Argos Wityu, an independent pan-European investment group, has acquired Monviso, a premium Italian dry bakery manufacturer, from Cerea Partners, an independent private equity firm, and CAPZA, a leading player in private investments in European SMEs.

With approximately 90 years of expertise in the dry bakery industry, Monviso is a manufacturer of premium, gourmet, and healthy dry bakery products (including rusks, biscuits, and bread substitutes) based in Northern Italy.

The company produces for third parties and private labels and also serves the retail channel with its Monviso brand, the third largest rusk brand in Italy. The company leverages on R&D, developing innovative solutions, and focusing on creating health-conscious products, including organic, gluten-free, and palm oil-free options.

Over the years, strategic acquisitions like Biscotteria Tonon (2015) and Grissinificio Europa (2018), have led to a comprehensive range of packaged goods and ingredients to meet the evolving needs of its customers. During Cerea Partners’ and CAPZA’s tenure, the company has established itself as a leading multi-product and multi-channel producer, experiencing steady growth thanks to the remarkable work of the teams on product and packaging innovations. With five production plants and more than 160 employees across Northern Italy, the company is expected to generate revenues of c. €60 million in 2024.
 
Argos Wityu will support Monviso and its management team, led by CEO Manfredi Cusmano, in becoming a leading platform in the premium dry bakery market, targeting retailers, co-makers, and industrial players with a premium multi-product portfolio offering, a one-stop shop positioning with a strong focus on innovation.
 
Francesco Pugliese, former CEO of CONAD and General Manager of Barilla, will join as the new Chairman, bringing extensive knowledge and strategic vision to the company. With a distinguished career in the food retail and consumer goods sectors, he has demonstrated exceptional leadership in driving growth, fostering innovation, and steering organizations toward long-term success.

Jean-Pierre Di Benedetto, Managing Partner at Argos Wityu, said: “The investment in Monviso is perfectly aligned with Argos’ approach: while it might appear a traditional and mature sector, we believe substantial growth can be achieved if constant innovation is pursued. Final and intermediate client needs are rapidly evolving, and producers need to accompany and anticipate those changes. Under Manfredi’s leadership, Monviso has been driving this vision for years. We are excited to roll up our sleeves and collaborate with the management team to help this esteemed company reach new heights.”

Manfredi Cusmano, CEO of Monviso, said: “We are excited to embark in this new chapter with Argos Wityu. This partnership will enable us to further strengthen our leadership in the premium bakery market and continue innovating to meet the evolving needs of our customers. We are ready to embrace the opportunities that lie ahead.”

Francesco Pugliese, new Chairmain of Monviso, said: “I am pleased to start this new role in a company that has such consolidated history and great potential as Monviso. I look forward to working with the team to build on its strengths, explore new opportunities, and support the company’s growth in the coming years.”

Xavier Renault, Partner at Cerea Partners, said: “We are proud and delighted to have supported Monviso Group and its management in the recent years. We strongly believe in the group future developments thanks to investments and product innovations performed.”
 
Stefano Zavattaro, Partner at CAPZA added: “The management team has been effectively conducting the company towards ambitious goals and we are thankful to them for their commitment and effort all over the last years.”