Xenon Private Equity has agreed to sell Solana, the Italian tomato-processing group, to La Doria, exiting the business little more than two years after acquiring it in May 2024. The transaction, expected to close by September 2026 pending antitrust approval, marks a swift turnaround for the private equity firm that had only recently expanded the platform through acquisitions of Suncan and Desco.

Solana, founded in 2001 and headquartered in Maccastorna near Lodi, produces roughly 91% of its revenue from tomato processing including pulp, concentrates, and purée. The company operates three plants with combined capacity of approximately 285,000 tonnes annually, employs 46 permanent staff and 210 seasonal workers, and generated about €90m in turnover through June 2025. Industrial clients account for 70% of sales, with foodservice making up the remaining 30%.

La Doria, the private-label specialist controlled by Investindustrial, generated roughly €1.375bn in revenue in 2025 with 90% coming from private label operations. Chairman and CEO Antonio Ferraioli said the acquisition strengthens production capacity in tomato products for industrial and foodservice channels while expanding the group's geographic footprint across northern and central Italy. The deal brings La Doria to 15 plants nationwide and creates cross-selling opportunities in foodservice markets.

This consolidation reflects growing private equity activity in Italy's food processing sector, where firms are building scale through strategic bolt-on acquisitions to serve premium industrial clients and expand international distribution networks.