Mandarin finances the founding of Italian frozen food holding

Mandarin Capital Partners (MCP) has set up Italian frozen food holding (IFFH), a new Genoa-based Italian frozen food group that brings together two already well-established companies in the sector: Appetais, a company that has been operating for more than 20 years in the field of frozen ready meals, and AR, a joint venture founded in 2016 by Appetais and Meduno-based firm Roncadin for the production of pizza, focaccia, farinata (a Ligurian chickpea-flour pizza) and other lactose- and gluten-free products.

Operating in the existing two factories in Genova Bolzaneto and Sant’Olcese, IFFH will have more than 200 employees, an initial 2018 turnover of around €40 million (€28.5 million generated by Appetais and €12 million by AR) and an export share of 20%.

Mandarin now intends to incorporate other businesses into the holding company with the aim of reaching a turnover of €100 million and an export share of 50%.