Bluegem Capital Partners has signed an agreement to acquire Rispo Group, an Italian producer of premium frozen specialities, from funds managed by Europe Capital Partners, the private equity firm said on 15 October. Terms were not disclosed.
Why Bluegem Capital Partners is buying Rispo Group (Rispo, Garbo, Gela, Panificio Villa)
Founded in 1991 and based in Maddaloni, near Caserta, Rispo makes arancini, supplì, olive all'ascolana, fiori di zucca, pinsa and focaccia romana at four Italian plants, employs more than 250 people and sells to more than 750 customers in Italy and over 15 other countries. Bluegem said it would push international growth, particularly in frozen pinsa and focaccia romana, strengthen the sales organisation, invest in product innovation and pursue add-on acquisitions in Italy and across Europe.
“Rispo is a clear expression of Bluegem’s strategy going forward: backing real economy, manufacturing-led businesses with B2B and B2B2C entry points, differentiated products and resilient demand, in markets supported by structural tailwinds and growing ahead of GDP.”
Deal terms and financing
Rispo's management will reinvest alongside Bluegem and retain a minority stake. Paolo Perego, a former Campari and Bacardi executive and former chief executive of IRCA, will become chairman, while chief executive Franck Bocquet stays in charge. Rispo expects 2026 revenue of more than €90m and EBITDA of about €14m.
Regulatory approvals and timing
The transaction is subject to customary regulatory approvals and closing conditions.
Market context
Europe Capital Partners and CS & Associati bought Rispo in 2018, when it had revenue of about €18m, and expanded it through organic growth and the integration of Garbo, Gela and Panificio Villa. Rispo is Bluegem's second deal in less than three months after The Béaba Suavinex Group; Lagfin, the family holding company that controls Campari, became a strategic shareholder in Bluegem in 2025.
