Melegatti, the historic company from Verona that invented pandoro in 1894, has been acquired by Valeo Foods, an Irish food group undergoing strong expansion. The deal was carried out through Balconi, an Italian company already in Valeo’s portfolio, with the goal of integrating a recognisable, highly seasonal brand with growth margins not yet fully expressed.

What does this acquisition teach Italian SMEs? That even in a consolidation phase, the strength of an identity built over time can be a decisive asset, and that strengthening your market positioning, even before your financials, is often what makes the difference between a mere sale and a strategic transaction.

Melegatti: brand value before industrial value

Melegatti is not just any company: in Italy, it is synonymous with Christmas. After the 2017 crisis and the rescue by the Spezzapria family, the company resumed production in its two plants in Verona, gradually rebuilding its reputation and supply chain. Despite the difficulties, the brand has never lost its recognition, customer loyalty, or market potential.

This is the key point: Melegatti was worth not just for its balance sheet, but for its intangible capital: its history, the perception of the brand, and its cultural positioning.

For many Italian SMEs with strong local roots, the real question is not “how much do I invoice?” but “how much do I mean to the market?”

Why did Valeo Foods acquire Melegatti? Not to make panettoni

Valeo Foods owns more than 80 food brands, from Jacobs to Rowse, from Balconi to Kettle. The acquisition of Melegatti is not a defensive or tactical move. It is part of a clear European growth strategy focused on diversification by product category, geography, and seasonality.

Why Melegatti?

• Because it is Made in Italy: the brand is perceived as authentic, artisanal, and rooted in tradition
• Because it is premium: even without high volumes, it can position itself in the mid-to-high segment
• Because it is “specialist”: focused on seasonal products, with room for product line extensions

In other words, Valeo is not buying a factory. It is buying a consumption idea, a narrative already written and ready to scale internationally.

What Italian SMEs can learn from this case

The acquisition of Melegatti clearly shows that value for a buyer often comes from factors that many SMEs take for granted: reputation, history, and a strong connection to the territory.

Some key lessons:

1. Value intangible assets: brand strength, customer loyalty, and recognition are key in an M&A process. They are often worth more than EBITDA and operating margins.
2. Make local identity scalable: a brand can be deeply local and still have global appeal if properly told. SMEs should invest in narrative, positioning, and value-based packaging.
3. Be open to group logic: joining a larger organisation can ensure continuity and bring in more resources. Those who resist selling for fear of “losing control” often underestimate the benefits in terms of project vision and strategic capability.
4. Prepare in advance: the Melegatti sale was not improvised. The company had already been restructured, was industrially stable, and had a clear product offering. Those who come to the market unprepared tend to receive less and risk losing control of the process.

Conclusion: be ready when the right moment comes

Not every Italian SME has 130 years of history or a product like pandoro, but many have similar, unexpressed potential.

The Melegatti case shows that even a seasonal brand can become a lever for international growth if well positioned. M&A, in this sense, is not an emergency solution, but a growth strategy.

For SME leaders today, the point is not whether to sell or be acquired, but how to prepare so that value is not lost when the opportunity comes.