Frozen foods: Riello Investimenti acquires majority stake in Italsur

It will surely be a coincidence, but two Italian frozen-food companies in less than a week, a sector highly consistent with modern dietary styles, are passing into the hands of private equity.

Thus, after Gruppo Rispo, acquired by Bluegem Capital Partners, Italsur is now majority-owned by Riello Investimenti Sgr, through the Buy&Build Opportunities fund.

Italsur: in retail with private labels and the Campi Reali brand

Specialising in the production and sale of vegetables and other frozen foods, the company based in Notaresco (Teramo) was founded in 1990 by Domenico Tullii, and is currently managed by his sons Carmine and Andrea.

The Abruzzo-based company, with revenues of over 23 million, primarily targets the B2B channel and operates throughout the entire production chain, from the selection of raw materials to harvesting and freezing.

Production focuses mainly on leafy vegetables, peas and green beans, which account for around half of total volumes, and includes other vegetables and various ready-made foods, such as burgers, side dishes and pasta dishes.

Italsur, which operates mainly through private labels and its own brand, Campi Reali, focuses its activities on a single plant, which is able to develop products and formats according to customers' requirements.

Acquisitions in sight?

The entry of Riello Investimenti marks the beginning of a new phase of growth for ltalsur, with the support of a financial and industrial partner capable of supporting it in its future development, which could also be characterised by opportunities for consolidation in the plant-based frozen-food market.

Explains Marco Visini, Investment director private equity at Riello: “Italsur is a company that has built up solid industrial expertise and an in-depth knowledge of its market over time. Our aim is to support the management, enhancing the wealth of experience and professionalism already present in the company and complementing it with our financial and industrial expertise. We believe that this complementarity can be a decisive factor in accompanying Italsur through a more structured growth path, creating the conditions for a qualitative leap and enabling it to face future challenges with greater solidity.”

Says Carmine Tullii, President of Italsur: “Our company has a great family history. Our father, Domenico, Italy's most experienced frozen-food technician, with the constant support of our mother Clara, built a solid business, giving it a clear guiding principle: respect for work, seriousness in commitments and attention to people. Today we have a responsibility to carry forward what has been built. We see the collaboration with Riello Investimenti as a tangible opportunity to grow, strengthen our structure and aim for new goals.”

Bper and Banca Sella participate in the deal

The acquisition of Italsur is the third transaction by the Buy&Build Opportunities fund, launched in February 2025 with the aim of investing up to 300 million euros to support the growth in scale of Italian SMEs through consolidation transactions and promote the integration of sustainability into business processes.

The fund focuses on highly fragmented sectors, including food & beverage, manufacturing and automation, lifestyle and wellness.

Bper participated in the deal with regard to structuring and organisation, while Banca Sella acted as the lending institution.

Riello Investimenti Sgr, which has been active for 25 years, has completed more than 70 transactions, with total assets of over 500 million euros.

This article was translated from the original Italian version with the assistance of artificial intelligence. In case of discrepancies, please refer to the original Italian version.