Secondary Buyout • Food

Chequers Capital Acquires Gourmet Italian Food

On April 8, 2025, private equity firm Chequers Capital acquired food company Gourmet Italian Food from Alcedo SGR and FVS SGR

Acquisition Context
  • This is Chequers Capital’s 1st transaction in the Food sector.
  • This is Chequers Capital’s 8th transaction in Italy.

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M&A Deal Summary

Date April 8, 2025
Target Gourmet Italian Food
Sector Food
Buyer(s) Chequers Capital
Sellers(s) Alcedo SGR
FVS SGR
Deal Type Secondary Buyout

Target Company

Gourmet Italian Food

Sommacampagna, Italy
Gourmet Italian Food engages in the production of its own branded and unbranded (for third parties) ready meals with a wide range of products on offer from main meals such as pasta and rice dishes to meat and fish dishes, ready sauces, vegetable-side dishes, and desserts. Gourmet Italian Food was founded in 1998 and is based in Sommacampagna, Italy.
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Buyer Overview 1

Buyer

Chequers Capital

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1972
PE ASSETS 2.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Chequers Capital is a private equity group focused on acquiring and developing small, medium, and large-sized companies in partnership with management. Chequers primarily seek opportunities in France, Germany, Italy, Benelux, Switzerland, and Spain. The Firm looks to commit €40 to €150 million per investment in transactions valued between €80 and €500 million. Sectors of interest broadly include all areas of industrial, distribution, and services. Target transaction situations include turnarounds, recapitalizations, buyouts, and divestitures. Chequers Capital was formed in 1972 and is based in Paris, France.


Deal Context for Buyer #
Overall 38 of 38
Sector: Food 1 of 1
Type: Secondary Buyout 19 of 19
Country: Italy 8 of 8
Year: 2025 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-08-07 Somacis

Castelfidardo, Italy

Somacis focuses on designing and manufacturing highly engineered Printed Circuit Boards (PCBs), targeting advanced technological applications across several end markets including aerospace & defense, telecom infrastructure, industrials, IT, automotive/EV, and medical devices. The company boasts a synergetic global production footprint with five manufacturing facilities across Italy (Castelfidardo, Manfredonia), the UK (Devon), the US (Poway, CA), and China (Dongguan). It leverages an integrated business model strategically designed to position itself as a worldwide one-stop-shop platform matching its global customers’ highest technology, quality, and service standards. Somacis was founded in 1972 and is based in Castelfidardo, Italy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-05-30 Alkern

Harnes, France

Alkern is a producer of concrete prefabricated products in the Belgian markets. The group has over 31 production plants sites, located mainly in the Northern France, the Paris area and Normandy, as well as in the Rhône-Alpes and Aquitaine regions. Alkern is based in Harnes, France.

Sell -

Seller Profiles 2

SELLER

Alcedo SGR

Treviso, Italy

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2000
PE ASSETS 279M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Alcedo is a private equity group focused on providing growth capital to mid-sized companies in Northern Italy. Alcedo generally targets profitable businesses with strong growth potential, established market positions, and operating in defensible markets. The Firm's target investment size is €5 to €25 million in businesses valued up €120 million. Alcedo will consider opportunities in a variety of sectors, with a preference for businesses producing luxury, design or branded goods. Alcedo was formed in 2000 and is based in Treviso.


Deal Context for Seller #
Overall 13 of 13
Sector: Food 1 of 1
Type: Secondary Buyout 4 of 4
Country: Italy 13 of 13
Year: 2025 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-09 EXA

Arezzo, Italy

EXA is a General Contractor specialized in luxury retail. EXA serves the most prestigious architects and brands dealing with the most challenging projects in many corners of the world. EXA was founded in 2005 and is based in Arezzo, Italy.

Sell -
SELLER

FVS SGR

Investor


Category Asset Manager
Founded 2006
Size Small
Type Sector Agnostic
DESCRIPTION

FVS SGR is a private equity firm focused on partnering with lower middle-market companies in Northern Italy, particularly in the Veneto, Friuli-Venezia Giulia, and Trentino-Alto Adige regions. The Firm specializes in minority equity investments designed to help entrepreneurs retain decision-making control while benefiting from strategic capital, managerial support, and expansive national and international networks. FVS SGR was formed in 2007 and is based in Venice, Italy.


Deal Context for Seller #
Overall 4 of 5
Sector: Food 2 of 2
Type: Secondary Buyout 1 of 1
Country: Italy 4 of 5
Year: 2025 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-18 IQT Consulting

Rovigo, Italy

IQT Consulting is a provider of integrated engineering and architectural services for telecommunications, electrical, water and civil-industrial infrastructures that enhance everything concerning the life cycle of the work, based on digital information assets that supports the decision making and organization. IQT Consulting is based in Rovigo, Italy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-07-02 Elifriulia

Gorizia, Italy

Elifriulia is a running helicopter operator specializing in helicopter services such as Public Passenger Transport, Helicopter rescue, Aerial work, Flight school, and Maintenance. Elifriulia was founded in 1971 and is based in Gorizia, Italy.

Sell -

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