Bluegem Capital Partners to acquire Rispo Group, a leading Italian platform of premium frozen specialties
London / Milan, 15th October 2026
Bluegem Capital Partners (“Bluegem”), the pan-European mid-market private equity firm specialising in real economy staple businesses, today announced that it has signed an agreement to acquire Rispo Group (“Rispo” or “the Group”), a leading Italian producer of premium frozen specialties comprising Rispo, Garbo, Gela, Panificio Villa, from funds managed by Europe Capital Partners and advised by CS & Associati.
Rispo’s management team will reinvest alongside Bluegem, retaining a minority stake in the Group. The transaction is subject to customary regulatory approvals and closing conditions. Rispo is Bluegem’s second investment in less than three months, following The Béaba Suavinex Group transaction, signed in July and expected to close in November. The two transactions underline Bluegem’s strong momentum and the depth of its pipeline of high-conviction opportunities.
Founded in 1991, Rispo, Garbo, Gela and Panificio Villa combine authentic Italian recipes and artisanal know-how with industrial-scale production across four sites in Italy. Its portfolio spans iconic Italian specialties – such as arancini, supplì, olive all’ascolana and fiori di zucca – as well as pinsa and focaccia romana, a fast-growing category in which Rispo is one of the pioneers of premium frozen products. The Group today employs more than 250 people and serves more than 750 customers across foodservice, retail and B2B channels, in Italy and in more than 15 countries across four continents. In 2026, Rispo expects to generate revenues of over €90m and EBITDA of c.€14m.
Rispo embodies exactly what Bluegem looks for in Food & Beverage: premium specialties, 100% Made in Italy, with strong export appeal and clear structural tailwinds – from the growing global popularity of Italian cuisine and the rise of sharing occasions, to foodservice operators’ increasing reliance on high-quality frozen solutions that reduce food waste and labour requirements. Its B2B, multichannel model, supported by in-house R&D and manufacturing, is fully aligned with Bluegem’s strategy of backing manufacturing-led, real economy staple businesses with B2B and B2B2C entry points. The transaction builds on Bluegem’s long-standing focus on Food & Beverage, one of the firm’s core sectors, which was further reinforced in 2025 when Lagfin, the family office of the Campari Group, became a strategic shareholder in Bluegem.
Bluegem’s ambition is to build on Rispo’s strong foundations to create a pan-European platform in premium frozen specialties. Together with the management team, Bluegem will focus on accelerating international growth, particularly in premium frozen pinsa / focaccia romana, where demand abroad is expanding rapidly, strengthening the commercial organisation, investing in product innovation and pursuing add-on acquisitions in Italy and across Europe.
Bluegem will support CEO Franck Bocquet and the management team in the Group’s next phase of growth, building on the remarkable journey they have completed together with Europe Capital Partners and CS & Associati, which acquired the business in 2018. Since then, Rispo has grown from €18m of revenues to over €90m expected in 2026, combining strong organic growth with the successful integration of complementary businesses. The management team will be supported by Paolo Perego, who will be appointed Chairman of the Group. Mr Perego brings more than 35 years of experience in the food and beverage industry: after senior international roles at Campari and Bacardi, he served as CEO of IRCA, a leading Italian producer of ingredients for pastry, gelato and chocolate, where he led the successful transformation and international expansion of the business. Mr Perego and the management team will also draw on the expertise of Ibrahim Najafi, who recently joined Bluegem as Chief Transformation Officer and brings a wealth of experience in frozen food from his tenure as CEO of Froneri, the world’s second-largest ice cream manufacturer.
Emilio Di Spiezio Sardo, Chief Executive Officer, Bluegem Capital Partners:
“Rispo is a clear expression of Bluegem’s strategy going forward: backing real economy, manufacturing-led businesses with B2B and B2B2C entry points, differentiated products and resilient demand, in markets supported by structural tailwinds and growing ahead of GDP. Our role is to work hand in hand with management to transform these companies into pan-European leaders, combining operational excellence, international expansion and disciplined buy-and-build. Food & Beverage is a strategic sector for us, and Rispo is the ideal platform to execute this strategy. I am very excited to work alongside Franck and Paolo in this next phase.”
Paolo Perego, Chairman-designate, Rispo Group:
“Rispo brings together what is hardest to build in food: authentic products that customers love, the industrial capabilities to produce them consistently at scale, and a team that is passionate about quality. Demand for authentic Italian food has never been stronger, and Rispo has only just begun to capture its international potential, from rolling out pinsa in new markets, to bringing its specialties to new customers and channels abroad. Together with Bluegem, Franck and the whole management team, I see a significant opportunity to build Rispo into a leading global platform in premium frozen specialties, both organically and through acquisitions.”
Franck Bocquet , Chief Executive Officer, Rispo Group:
“I am very enthusiastic about the future of Rispo, a leading company in Italy within its product categories. Over the past few years, we have built a strong and solid platform based on an important industrial culture and a close-knit, efficient team. We are now well-positioned to accelerate our growth, both in Italy and internationally. Bluegem and Paolo are the ideal partners for this new phase, thanks to their in-depth expertise in food products, their proven track record in establishing international platforms, and their hands-on approach to value creation. I would also like to extend my warmest thanks to the entire team at Europe Capital Partners and CS & Associati for their support and partnership throughout this successful journey, which has made Rispo the group it is today.”
Bluegem was advised by Clearwater (M&A), with a team led by Managing Partner Andrea Pagliara; BPER (M&A), with a team led by Managing Director Daniele Moscato; Ropes & Gray (legal), with a team led by Partners Cataldo Piccarreta and Giorgia Lugli; EY (financial), with a team led by Partner Anna Nasole; BCG (commercial), with a team led by Partners Stefania Costa and Dario De Sanctis; Chiomenti (tax), with a team led by Partner Raul-Angelo Papotti; AlixPartners (operations), with a team led by Partner Michele Carpanese; Gybe Consulting (accounting), with a team led by Managing Partner Giovanni Naccarato; Bilma (environmental), with a team led by Managing Partner Andrea Ferretti; and Marlborough Partners (debt advisory), with a team led by Partner Romain Cattet and Managing Director Vanessa Totah.
Europe Capital Partners was advised by Houlihan Lokey (M&A), with a team led by Managing Directors André Pichler and Tommaso Lillo; Gatti Pavesi Bianchi Ludovici (legal), with a team led by Andrea Giardino; Spada Partners (financial), with a team led by Antonio Zecca; OC&C Strategy Consultants (commercial), with a team led by Marco Occhetta; Pirola Pennuto Zei & Associati (tax), with a team led by Giovanni Cereda; and ERM (environmental), with a team led by Giovanni Aquaro.
About Rispo Group
Founded in 1991, Rispo Group is a leading Italian producer of premium frozen specialties. Built through the combination of four Italian specialists (Rispo, Garbo, Gela, and Panificio Villa), the Group offers a broad range of traditional Italian specialties – including arancini, supplì, olive all’ascolana, crocchè and fiori di zucca – as well as pinsa and focaccia romana. Its products are 100% made in Italy, where the Group operates four production sites, and are sold to foodservice operators, distributors, retailers and industrial partners in Italy and in more than 15 countries. The Group employs more than 250 people.
About Bluegem Capital Partners
Bluegem is a European mid-market specialist private equity firm investing in real-economy verticals through B2B and B2B2C entry points. Bluegem targets specific sectors with resilient end demand and structural tailwinds, investing where markets are growing ahead of GDP. The Bluegem team works alongside experienced Portfolio Managers and Functional Experts to deploy a proven value-creation playbook to transform businesses, including data-driven commercial excellence, 360-degree digitalisation, international expansion, and product innovation. With c.€1bn raised and managed to date and a track record across multiple economic cycles, Bluegem combines a specialised operating platform with a differentiated ability to interpret end demand signals and translate them into higher-value, upstream investment opportunities. Since 2025, Bluegem has had a strategic minority shareholder in Lagfin, the Campari family office, whose multi-generational expertise in food and beverage aligns closely with one of Bluegem’s core subsectors.
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