AMBIENTA takes majority stake in GFF

Ambienta took control of GFF, the Italian natural flavours producer based near Florence, in a transaction announced on 24 June 2026 and made through Ambienta Small Cap, the third investment of that fund. Founder and chief executive Enrico Giotti and the company’s key managers reinvested alongside the fund and continued to run the business. At the time of the deal, GFF served more than 250 small and medium-sized food and beverage producers, operated a 5,000 square metre integrated production site and earned around 20% of its revenue outside Italy, after several years of double-digit organic growth. Enrico Giotti and his team had set up the company in 2022, having previously built Enrico Giotti SpA into one of Italy’s independent flavour houses. Ambienta classified the investment as a pollution control case under its environmental impact framework, on the basis that natural flavourings replace synthetic molecules in food manufacturing. Its plan rested on expanding into new countries, developing new business segments, improving operations and making bolt-on acquisitions in a highly fragmented European flavours market. Ethica Group advised GFF on the transaction through its M&A advisory team.