Italy frozen-food group Gias sells majority stake to PE firms IDeA Agro, Cleon Capital
Gias generates 30% of turnover outside Italy Gias, the Italy-based frozen-food manufacturer, has sold a majority stake in its business to expand at home and overseas. Two private-equity firms, Italy's IDeA Agro and Spain's Cleon Capital, have acquired the shareholding, with Gias retaining 49%. Financial terms were not disclosed. Gias, based in Mongrassano in southern Italy, is a ready-meals manufacturer. It generates annual turnover of around EUR50m (US$60.8m). In a statement announcing the deal, it was stated Gias had "recorded a growth rate in the last five years of approximately 10% per...