Italian private equity fund, Fondo Agroalimentaire Italiano (FAI), announced Monday it has acquired a stake in Urbis Food, a supplier of seafood to Italian distributors and retailers, for an undisclosed amount.

The fund, which is owned by French agri-food investor Unigrains through its Italian arm, said it would implement "an ambitious growth plan" based on nationwide expansion, strengthening the GiorgioMare brand, and doubling sales over the coming five years.

Founded in 2016 by Giorgio Longhi, Urbis Food, had sales of more than €30 million ($32.3