PX3 Partners joins Aksìa in joint-control investment in Valsa Group

Aksìa and PX3 Partners have completed a joint-control investment in Valsa Group, the Italian pizza and savoury bakery manufacturer, alongside Valsa's management team, which also reinvested in the business. Financial terms were not disclosed. The deal was backed by Aksìa CF I, a single-asset continuation fund of nearly €200 million ($221.7 million), Aksìa Capital VI and PX3 Fund I.

Valsa Group is headquartered in Valsamoggia and operates eight production sites across Italy, supplying retail and foodservice customers in more than 40 markets. Aksìa launched its buy-and-build strategy in 2020 with the acquisition of Valpizza, and Valsa has since completed six add-on acquisitions, most recently I Maestri del Forno in September. A group of lenders led by Pemberton provided debt financing, and Belnord Capital was lead investor in the continuation fund.

Aksìa founding partner Marco Rayneri said the firm wanted to renew its commitment to Valsa's next phase of growth. The partners said the investment will focus on international expansion, a broader customer base, more manufacturing capacity, product innovation and selected M&A. Valsa CEO Marco Setti said the renewed identity of the group, supported by Aksìa and PX3, would support further growth in international markets.