Key Takeaways
- • Italian private-equity firm Aksìa and pan-European investor PX3 Partners completed a "joint-control investment" in pizza and savoury bakery maker Valsa Group, alongside its management team, which also reinvested.
- • The deal was backed by three funds: Aksìa CF I, a nearly €200m ($221.7m) single-asset continuation fund; Aksìa Capital VI, Aksìa's latest flagship vehicle; and PX3 Fund I, PX3's inaugural flagship fund.
- • Financial terms were not disclosed.
- • A group of lenders led by Pemberton provided debt financing, and Belnord Capital was lead investor in Aksìa's continuation fund.
- • Valsa, headquartered in Valsamoggia, operates eight Italian production sites and supplies retail and foodservice customers in more than 40 markets.
Summary
Aksìa and PX3 Partners have completed a "joint-control investment" in Valsa Group, according to a statement from the two buy-out houses. Valsa's management team has also reinvested in the business. Financial terms were not disclosed.
The statement said the transaction was backed by three funds: Aksìa CF I, a nearly €200m ($221.7m) single-asset continuation fund; Aksìa Capital VI, the firm's latest flagship vehicle; and PX3 Fund I, the inaugural flagship fund of PX3. A group of lenders led by Pemberton provided debt financing, while Belnord Capital served as lead investor in Aksìa's continuation fund.
The investors said the partnership is intended to support Valsa's "next phase of growth," focusing on international expansion, broadening the customer base, increasing manufacturing capacity, and continuing product innovation and selected M&A. Aksìa founding partner Marco Rayneri said the firm decided to "renew and increase our commitment" through its first continuation fund and new flagship fund, citing significant further value creation. Valsa CEO Marco Setti said the renewed identity of the group, supported by Aksìa and PX3, would facilitate stronger growth across international markets.
Valsa Group operates eight production sites across Italy and supplies retail and foodservice customers in more than 40 markets. Its portfolio includes pizza, pizza bases, pinsa, focaccia and panzerotti, sold mainly in fresh and private-label formats. Aksìa formed the group in 2020 through a buy-and-build strategy beginning with the acquisition of Valpizza, an international supplier of mainly frozen pizza. Since then Valsa has completed six add-on acquisitions, including Italian business I Maestri del Forno in September.
The statement said the transaction was backed by three funds: Aksìa CF I, a nearly €200m ($221.7m) single-asset continuation fund; Aksìa Capital VI, the firm's latest flagship vehicle; and PX3 Fund I, the inaugural flagship fund of PX3. A group of lenders led by Pemberton provided debt financing, while Belnord Capital served as lead investor in Aksìa's continuation fund.
The investors said the partnership is intended to support Valsa's "next phase of growth," focusing on international expansion, broadening the customer base, increasing manufacturing capacity, and continuing product innovation and selected M&A. Aksìa founding partner Marco Rayneri said the firm decided to "renew and increase our commitment" through its first continuation fund and new flagship fund, citing significant further value creation. Valsa CEO Marco Setti said the renewed identity of the group, supported by Aksìa and PX3, would facilitate stronger growth across international markets.
Valsa Group operates eight production sites across Italy and supplies retail and foodservice customers in more than 40 markets. Its portfolio includes pizza, pizza bases, pinsa, focaccia and panzerotti, sold mainly in fresh and private-label formats. Aksìa formed the group in 2020 through a buy-and-build strategy beginning with the acquisition of Valpizza, an international supplier of mainly frozen pizza. Since then Valsa has completed six add-on acquisitions, including Italian business I Maestri del Forno in September.
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