GHENT, BELGIUM — Vandemoortele, a family-owned European food company that manufactures and sells baked foods across the United States and 12 European countries, said it will acquire Dolciaria Acquaviva SpA, a manufacturer of sweet and savory frozen baked foods, from private equity firm Apheon and the Acquaviva family. Financial terms of the transaction were not disclosed.

Founded in 1979 and headquartered in Naples, Italy, Dolciaria Acquaviva produces more than 600 types of sweet and savory baked foods. The company operates four manufacturing plants in Northern Italy. The company serves more than 40,000 customers across Italy, primarily hotels, restaurants and cafes, and had turnover of approximately €120 million ($130.5 million) in 2023.

“We will combine our strengths and expertise to drive continued growth,” said Yvon Guerin, chief executive officer of Vandemoortele. “This combination will allow us to create powerful synergies in terms of product portfolio, brands, innovation and distribution in one of the countries where Vandemoortele has been active for some time and which makes a substantial contribution to the group’s total turnover.”

Pierluigi Acquaviva, CEO of Dolciaria Acquaviva, added, “We are very happy about the combination of Dolciaria Acquaviva and Vandemoortele in Italy as it will generate exciting opportunities for our customers, partners and employees. There is a complementary fit in product range, channel presence and industrial footprint. Apheon has been an invaluable part of our story, upholding their reputation as a strong partner in the Italian market with deep expertise in the food sector, and I’d like to thank them for all their support.”

Apheon has been a majority stakeholder in Dolciaria Acquaviva since 2019.

“We have been very privileged to support Pierluigi Acquaviva over the years,” said Emanuele Lembo, senior partner at Apheon. “Leveraging Apheon’s partnership model with founders and entrepreneurs, we have successfully made Dolciaria Acquaviva a best-in-class company. The combination with Vandemoortele is now the right step in building an even stronger player in the industry with wide international reach.”

The announcement comes a little less than two months after Vandemoortele acquired a majority stake in Banneton Bakery, Swedesboro, NJ. Founded in 2008, Banneton makes and sells freezer-to-oven croissants, Danishes and pastries throughout the United States.