BF International Best Fields Best Food (BF International), part of Italian agro-industrial group BF, has agreed to take control of Diagram in a EUR 448 million transaction. The move turns BF from strategic minority shareholder into majority owner of one of Italy’s scaled agritech software and services platforms.
BF already owned 15% of Diagram and agreed to acquire Trilantic Europe’s 41.6% stake plus an additional 0.67% from CDP Equity, taking BF to 57.27% initially. BF will pay around EUR 221 million for Trilantic’s holding and EUR 3.7 million for the 0.67% from CDP Equity, according to deal reporting.
The remaining 40.9% held by CDP Equity is covered by put and call options that provide a path to a phased exit that can extend through 2029. Terms beyond the initial stake purchase were not fully disclosed.
Strategic lens: integrating “hard” agriculture with “soft” infrastructure
The stated rationale is explicit: BF wants to strengthen its technology, agritech and commercial platform by integrating agricultural operations with digital tools and services. For a group with large primary production and supply-chain exposure, control of the software layer can shift value capture from commodity-linked margins toward data-enabled services and decision support.
Diagram’s footprint underlines why BF is prioritising control rather than a passive stake. The company operates in more than 20 countries, monitors over 50 million hectares and supports management of more than EUR 20 billion in agricultural subsidies. That scale matters in agritech because distribution, data breadth and compliance workflows can be hard to replicate.
Diagram provides farm-management software, digital platforms, sensor systems and services to a wide client set that includes farmers, food processors, consortia, financial institutions and public bodies. For BF, the strategic prize is not just product capability but also an established channel into institutions and regulated processes, particularly around subsidy administration and reporting.
Operating base: meaningful profitability, but integration is the work
Diagram reported 2025 consolidated revenue of EUR 96.8 million and EBITDA of EUR 33.4 million. The margin profile implies a platform with a sizeable services and software component, where recurring revenues, renewals and long-term public-sector or institutional relationships can support cash generation.
However, BF’s value creation will be determined by execution, not ownership structure.
Key integration questions include:
- Product and platform cohesion. Diagram was formed through the integration of IBF Servizi and Agronica and later expanded through acquisitions including Abaco, Agriconsulting and Netsens. BF will need to ensure the product suite is coherent for customers and that roadmap priorities are aligned with BF’s operating needs without undermining third-party clients.
- Go-to-market overlap and neutrality. If Diagram sells to multiple parts of the ecosystem, BF must manage perceptions that the platform becomes “captive” to BF’s own agricultural operations. Maintaining neutrality can be essential to retaining food-chain partners, financial institutions and public bodies.
- Data governance and compliance. Managing subsidy-related workflows at scale raises expectations on data security, auditability and uptime. Any changes to systems, hosting or processes post-acquisition will need careful governance.
- Leadership bandwidth. The deal thesis depends on integrating digital tools into real-world agricultural operations. That requires operational change management, not just software development.
Structure: a staged route to full ownership
The put-and-call framework with CDP Equity creates a runway for BF to move from initial control to potential full ownership over time. That can reduce near-term financing pressure while giving BF room to prove the integration plan and operating model.
It also means Diagram will operate for several years with a minority institutional shareholder still on the cap table, which can influence governance, investment pacing and the timing of major strategic moves.
What to watch next
- How BF positions Diagram’s platform for third-party customers alongside BF’s own operational use cases.
- Any disclosures on the put-and-call mechanics with CDP Equity, including valuation formulas and trigger dates through 2029.
- Changes to Diagram’s leadership team, product roadmap and integration milestones post-closing.
- Evidence of cross-selling or commercial acceleration as BF links digital services to its broader agro-industrial footprint.
- Further bolt-on acquisitions by Diagram to deepen capabilities in sensors, compliance and farm-management workflows.