Milan, November 27th, 2024 – Today, Consilium and Progressio, on behalf of their funds Consilium Private Equity Fund III and Progressio Investimenti III, alongside MMM Srl, led by entrepreneur Massimo Menna, sold 100% of the shares in Gelit to Wealth Venture Fund SICAR.
Gelit, acquired in 2019, is a company active in the frozen ready meals and crepes for the private label segment.
Under the management of the funds and the leadership of CEO Stefano Mattioli, the company embarked on a growth journey supported by over 30 million euros of investments. These investments enhanced production capacity and pursued sustainability objectives, earning the company B Corp certification — the first in its category worldwide. Gelit consolidated its position in its target markets, establishing significant new partnerships, particularly in Italy and the United States. The company confirmed its innovative capabilities by developing new products that created entirely new segments in the frozen snacks market.
Founded in 1977 and headquartered in Cisterna di Latina, Gelit is a leading player in its market and leverages on long lasting partnerships with major food retailers and foodservice operators.
Nino Mascellaro, senior partner of Progressio stated: “Our investment strategy found full expression in Gelit, an excellent player in its reference sector and a perfect combination of innovation, customer service capability, and production efficiency.”
Paolo Santoro, partner of Consilium added: “We are proud to have supported Gelit’s management in its international growth path, which has established the company as a leader in one of the most representative sectors of Italian excellence globally.”
Deal team for Progressio was composed by Filippo Gaggini, Nino Mascellaro, and Simone Assanelli. Deal team for Consilium was composed by Roberto De Rossi, Paolo Santoro, and Guglielmo De Falco.
Consilium, Progressio, and MMM were advised by Saverio Rondelli of Lincoln International as financial advisor, lawyers Eliana Catalano and Francesca Ricceri from BonelliErede, BCG for business due diligence, EY for financial due diligence and Russo De Rosa Associati for tax due diligence.