Avvocatidimpresa with the managing partner Alberto Calvi di Coenzo with the Italian health food group Healtion to invest Euro 100 million for next acquisitions

Healtion is interested in acquiring companies active in the health-food and wellness space, he said. It has a particular interest in healthy breakfast-product brands or manufacturers, he said; it controls 60% of Italy’s BMS, an organic healthy-breakfast company, and wants to gain further strength in this area. It would also like to add on companies or brands specialised in protein-rich products including bars or bread, as well as in low-sugar and low-salt and freefrom snacks, he added. The business evaluates targets among family-owned firms seeking support in generational handovers, as well as private equity-owned companies, he said, and in general, for a cost/benefit ratio, does not consider firms with revenue below EUR 10m. Healtion also has an international growth angle, and scouts M&A opportunity in Italy, Germany, Austria and Switzerland, he said, confirming a recent report from Il Sole 24 Ore. The healthy food space in these markets is highly developed and offers growth potential, he added. Healtion aims to grow its turnover to EUR 300m in five years’ time, and projects that the two planned acquisitions could bring around EUR 100m of new turnover, Rossi said. The group has a budget of around EUR 100m for forthcoming acquisitions, of which EUR 32m is cash, while the rest can be secured via bank loans, he said. Should it need further financing, the company can also count on support from Agreen Capital’s investors, via capital increases, he said. Agreen Capital also supports Healtion in scouting targets, but the business relies on external advisors in the later stages of deals, he said. It has previously worked with EY on due diligence aspects, and with law firms such as Avvocatidimpresa, BonelliErede and Chiomenti, he said. Founded in 1978, Healtion was controlled by former CEO and co-owner Fernando Favilli and his business partner Rossella Bartolozzi from 1990. Bartolozzi retains a minority stake alongside majority owner Agreen Capital, which came on board in 2023, while Amundi and EcorNaturasi also own minority stakes, as reported. Healtion is a certified Italian B Corp group operating in the healthy food sector, headquartered in Calenzano (Florence). The Group brings together historic health food brands and operates with an integrated business model that covers the entire production and distribution chain, with over 1,000 products, a presence in 47 countries, two production sites, two logistics hubs, and over 100 employees, according to a company profile. The Italian organic food market was worth over EUR 10bn in 2024, according to sector association FederBio. by Valentina Caiazzo