{"id":1463,"date":"2019-07-25T15:37:00","date_gmt":"2019-07-25T13:37:00","guid":{"rendered":"https:\/\/www.progressiosgr.it\/progressio-investe-in-damiano-s-p-a\/"},"modified":"2025-12-02T12:40:44","modified_gmt":"2025-12-02T11:40:44","slug":"progressio-acquired-damiano-s-p-a","status":"publish","type":"post","link":"https:\/\/www.progressiosgr.it\/en\/news\/progressio-acquired-damiano-s-p-a\/","title":{"rendered":"Progressio acquired Damiano S.p.A."},"content":{"rendered":"\n<section data-block-name=\"im-text-on-bg\" class=\"im-text-on-bg ow-hidden margin bg-common \">\n    <div class=\"im-text-on-bg__container basic-container container no-padding\">\n        <div class=\"im-text-on-bg__text-wrap flex flex-column container-grid-el text-left\">\n\n            \n                        <div class=\"im-text-on-bg__quote-wrap\">\n                <p>Milan, July 25th 2019 \u2013 The private equity fund Progressio Investimenti III acquired Damiano S.p.A., alongside with the entrepreneur Riccardo Damiano who will maintain the leadership of the Group as CEO together with the management team that contributed to the success achieved by the Company over the last few years.<\/p>\n            <\/div>\n            \n                        <div class=\"im-text-on-bg__p flex flex-column-m\">\n                                <div class=\"col-text common-text-editor-style \">\n                    <p>Established in 1964 in Torrenova (Messina), Damiano is a B Corporation (benefit corporation), engaged in the production and distribution of organic almonds and a wide range of other organic dried fruit based products for a large network of industrial food processing companies as well as specialized and non-specialized retail customers. A pioneering vision of the founder Pasquale Damiano, led the group to focus exclusively on organic and today the Company is the market leader for organic dried fruits, pursuing environmental, sustainability and social goals. The Company development mainly focused on several key international markets, such as USA, France and Germany where the Company achieves over 80% of its turnover.<\/p>\n<p>&nbsp;<\/p>\n<p>The growth strategy, in line with the past, aims at consolidating the Company\u2019s position in the most important geographies for the group, USA and France, where the company can already rely on its own logistics and production facilities. The strategy also includes the strengthening of historic partnerships and the development of new collaborations with important industrial customers for which Damiano has become over the years a reference partner and a strategic supplier. This approach will also give further impetus to the development of Damiano branded products. Finally, the development plan may also include potential M&amp;A opportunities aimed at strengthening Damiano\u2019s product offer.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Michel Klersy, a manager with a long experience in the food sector<\/strong>, holding key roles for international players, will join the company as non-executive board member to support the team in the strategy development.<\/p>\n<p>&nbsp;<\/p>\n<p>For Progressio, the deal was executed by the CEO Filippo Gaggini, Alessandro Petraccia and Massimo Dan. Progressio was assisted by Legance on the legal aspects, by Russo de Rosa Associati (tax due diligence and deal structuring), by PWC (financial due diligence), EY (ESG due diligence). The business due diligence was performed by Long Term Partners.<\/p>\n<p>&nbsp;<\/p>\n<p>The deal was financed by Mediocredito, as mandated lead arranger. Fineurop Soditic (Umberto Zanuso, Francesco Panizza and Maria Pia Biguzzi) acted as Debt Advisor for Progressio.<\/p>\n<p>&nbsp;<\/p>\n<p>On the sell side, Riccardo Damiano was assisted by Emintad (financial advisor) and by Grimaldi Studio Legale (legal advisor).<\/p>\n                <\/div>\n                                            <\/div>\n            \n                        <div class=\"im-text-on-bg__cta-wrap\">\n                <a href=\"https:\/\/www.progressiosgr.it\/wp-content\/uploads\/2025\/12\/2019.07.26_Press-Release_Progressio-acquired-Damiano_ENG.pdf\" title=\"Press release\" target=\"_blank\" class=\"im-text-on-bg__cta btn-base\">Press release<\/a>\n            <\/div>\n                    <\/div>\n    <\/div>\n<\/section>\n\n\n    <section class=\"custom-quote ow-hidden bg-dark no-margin \">\n        <div class=\"custom-quote__container basic-container container padding\">\n            <div class=\"custom-quote__wrapper container-grid-el text-center\">\n                                <blockquote class=\"custom-quote__quote quote\">Alessandro Petraccia, Partner of Progressio said: &#8220;The Damiano Group perfectly fits our investment strategy, embodies the main key success factors we look for. The company has demonstrated in recent years to be able to over-perform the market reaching a leading position worldwide. Progressio will support Riccardo Damiano, heading on the path already undertaken by the current management team, to further accelerate the growth\u201d. Massimo Dan, Investment Manager of Progressio said: &#8220;We are excited to start this new journey alongside a partner like Riccardo Damiano, who has shown an uncommon vision and foresight in strategic decision\u201d. Riccardo Damiano, CEO of Damiano said: \u201cWith Progressio on our side, we become an even stronger player that combines tradition and ethical finance. A great opportunity to speed up our growth strategy, strengthening and enlarging our network and finally focusing on new organic and sustainable products development&#8221;.<\/blockquote>\n                                                             \n            <\/div>\n        <\/div>\n    <\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-1463","post","type-post","status-publish","format-standard","hentry","category-press"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Progressio acquired Damiano S.p.A. | Progressio SGR<\/title>\n<meta name=\"description\" content=\"Read \u201cProgressio acquired Damiano S.p.A.\u201d and stay up to date 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