Lantmännen Unibake strengthens European footprint with Italian acquisition
Lantmännen Unibake has signed an agreement to acquire Panificio San Francesco, a specialist in frozen bread for retail customers, marking a significant step in its expansion strategy within the European bakery sector.
Founded in 2006, Panificio San Francesco operates a modern industrial bakery in Codevilla, northern Italy, and has built a strong reputation for quality products and regional reach in the Italian bake-off segment. The company is currently majority-owned by private equity firm ITAGO (via NEIP III SICAF), alongside minority private shareholders.
The acquisition reflects Lantmännen Unibake’s ambition to strengthen its position in attractive growth markets. By combining Panificio San Francesco’s established retail network and product expertise with Unibake’s international portfolio and capabilities, the deal is expected to unlock new commercial opportunities and innovation potential in frozen bakery solutions.
“We continue to strengthen and expand Lantmännen’s existing businesses through strategic acquisitions in attractive markets. The agreement in Italy reflects our ambition to build a strong platform for long-term growth and supports our goal of further strengthening our position in the European bakery market,” said Magnus Kagevik, group president and CEO of Lantmännen.
The move underscores Unibake’s commitment to actively participating in the evolving dynamics of the European bakery sector, particularly in the fast-growing bake-off category.
“We are pleased to announce the signing of this agreement with Panificio San Francesco. It supports our ambition to actively participate in the evolving dynamics of the European bakery sector and marks an important milestone. We now look forward to completing the transaction,” said Carsten Thomsen, president of Lantmännen Unibake.
The transaction remains subject to customary closing conditions and regulatory approvals. Until completion, both businesses will continue to operate independently, with no immediate changes for employees, customers, or partners.
