Investindustrial has agreed to invest in PA Aromatics, an Italian developer and manufacturer of flavors and fragrances for food, beverage, confectionery, animal feed, pharmaceutical, cosmetics and personal care industries. The deal, signed by an independently managed investment subsidiary held by Investindustrial Growth III, remains subject to regulatory approval.

Founded in 1984 by the Montagna family and headquartered in Carbonara al Ticino, Italy, PA Aromatics operates four production plants – three in Italy and one in Brazil – and employs more than 100 people. The company serves multinational groups and Italian operators through a portfolio of over 8,000 products, supported by an R&D team of more than 30. Pinuccio Montagna and Riccardo Montagna will serve as chairman and chief executive officer, respectively, of the group’s board.

PA Aromatics generated approximately €50 million in revenue in 2025, growing organically and through acquisitions. The investment aims to accelerate growth in Italy and internationally, strengthening its managerial and manufacturing platform and supporting further M&A. “PA Aromatics stands out for its strong competitive position, high level of technical specialisation and its ability to capitalise on significant growth opportunities in the global flavours and fragrances market,” said Andrea Bonomi, chairman of Investindustrial’s industrial advisory board.

Advisers included Intesa Sanpaolo, Legance and Pedersoli Gattai for PA Aromatics; Vitale & Co. and Gatti Pavesi Bianchi Ludovici for Investindustrial.