Editor's note, Panapesca in Italy has nothing to do with Panapesca USA anymore, despite still sharing a name
Luxembourg-based investment firm Xenon Private Equity has reportedly put Panapesca, one of Italy's largest seafood distributors, up for sale, sources told Undercurrent News.
According to industry sources, the company has tasked an advisory firm to find a buyer. Undercurrent was unable to identity the company running the sale at the time of publishing.
US-based advisory firm Antarctica Advisors had been contacting some would-be buyers of Panapesca, but is not thought to be running the formal sale process, sources said. Executives with Antarctica declined to comment.
The upcoming sale process comes around six years after Xenon invested in Panapesca, which reported "good results" for 2024 despite ongoing supply chain challenges and competitive pressures, according to CEO Giovanni Sabino.
Asked about the potential sale of Panapesca, Sabino declined to comment but said the group had gained a strong market position under Xenon's ownership and is now ready for further growth.
In 2024, the company achieved a consolidated net turnover of around €150 million ($155.6m), in line with the previous year, he told Undercurrent. Panapesca's 2023 turnover was 15% below its level in 2022 [...]
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