CA Animation acquires controlling stake in Italian cured-meats producer Capitelli

ITALY – European agri-food group CA Animation has agreed to acquire a controlling stake in Italian cured-meats producer Capitelli Fratelli from investment company Italmobiliare, strengthening its presence in the country’s charcuterie market.

Under the binding agreement, CA Animation will purchase Italmobiliare’s entire 80% holding in Capitelli, alongside an additional 10% stake held by company president Angelo Capitelli, the founder’s son. Angelo Capitelli will retain the remaining 10% of the business.

The transaction values Capitelli at €36 million (US$40.4 million) on a cash-free, debt-free basis and is expected to close in the fourth quarter of 2026, subject to regulatory approval.

Based in Borgonovo Val Tidone, in Italy’s Piacenza province, Capitelli specialises in cooked and smoked cured meats. Its flagship product, San Giovanni cooked ham, was launched in 1994 and has become a central part of its product portfolio.

Italmobiliare acquired a majority stake in the company from Angelo Capitelli in late 2019 and subsequently supported its business development and expansion.

According to the investment company, Capitelli generated revenue of €24.7 million (US$27.65m) in 2025, representing growth of more than 70% compared with 2019.

The divestment is expected to deliver a threefold cash-on-cash return for Italmobiliare, including dividends received during its ownership.

Carlo Pesenti, chairman and chief executive of Italmobiliare, said the company had supported Capitelli’s development while strengthening its position as a producer of Italian gastronomic specialities.

Expanding the charcuterie portfolio

The acquisition builds on CA Animation’s existing investments in Italy’s cured-meats industry, including Dok and Pio Tosini.

The group also owns Loste Tradi-France, a distributor specialising in processed meats and charcuterie.

Adding Capitelli will broaden the group’s portfolio of premium meat products and strengthen its exposure to Italy’s established cured-meats sector.

Angelo Capitelli said the transaction would open a new phase of development for the business, with the family maintaining its shareholding and commitment to product quality.

Marcello Balzarini, who has served as Capitelli’s chief executive since 2020, will remain in the role following the acquisition, providing continuity in the company’s management.

Consolidation in European meat processing

The deal highlights continued investment and consolidation across Europe’s processed-meat industry, as food groups seek to expand their portfolios, strengthen established brands and capture opportunities in value-added meat products.

For CA Animation, the acquisition adds an established Italian producer to its existing charcuterie interests, supporting its strategy of building a broader agri-food business across European markets.

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