We are in the 1970s in Vicenza and in a small shop Luigi Morato has the intuition to industrialise the production process of soft bread, aiming at large-scale distribution. At the basis of Morato Pane's DNA there is quality and great care in the selection of raw materials to guarantee the freshness of each product offered to its consumers.

Today, the Group has 15 production sites and 56 production lines, all highly technological and automated. Thanks to continuous investments, result of a process of research and innovation in the production chain, the company offers to its consumers a quality product. Under the leadership of Stefano Maza, CEO of Morato Pane, the Group has started an international expansion process that, through more than 10 M&A operations, 3 of which abroad in the last 4 years, has allowed the company to grow not only in Italy but also to consolidate its position internationally.

"We have always grown by internal lines then, starting in 2018, we accelerated our growth by evaluating, in the core categories of our business, which companies could be good to build partnerships and develop" explains Morato Pane Group CEO. And indeed, if at the end of 2017 the turnover was around 52 million euro, thanks to the completed acquisitions, the consolidated turnover at the end of 2022 was around 300 million euro.

Future challenges

The foreign market represents the real challenge for Morato Pane which, thanks to the recent M&A operations, now weighs 45% of the company's total turnover, aiming to exceed the 50%. Precisely for this reason, in the coming months the company will continue to look abroad, searching for possible targets to acquire with the aim of further strengthening its presence at an European level, developing domestic markets and seizing the opportunity to open up to new territories and maps.

Morato Pane's expansion, therefore, has no longer boundaries, and the most wanted dream is the USA. "We would not mind evaluating an industrial presence, and therefore also a production presence, in North America. Today we already sell in those markets with a business model based on exports, but we are convinced that to make the leap, it is necessary to physically monitor the markets with local production and structures,' comments Stefano Maza.


Morato Pane's growth has taken place in the middle of the contingent complexities of the last few years. illimity has placed its trust in this company by supporting it in its various acquisitions, and thus, facilitating the expansion of the Morato Pane Group beyond national borders.

Keys to success:
Speed of execution and operational flexibility
Sharing of strategies and alignment of interests
Creation of a leading group into the reference market