Here’s what you need to know
Funds advised by BC Partners, a leading international investment firm, have reached an agreement to acquire Forno d’Asolo, a leading Italian producer and distributor of frozen bakery products, from 21 Partners and co-investors. The management team, led by Alessandro Angelon, will also invest in the Company alongside BC Partners. Financial terms of the transaction are not being disclosed.
Founded in 1985, Forno d’Asolo is one of Italy’s leading producers and distributors of frozen bakery products. The Company offers a variety of sweet and savoury baked products, including croissants, pizza and savoury snacks, and serves a fragmented customer base of over 36,000 clients, mainly represented by cafés, bakeries, bars and hotels. Forno d’Asolo is differentiated by its broad range of high quality products and a unique distribution network of direct agents. It has enjoyed strong and consistent top-line growth, with CAGR of 17% over the last four years, generating expected revenues of over €130 million in 2018.
BC Partners will support the management team in its ambitious growth plans for the Company, which include continuing to expand the product offering and seeking to further consolidate the market through strategic acquisitions.
Stefano Ferraresi, Senior Partner at BC Partners, commented:
“Forno d’Asolo is a fast-growing company operating in the thriving Italian frozen bakery market. A clear example of Italian excellence, Forno d’Asolo has built its success on a continuous focus on quality and extensive coverage across Italian territories. We believe there are significant opportunities to continue to grow the business both organically and through acquisitions and our goal is to provide the Company with the financial and strategic support necessary for it to deliver on its exciting ambitions. We have been impressed by what Alessandro and his team have achieved over the last four years and look forward to partnering with them.”