Livingstone acted as exclusive financial advisor to the Ascari family and Itago Private Equity (formerly Finint & Partners) in the sale of ABL S.r.l. (”ABL”), a leading Italian designer and manufacturer of fruit processing machinery, to Gulftech International, Inc. (”Gulftech”), a U.S.-based group specializing in engineered solutions for the food production industry. As part of the transaction, the Ascari family reinvested in Gulftech with a minority stake.
Based in Cavezzo (Modena) and founded over 40 years ago, ABL has established itself as a global reference in fresh-cut fruit processing machinery, ranking fourth worldwide by market share. The company is known for its engineering expertise and innovation in tailored solutions for the food industry.
Since 2015, ABL had been backed by Finint & Partners (now Itago), a private equity investor that supported the company’s growth and helped strengthen its industrial positioning. The Ascari family, founders of ABL, retained the majority stake and continued to lead the business.
Gulftech, headquartered in the United States, is a global leader in food processing technologies, with a portfolio of operating companies providing equipment and services to food producers worldwide. The acquisition is part of Gulftech’s international expansion strategy through targeted M&A.
The transaction marks a significant step in ABL’s evolution—enabling the transition to the next generation, the exit of the financial investor, and the company’s entry into an international platform committed to long-term industrial development.
“This cross-border transaction reinforces our ability to connect high-quality industrial businesses with global strategic investors,” said Luca Maccagnani Castelli, Managing Partner at Livingstone. “Gulftech’s acquisition provides ABL with the industrial and commercial scale to expand globally while preserving its legacy of engineering excellence.”
Daniela Ascari – ABL shareholder – commented: “The transaction marks the culmination of a journey that began a few years ago when Itago became a shareholder, aimed at giving ABL a more ’industrial’ profile. This operation will bring significant benefits to both parties.”
This transaction further strengthens Livingstone’s track record in the Food Processing sector and confirms its capability in advising entrepreneurial families and private equity investors on complex and transformational deals.
