Italmobiliare agrees Capitelli sale at 3x cash, 20% IRR

Italmobiliare signed a binding agreement to sell its 80% stake in Capitelli Fratelli to CA Animation at a €36 million enterprise value, Family Office Hub reported on Oct. 8.

The Milan-listed holding of the Pesenti family puts the return at three times cash invested, dividends included, for a 20% internal rate of return. It bought the 80% from Angelo Capitelli at the end of 2019, and the transaction is structured cash-free and debt-free. Eighty percent of the €36 million enterprise value is €28.8 million.

For family offices holding control stakes in small consumer businesses, the Capitelli file is a clean comparable: a seven-year hold, no leverage, a trade buyer and a 20% IRR. Italmobiliare sold to an operating group in its own sector rather than to a fund or a secondary buyer.

Capitelli's revenue reached €24.7 million in 2025, more than 70% above its 2019 level, according to Family Office Hub. The company was founded in 1976 by Claudio Capitelli in Borgonovo Val Tidone, in the province of Piacenza. It is best known for San Giovanni, a cooked ham created in 1994 that the report says pioneered cooking the meat outside the mould. It sells through roughly 2,500 resellers to hotels, restaurants, catering and traditional retail. Angelo Capitelli remains president, and a third generation of the family is in the business.

Family Office Hub describes Italmobiliare's model as holding a limited number of companies for the long term while taking part in governance, closer to industrial ownership than to private equity. Founded in 1946 and listed in Milan since 1980, the holding reports net asset value of €2,240.5 million on June 30, 2026, or €53.3 a share excluding treasury shares. The €28.8 million stake is about 1.3% of that NAV.