Investindustrial continues to expand its portfolio of investees, and this time it focuses on the fragrance business. The fund has closed an agreement to acquire PA Aromatics, an Italian company specializing in the development and manufacture of aromas and fragrances for the food, beverage, cosmetics, personal care, pharmaceutical, and animal nutrition sectors. The economic terms of the operation have not been disclosed.
PA Aromatics is a family SME with a global vocation. Founded in 1984 by the Montagna family and based in Carbonara al Ticino (Pavia), PA Aromatics closed 2025 with a turnover close to 50 million euros and a workforce of over one hundred employees. The company operates four production plants, three in Italy and one in Brazil, and has a catalog of more than 8,000 references.
The founding family has remained in charge after the closing of the operation; management will remain in the hands of the Montagnas: Pinuccio Montagna will continue as president and Riccardo Montagna will remain as CEO, ensuring the continuity of the management team in the new stage.
With the entry of Investindustrial, the company's main goal becomes evident: to grow outside of Italy. Investindustrial's entry comes after several years of expansion by PA Aromatics, both organic and through acquisitions. According to the fund, the operation seeks to boost the company's international development and open the door to new corporate operations that strengthen its presence in the global market. "PA Aromatics stands out for its solid competitive position, its high level of technical specialization, and its ability to take advantage of significant growth opportunities in the global flavors and fragrances market," said Andrea C. Bonomi, chairman of Investindustrial's industrial advisory board. The executive added that the goal is to drive the next phase of the group's development and accelerate its international expansion.