CA Animation buys 80% of Italian cured-meat maker Capitelli in €36M deal
What's the deal? ItalmobiliareDealroom has a profile for this one. Try Dealroom → has signed a binding agreement to sell its entire 80% stake in Capitelli FratelliDealroom has a profile for this one. Try Dealroom → to European agri-food group CA AnimationDealroom has a profile for this one. Try Dealroom →. The transaction values Capitelli at an enterprise value of €36 million on a 100% basis, excluding cash and debt, with a price adjustment tied to 2026 results.
Who's involved? Capitelli, based in Borgonovo Val Tidone near Piacenza, produces cooked and smoked cured meats, including San Giovanni cooked ham. CA AnimationDealroom has a profile for this one. Try Dealroom → already operates in Italy through investments in Dok and Pio Tosini.
What changes? CA Animation will also buy an additional 10% from chairman Angelo Capitelli, son of the founder, who keeps a 10% stake. Marcello Balzarini stays on as chief executive officer, a role he has held since 2020.
The return: For ItalmobiliareDealroom has a profile for this one. Try Dealroom →, the sale delivers a cash-on-cash return of three times its investment, including dividends collected over time, and an internal rate of return of 20%. It acquired the 80% stake at the end of 2019.
Why now? Capitelli has grown sharply under Italmobiliare's ownership. In 2025, it reported revenue of €24.7 million, up more than 70% from 2019, after expanding and reorganising its plant, adding products, and strengthening supply-chain traceability.
What could go wrong? Closing, expected by the fourth quarter of 2026, is subject to authorisation under Italy's Golden Power regulations, which allow the government to screen strategic foreign acquisitions.
The signal: The deal marks a clean exit for Italmobiliare and continued consolidation in Italy's cured-meat sector by a European buyer already building a local foothold. Italmobiliare shares rose 1.4% to €25.35.
Read more: hk.marketscreener.com
Image credit: Generated with Gemini
