Information on the target
HOFI (Holding Funeraria Italiana) spa, an Italian group specializing in funeral services, has acquired a 60% stake in Dueci srl, a company focused on cemetery and cremation services for companion animals. The seller, Areanova srl, retains a 40% minority stake in the company. Following the acquisition, Dueci will operate under the brand name Il Fido Custode, marking HOFI's entry into a new market segment distinct from traditional funeral services. This transaction represents an industrial partnership with Areanova, which will continue to support HOFI in the development of this initiative.
The acquisition value has not been disclosed, nor have the enterprise value and financial structure of the investment been made public. HOFI was advised by LCA Studio Legale for legal matters and by Studio Sampietro for tax and labor law aspects. The financial due diligence was conducted by HOFI's internal team. This acquisition opens a new growth avenue for HOFI, coming shortly after a €200 million debt refinancing completed in March 2026, aimed at supporting future growth phases, including acquisitions.
Industry overview in the target’s specific country
The Veterinary Services industry in Italy has been experiencing significant growth, driven by an increasing pet ownership rate and a growing awareness of animal welfare. With over 50 million pets in the country, more than half of Italian households own at least one companion animal. This demographic shift has led to a rising demand for specialized services, including veterinary care, grooming, and end-of-life services such as cremation and burial.
In recent years, the Italian Veterinary Services market has seen a trend towards consolidation, with larger players acquiring smaller, local firms to expand their service offerings and geographic reach. This trend is particularly evident in the funeral services for pets, where traditional funeral homes are beginning to diversify their services to include pet cremation and memorialization, reflecting a broader societal shift towards recognizing the emotional bond between pets and their owners.
Moreover, the regulatory environment in Italy has evolved to support the growth of the Veterinary Services sector. Increased regulations surrounding animal welfare and the management of pet remains have created opportunities for companies that can provide compliant and compassionate services. As a result, the market is characterized by a mix of established players and new entrants, all vying for a share of this expanding segment.
The fragmentation of the market presents both challenges and opportunities. While many local operators dominate the landscape, there is significant potential for growth through consolidation and the introduction of stand…