Chequers Capital has acquired Gourmet Italian Food to strengthen presence in the ready meals sector

Chequers Partenaires S.A., acting as the management company of the private equity fund Chequers Capital XVIII SLP, together with management, has completed the acquisition of 100% of the share capital of Gourmet Italian Food S.p.A. (GIF). The company was previously owned by Alcedo SGR S.p.A. through the Alcedo IV Fund, FVS SGR S.p.A. through the Sviluppo PMI Fund, and minority shareholders.

Founded in Paris in 1972, Chequers Capital is a leading private equity firm in the European mid-market buyout segment, specializing in asset-light industrial activities, digital services and B2B in France, Italy, Benelux and the DACH region. With over 50 years of experience, Chequers Capital has raised and invested in 18 funds and currently manages over US$3.4 billion (€3 billion). The firm has a team of 25 professionals on its investment team, supported by a broad ecosystem of operational experts.

The GIF project began in July 2019 with Alcedo’s majority stake acquisition in Eurochef Italia S.p.A. In June 2021, under the initiative of Alcedo and FVS, Eurochef Italia S.r.l., controlled by Alcedo, and La Gastronomica S.p.A., controlled by FVS, merged to establish GIF, a platform designed to aggregate leading companies in the production of high-quality, gourmet ready meals, primarily for large-scale retail distribution, but also for the Horeca sector and B2B markets.

In 2021, GIF acquired Fabian S.r.l., based in Brescia and specializing in savory snacks, sandwiches and club sandwiches; Cucina Nostrana S.r.l., based in Maerne, Venice and known for ultra-fresh gourmet products; and its affiliate Deppieri S.r.l., a producer of sandwich bread. Later in 2023, F.I.R.M.A. Italia S.p.A. based in Muggiò, Monza-Brianza, was acquired. This company is active in the production of dehydrated ready meals with a strong export focus. In 2024, the brand 100grammi, specializing in healthy and balanced ready meals, was acquired.

Under Alcedo’s ownership, GIF has experienced significant organic and acquisition-driven growth, with group revenue increasing from approximately US$19 million (€17 million) in 2019 to over US$160 million (€140 million) in 2024. Strong commercial, industrial and marketing synergies resulting from the integration of the GIF Group have enabled it to achieve a leading position in the Italian ready meals market. The group has established itself as a high-standing partner for major supermarkets, offering a complete portfolio of premium products.

Alcedo SGR S.p.A. is one of the leading private equity firms in Italy, specializing in managing closed-end reserved Alternative Investment Funds. Based in Treviso, the company has been investing in Italian excellence for over 35 years, with a primary focus on small and medium-sized Italian enterprises. The investment in GIF was made through the Alcedo IV Fund. Alcedo also manages the Alcedo V Fund, which raised 238 million euros in 2021 and has already made seven direct investments and four add-ons. In the coming months, Alcedo plans to launch the fundraising for the Alcedo VI Fund, targeting 300 million euros with a planned closing by the end of 2026.

FVS SGR S.p.A., controlled by Veneto Sviluppo S.p.A., is a regional private equity firm that promotes and manages funds dedicated to supporting entrepreneurial excellence in Northeast Italy. FVS focuses on raising private and institutional capital to be invested in the region to foster the growth of SMEs in Veneto, Friuli-Venezia Giulia, and Trentino-Alto Adige. FVS currently manages the Sviluppo PMI 2 Fund, which raised US$80 million (€70 million) in 2021 and has completed six direct investments and six add-ons so far.

Oaklins’ team in Italy acted as the financial adviser to the buyer, Chequers Capital.