BC Partners, an alternative investment fund, has acquired Forno D'Asolo from 21 Investimenti, a European group founded and led by Alessandro Benetton.
Forno d'Asolo operates in the sector of frozen bakery and pastry products. In March 2014, 21 Investimenti acquired Forno d'Asolo "with the intention of enhancing its industrial heritage and the brand as excellence in "Made in Italy" bakery products, aiming for strong development in Italy and abroad". reads the company note. Three years after the acquisition, the size of the organization has more than doubled, going from 130 people to 280, the direct sales force has grown with over 100 new agents, the company's turnover has increased from 74 million euros recorded in 2013 to 133 expected in 2018, and an improvement was also recorded at Ebitda level (from 12,8 million in 2013 to almost 25 expected in 2018).
Furthermore, in 2016 Forno d'Asolo bought La Donatella, a company active in Italy in the production of frozen pastries, and set up a commercial subsidiary in the USA and a branch in Germany, to strengthen its international presence: the percentage of exports almost tripled in four years, going from 3% to 8%.
BC Partners was advised by Intesa Sanpaolo from a financial point of view and by Latham & Watkins from a legal point of view, KPMG acted as financial advisor, Facchini, Rossi & Soci dealt with tax matters. BC Partners was also assisted by Molaro, Pezzetta, Romanelli, Del Fabbro.
Rothschild and Mediobanca advised 21 Partners, supported by Hogan Lovells for the legal part, KPMG for the financial part, KStudio for the tax part and BCG for the commercial part.
Alessandro Benetton declared: “We are very satisfied with the results achieved by Forno d'Asolo, which emblematically represent the way 21 Investimenti operates. Special thanks go to the management team and all the collaborators. Together, we have created a national champion by working on product quality, branding, distribution and company organisation. And we have started an expansion process on international markets which has already yielded significant results. In BC Partners we have seen the ideal interlocutor to continue this growth plan because it shares our industrial approach, which creates well-being not only for investors but for all employees and the territory in which the company is based".
Stefano Ferraresi, Senior Partner of BC Partners, commented: “Forno d'Asolo is a company that is growing at a rapid pace, operating in a growing sector such as that of bakery and pastry products. A clear example of Italian excellence, Forno d'Asolo has built its success thanks to a continuous focus on quality and the ability to cover the Italian territory in a capillary way. We believe there are significant opportunities to grow Forno d'Asolo further, both organically and through acquisitions, and our goal is to equip the company with the financial tools and strategic support it needs to enable it to achieve its ambitious goals. We are happy that the team and in particular the CEO Alessandro Angelon have decided to invest with us, thus being able to continue the growth path undertaken with 21 Investimenti".
Forno d'Asolo was founded in 1985, today it is one of the main national operators in the sector of frozen bakery and pastry products, with an international vocation in full expansion. In March 2014, 21 Investimenti acquired Forno d'Asolo with the aim of enhancing its industrial heritage and brand as excellence in "Made in Italy" bakery products, aiming for strong development in Italy and abroad. And the results have been tangible: in the period of the investment of Gruppo 21, the size of the organization has more than doubled, passing from 130 people to 280, the direct sales force has grown with over 100 new agents, the company's turnover it went from the 74 million euros recorded in 2013 to the 133 expected in 2018, and a significant improvement was also recorded at the Ebitda level (from 12,8 million in 2013 to the almost 25 expected in 2018).
Due to the industrial approach that always characterizes the operations of 21 Investimenti, the development process of Forno d'Asolo has gone through the managerialization of the company, the improvement of the offer with maximum attention to the quality of the raw materials and a focus on innovation and research and development, in particular as regards internal production: the existing production lines have been improved and over 20 million have been invested in new flexible and efficient lines which will allow the company to pursue sustained growth objectives also in the coming years. Furthermore, in 2016, Forno d'Asolo acquired La Donatella, a leading company in Italy in the production of frozen pastries, and set up a commercial subsidiary in the USA and a branch in Germany, to strengthen its international presence: the percentage of exports has almost tripled in four years, going from 3% to 8%.
In 2017 Forno d'Asolo inaugurated in Maser a beautiful new headquarters of its Academy with which it accompanies managers and operators of the Horeca channel in a training course aimed at creating managers and entrepreneurs in the sector.
BC Partners was advised by Intesa Sanpaolo from a financial point of view and by Latham & Watkins from a legal point of view, KPMG acted as financial advisor, Facchini, Rossi & Soci dealt with tax matters. BC Partners was also assisted by Molaro, Pezzetta, Romanelli, Del Fabbro.
Rothschild and Mediobanca advised 21 Partners, supported by Hogan Lovells for the legal part, KPMG for the financial part, KStudio for the tax part and BCG for the commercial part.
