Investindustrial agrees to invest in Italian flavors and fragrances maker PA Aromatics

• Company generated approximately €50 million in revenue in 2025
• PA Aromatics runs four plants – three in Italy and one in Brazil – and employs more than 100 people
• Pinuccio Montagna and Riccardo Montagna will serve as chairman and chief executive officer, respectively, of the group’s board

Investindustrial has agreed to invest in PA Aromatics, an Italian developer and manufacturer of flavors and fragrances for the food, beverage, confectionery, animal feed, pharmaceutical, cosmetics and personal care industries. An independently managed investment subsidiary held by Investindustrial Growth III finalized the agreement, which has been signed by the parties and remains subject to regulatory approval.

Founded in 1984 by the Montagna family and headquartered in Carbonara al Ticino, Italy, PA Aromatics serves a broad customer base of multinational groups and Italian operators through a portfolio of more than 8,000 products. Its business model spans the entire product development cycle, supported by a research and development team of more than 30 people. The group operates four production plants and employs more than 100 people. Pinuccio Montagna and Riccardo Montagna will serve as chairman and chief executive officer, respectively, of the group’s board of directors.

PA Aromatics has grown both organically and through acquisitions, generating approximately €50 million in revenue in 2025. The investment is intended to accelerate the company’s growth in Italy and internationally, strengthening its managerial and manufacturing platform and supporting expansion both organically and through further mergers and acquisitions.

“PA Aromatics stands out for its strong competitive position, high level of technical specialisation and its ability to capitalise on significant growth opportunities in the global flavours and fragrances market,” said Andrea Bonomi, chairman of Investindustrial’s industrial advisory board. “We are convinced that PA Aromatics has all the qualities needed to become a leading global player in the sector, well positioned to capture growth opportunities in a fast-growing market with significant long-term potential.”

PA Aromatics and its shareholders were advised by Intesa Sanpaolo, through its IMI Corporate & Investment Banking division, as financial adviser, and by Legance – Avvocati Associati and PedersoliGattai as legal advisers. Investindustrial was advised by Vitale, Co. as financial adviser and by Gatti Pavesi Bianchi Ludovici as legal adviser.

Editor’s note: This news brief was produced with the assistance of artificial intelligence.