Ebro acquires Bertagni 1882 SpA

Ebro Foods has acquired the remaining 30% stake of Italian stuffed pasta specialist Bertagni 1882 SpA for €112.5 million, securing full ownership of the company. Previously, Ebro controlled 70% of Bertagni since its initial investment in 2018. The transaction, completed through Ebro's subsidiary Lustucru Premium Group, aligns with the Spanish food group's strategic focus on consolidating its position in the fresh pasta segment.

The stake was acquired from existing Bertagni board members, Antonio Marchetti and Enrico Bolla, who will continue in management roles to ensure continuity. This acquisition builds on the substantial growth experienced by Bertagni since Ebro's initial investment. Bertagni's annual sales have surged from €70 million in 2017 to €182 million in 2024, reflecting a 160% increase. The deal augments Ebro Foods' stature as the world’s second-largest fresh pasta producer.

The acquisition is designed to enhance Ebro's footprint in the premium fresh pasta sector. Bertagni's strong growth trajectory underscores the strategic rationale for the deal, offering Ebro a reinforced presence in a high-value category with significant potential for further development. This move is part of Ebro Foods' broader strategy to expand into high value-added businesses, an area they consider to be ripe for growth.

This acquisition further intensifies competition in the fresh pasta market, where Ebro Foods is up against major players seeking to capitalize on rising consumer demand for premium and specialty food products. The consolidation reflects broader sector dynamics, with firms increasingly focusing on specialized and high-margin food categories.

The completion of the Bertagni acquisition does not present immediate regulatory hurdles, and the deal has been finalized. Ebro Foods remains committed to expanding its fresh pasta operations, with analysts maintaining an optimistic outlook on the company's share performance, reiterating an "overweight" recommendation with a target price of €21.0 per share.