks and confectionery. Foster Clark Products - a Maltese group present in over 70 countries in powdered drinks, desserts and baking aids - has acquired 100% ofPreziosi Food, a Lucania-based producer of crisps and savoury snacks with a certified gluten-free line: it is the group's first Italian operation in Europe. Casa del Dolce instead acquired Italgum Caramelle in the more traditional confectionery sector.

Spirits are the third cluster, dominated by Campari's divestments: Illva Saronno - already owner of Disaronno, Tia Maria and Stock - expands the perimeter of bitters with Averna and Zedda Piras; Caffo 1915, a distillery from Calabria, strengthens its position with Cinzano. On the sidelines, Havefun Sarl - the vehicle of Compagnia dei Caraibi, a premium importer of spirits and wines - acquired around eight hectares in Montelupo Albese in the Langhe region to enter into direct wine production.

Lastly, it is worth mentioning the entry of Ipo Club 2 - a fund managed by Azimut Investments with Electa Ventures - in the capital of Più Medical, a consolidation pittaforma in the pharmacy sector listed on Euronext Growth Milan, through the vehicle Ipoc 9: it is not food, but it is a clear sign of the direction of institutional capital towards everything that presides over health and wellness in fragmented markets.