CLESSIDRA GREEN HARVEST ACQUIRES 70% OF CITRES, A VERONA-BASED AGRICULTURE COMPANY

Clessidra Private Equity SGR (“Clessidra PE”) – the private equity firm of the Clessidra Group , one of Italy's leading alternative investment operators – announces the acquisition, through the Clessidra Capital Partners Green Harvest (“Green Harvest”) fund, of a 70% stake in Citres SpA , an Italian leader in the production of high-quality vegetable preserves, including pickled and sweet and sour vegetables, vegetable creams, and pesto. The Compri family , which will continue to support Clessidra in the company's growth, will retain a 30% stake and their operational roles , ensuring continuity and full alignment in the next phase of development.

Founded in Vallese (VR) in 1958, Citres is now recognized in Italy and international markets for its high-quality products and its ongoing innovation , while maintaining the freshness of its raw materials. Over the years, the company's growth has led to a progressive expansion of its production capacity, culminating in 2007 in its current 30,000-square-meter facility in Bovolone (VR) .

In recent years, the company has experienced a positive and consistent performance , with revenue increasing from €27 million in 2021 to approximately €40 million in 2025, approximately 40% of which was generated abroad . Citres is a key partner for major large-scale retail chains and boasts strong consumer appreciation for the Citres brand , consolidated over time thanks to the quality and breadth of its range.

This growth has been accompanied by ongoing efforts to optimize production processes, monitor the supply chain, and integrate ESG issues more effectively into corporate strategies . A key aspect of this process is the focus on quality and food safety, as demonstrated by the BRC Global Standard, IFS, and BIO certifications.

The acquisition of the majority stake in Citres is part of the strategy of Green Harvest , the fund dedicated to Italian agri-food SMEs , with the aim of supporting their growth and development, promoting sustainable and competitive business models along the entire supply chain .

“Just over a year after the launch of Green Harvest , Citres is the fund's third acquisition and confirms the solidity of our strategy, focused on Italian excellence with strong growth potential ,” commented Andrea Ottaviano , CEO of Clessidra Private Equity SGR. “We chose to invest in Citres because it fully embodies the characteristics we seek: quality, local roots, and the ability to innovate . We will work on this foundation to further strengthen its positioning in Italy and support its international expansion.”

"Nearly seventy years of history have allowed Citres to build distinctive production expertise and a consolidated reputation even beyond national borders, " adds Marco Guglielminetti , Managing Director of Clessidra PE, who led the operation. "Our goal is to accelerate its development by expanding production capacity , strengthening our presence in foreign markets , and paying constant attention to ESG aspects throughout the entire supply chain ."

"The start of this new phase together with Clessidra is a source of satisfaction for our family and a recognition of the path we've built over time ," says Davide Compri. "We chose Clessidra as a partner because we share the same vision for the company's future, and we are confident that this collaboration will allow Citres to consolidate what we've achieved so far and face future development challenges with greater strength, remaining true to the values and identity that have always defined us."

"The addition of Clessidra marks the beginning of a new phase of development for Citres, which we are approaching with enthusiasm and energy," adds Lorena Compri , who has led the company for over forty years with her brother Davide. "This evolution responds to the dynamics of an ever-changing market and will allow us to strengthen our structure and production capabilities, creating new growth opportunities for the company and its people. The first fruits of this partnership are already being seen, as we are currently expanding our production capacity."

The Clessidra team led by Managing Director Marco Guglielminetti involved Veronica Tognoli , Vice President, and Francesca Sacramone , Analyst.

Clessidra was assisted in the transaction by ADVANT Nctm for legal matters, with a team led by partners Pietro Zanoni and Alessia Trevisan, with associates Marianna Loprevite and Eleonora Bellavita for M&A aspects, and by Counsel Bianca Macrina, with associate Letizia Grandi, for bank financing aspects; by Studio Spada for tax matters, with a team led by Luca Zoani, Salary Partner Pasquale Miracolo, and associate Alberto Varallo; by KPMG for M&A advisory and financial aspects; by Efeso for due diligence operations; by Ramboll for ESG aspects; and by Marsh for insurance aspects.

The Compri family was assisted by lawyers Giovanni Barbini and Filippo Magrini for legal matters; and by Andrea Fassina Corporate Advisory, with a team composed of Andrea Fassina and Andrea Maccarone acting as M&A advisors. Corporate tax matters were handled by Abaco Commercialisti Associati, with the support of a team led by Dr. Roberta Adami and Dr. Enzo Gazzotti.

The transaction was financed by Banco BPM SpA (which also acted as Agent Bank) and Banca Nazionale del Lavoro SpA. The banks were assisted on legal matters by Studio Legance, with a team composed of counsel Andrea Mazzola, senior associate Federico Liberali, and associate Giulia Valeria Cribiù.

About Clessidra Private Equity SGR

Clessidra is one of Italy's leading private equity firms, with over €3.3 billion in capital raised through its funds. Founded in 2003, Clessidra Private Equity SGR is controlled by Clessidra Holding SpA, a wholly-owned subsidiary of Italmobiliare SpA, the listed investment holding company controlled by the Pesenti family. Since its inception, 34 investments have been completed for a total of €2.4 billion; over the same period, 55 add-on transactions have been completed for portfolio companies. The Green Harvest fund was launched in July 2025 and aims to reach a hard cap of €200 million, having exceeded its fundraising target of €150 million.

About Clessidra Group

With a track record spanning over twenty years, it is one of Italy's leading alternative investment providers, providing SMEs with financial resources, expert expertise, and experience in ESG integration, meeting the broad demand for diversified products and services from leading domestic and international institutional investors. To date, the Group has invested over €2.4 billion in capital and, separately, has deployed over €1.5 billion in private credit and factoring. Founded in 2003 as an asset management company operating in Italian private equity, Clessidra Group quickly became one of the leading players in the Italian market. In 2016, it was acquired by Italmobiliare SpA, an investment holding company listed on the Milan Stock Exchange. In 2019, it launched a diversification strategy that has progressively expanded the company's activities beyond the traditional private equity sector. Clessidra Group is now an independent platform active in alternative investments, asset management, and factoring, offering a wide range of products and services for institutional investors and Italian medium-sized businesses. The Group operates through three companies: Clessidra Private Equity SGR, Clessidra Capital Credit SGR, and Clessidra Factoring, which specialize in private equity, distressed and performing loans, and factoring, respectively.