Kartesia finances acquisition of Monviso by Argos Wityu
Kartesia, the European specialist provider of financing solutions for small and mid-sized companies, today announces that it has provided a senior financing solution to support Argos Wityu in its acquisition of Italian premium dry bakery manufacturer Monviso (“the Company”).
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. Monviso leverages its R&D, developing innovative solutions, and focusing on creating health-conscious products, including organic, gluten-free, and palm oil-free options.
Argos Wityu, with the support of the financing package from Kartesia, will support Monviso and its management team, led by CEO Manfredi Cusmano, in becoming a leading platform in the premium dry bakery market. The strategy will target retailers, co-makers, and industrial players with a premium multi-product portfolio offering, in the form of 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 organisations toward long-term success.
The financing for this transaction was provided by Kartesia’s Senior Opportunities strategy (KSO) and the deal team comprised Guillermo Ferre, Davide Maggioni, Carlos Vázquez and Axel Rotthier. This transaction marks the fifth KSO investment for Kartesia in the market since opening an office in Milan in 2022, evidence of the growing importance of private credit for Italian SMEs.
Manfredi Cusmano, CEO of Monviso, added: “We are excited to embark on 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.”
Davide Maggioni, Director at Kartesia, commented: “This transaction marks an important milestone in the continued development of our senior debt strategy in the flourishing Italian market. We are very much looking forward to partnering with Argos Wityu and Monviso as the Company continues to innovate and strengthen its long-standing position as one of the market leaders in the dry bakery industry. With the flexible financing solution provided by our Senior Opportunities strategy, we are confident that Monviso is well-positioned to capitalise on future growth opportunities, alongside the extensive experience of Argos Wityu.”
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.”