Bluegem Welcomes Lagfin as Strategic Partner to Anchor Next Phase of Growth
Luxembourg/Milan, 18 June 2025
Bluegem Capital Partners (“Bluegem” or the “Firm”), the specialist pan-European private equity firm focused on B2B and B2B2C consumer staples, (which has to date raised and managed c.€1bn), today announces that Lagfin S.C.A., Société en Commandite par Actions (“Lagfin”), the controlling entity of the Campari Group (listed on the FTSE MIB) is to acquire a minority stake in the Firm and has committed to anchor its forthcoming funds. The transaction is subject to receipt of customary regulatory approvals.
Lagfin’s commitment represents a strong endorsement of Bluegem’s differentiated investment strategy and vision. With a proven track record of building successful pan-European platforms in the non-discretionary consumer space, Bluegem has managed to carve out a distinctive position as a pure specialist player with deep sector expertise in a structurally attractive niche.
The Bluegem investment philosophy, backed by Lagfin, is underpinned by:
Downside protection thanks to real economy investing with an exclusive focus on consumer staples, a highly resilient, non-cyclical sector with limited fashion/trend risk, attractive entry multiples and where emerging technologies (e.g. AI) are a clear enabler and growth accelerator rather than a disruptive threat;
Strong preference for B2B / B2B2C solid, cash-generative businesses with strong manufacturing and R&D, and with premium (yet low-ticket), consumable, not commodity products with notion of repeat purchase;
Returns acceleration by identifying specific niches which structurally outgrow the broader sector and the GDP and by executing business transformation thanks to a very active portfolio management, centred around international expansion, digital transformation, product innovation and transformational Buy and Build.
Bluegem is proud and thrilled about the partnership with Lagfin. Their strategic non-controlling investment represents a concrete support to Bluegem’s long-term growth prospects, providing access to an extensive network of global relationships. It also marks a key milestone in Bluegem’s advancement, while initiating a well-prepared leadership transition of Emilio Di Spiezio Sardo to Chief Executive Officer to lead the Firm into its next phase of growth. Following an accomplished tenure as Founding Partner, Marco Capello will step back from future investments while retaining executive and management responsibilities across Bluegem’s portfolio to date. The minority investment from Lagfin will have no impact on the day-to-day management or operations of Bluegem and the Firm’s investment and decision-making processes will also remain unchanged.
Speaking on the announcement, Emilio Di Spiezio Sardo, Chief Executive Officer at Bluegem said:
“On behalf of the entire team, I’m delighted to welcome Lagfin as a long-term strategic partner. Their deep understanding of consumer staple dynamics and global network within the industry, built over generations, are invaluable assets as we scale our platform. Together we share the vision that real economy investing in B2B consumer staples, once removed the B2C discretionary part, sits next to healthcare, business services and software / tech as a fourth pocket of resilience and growth, while representing a natural investment hedge to the disruption that emerging technologies are bringing across several sectors. Production and consumption of food and personal care (for instance shampoo and toothpaste) can be accelerated by Artificial Intelligence, but not replaced”.
Lagfin added:
“Bluegem is a fast-growing pan-European leader in the nexus of private equity investing and consumer staple industries, benefitting from a clear strategic focus and an operational approach grounded in long-term value creation. In recognition of the synergies between Lagfin and Bluegem, our new partnership is built on that unifying vision. We believe Bluegem, under Emilio’s leadership, has all the elements and the ambition to scale into a global leader in its sector over the medium-term and we couldn’t be more excited for the path ahead.”
Bluegem was advised by Latham & Watkins for the legal aspects and by Chiomenti for the tax aspects. Lagfin was advised by PedersoliGattai for the legal aspects.
About Bluegem Capital Partners
Bluegem is a European specialist private equity firm investing in consumer staple businesses across the value chain (B2B, B2B2C and selective B2C) underpinned by non-discretionary demand and supported by megatrend tailwinds. The Bluegem Investment Team work alongside experienced Portfolio Managers and Functional Experts, to deploy a proven toolkit for accelerating value creation. The Bluegem value acceleration playbook is underpinned by data analytics and includes, among other things, 360-degree digitalisation of the businesses (including the use of artificial intelligence), international expansion and product innovation. With c.€1bn raised and managed to date, a track record of investing across Europe through different economic cycles, Bluegem focuses on businesses with characteristics of consumable products; low ticket but premium products; non commodity items; with repeat purchase patterns within six distinct segments: Beauty & Personal Care, Home Care, Baby Care, Pet Care, Food & Beverage and Health & Wellbeing.
For more information, visit Bluegemcp.com.
About Lagfin
Lagfin S.C.A., Société en Commandite par Actions is a Luxembourg-based company organized under the form of limited partnership by shares. Its main corporate purpose is the holding of a controlling stake in Davide Campari-Milano N.V. and hence in Campari Group, one of the most prominent players in the spirits industry worldwide Lagfin owns more than 50% of the listed share capital of Davide Campari-Milano N.V. and more than 80% of the voting rights.
Additionally, Lagfin carries out strategic investment across asset classes such as equities, credit and real estate. Lagfin's strategy is based on maintaining a dynamic, focused and strategically relevant portfolio of assets to enable long-term shareholder value.
Further information including financial disclosure on Lagfin is available on its website (http://www.lagfin.lu/).
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