06/2018100%LBO

Forno D’asolo acquired by BC Partners

ITALY Food Processing / Food Products / Bakery / Pastry EV €300–700M

Context

BC Partners has agreed to acquire Forno d'Asolo, a leading Italian producer of frozen bakery products, from the private equity firm 21 Partners and its co-investors. The transaction also includes a significant reinvestment from the company's existing management team, led by CEO Alessandro Angelon, who will partner with BC Partners to drive the next phase of growth. The strategic rationale for the acquisition is centered on capitalizing on Forno d'Asolo's strong market position and accelerating its expansion trajectory. BC Partners was attracted to the company's consistent growth, its reputation for quality Italian products, and its extensive distribution network covering the fragmented Italian food service market. The new ownership structure aims to provide the necessary financial and strategic resources to pursue an ambitious growth plan. This plan involves both organic initiatives, such as expanding the product portfolio, and inorganic growth through a targeted buy-and-build strategy to further consolidate the market. By leveraging its sector expertise and international network, BC Partners intends to support Forno d'Asolo's management in transforming the company from a national champion into a more significant international player, building upon the foundation established under its previous ownership.

In the past, Forno D’asolo was acquired by 21 Invest in 2014 as part of its expansion strategy.

Forno D’asolo, which reported an EBITDA margin of [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

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Target

Forno d'Asolo Group is a prominent Italian manufacturer and distributor specializing in frozen bakery and patisserie products. The company operates as a key player in its domestic market and has established a significant international presence, serving markets in the United States, Germany, and France. Its comprehensive product portfolio covers a wide range of high-quality bakery items, positioning it as an ambassador for Italian artisanship on a global scale. The Group's business model is supported by a unique and efficient distribution platform and diversified sales channels, enabling it to reach a broad and loyal customer base. A core part of its product offering includes traditional Italian patisserie, significantly strengthened by the integration of iconic brands such as Bindi, a Milan-based company with a rich history spanning over 80 years. Forno d’Asolo is recognized for its operational excellence and its ability to deliver authentic, premium frozen baked goods to both food service and retail clients internationally, maintaining a strong reputation for quality and innovation in the sector.

Ent. Value

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2018

2017

Other operations with Forno D’asolo

Other operations with Forno D’asolo
Date	Acquirer	Target	Country	Sector
02/2024	INVESTINDUSTRIAL / SAMMONTANA	FORNO D’ASOLO	ITALY	Bakery / Pastry
04/2014	21 INVEST	FORNO D’ASOLO	ITALY	Bakery / Pastry

Other operations with BC Partners

Other operations with BC Partners
Date	Acquirer	Target	Country	Sector
07/2019	BC PARTNERS	SYNTHON INTERNATIONAL	NETHERLANDS	Generics / Labs
07/2018	BC PARTNERS	NAVEX	UNITED STATES	ERP, HR & Finance
10/2017	BC PARTNERS	CERAMTEC	GERMANY	Glass & Ceramics
05/2017	BC PARTNERS	DENTALPRO	ITALY	Dental Centers
07/2016	BC PARTNERS / PSP INVESTMENTS	KETER	ISRAEL	Home & DIY
11/2015	BC PARTNERS	CIGIERRE	ITALY	Restaurants / Chains
07/2015	BC PARTNERS	CÔTE RESTAURANTS	UNITED KINGDOM	Restaurants / Chains
06/2015	BC PARTNERS	PHARMATHEN	GREECE	CDMO
12/2014	BC PARTNERS / CDPQ - CAISSE DE DEPOT ET PLACEMENT DU QUEBEC	PETSMART	UNITED STATES	Pet Care
06/2013	BC PARTNERS	ANTELLIQ	FRANCE	Animal Health

Similar deals in Food Processing

Similar deals in Food Processing
Date	Acquirer	Target	Country	Sector
09/2018	MBO+ / AMUNDI PRIVATE EQUITY	ARCADO	FRANCE	Meat & Cured Meat
07/2018	MANAGEMENT & PRIVATE INVESTORS	BETJEMAN & BARTON	FRANCE	Coffee & Tea
05/2018	IK PARTNERS	MADEMOISELLE DESSERTS	FRANCE	Bakery / Pastry
04/2018	CINVEN	PARTNER IN PET FOOD (PPF)	HUNGARY	Petfood
04/2018	GENERAL MILLS	BLUE BUFFALO PET PRODUCTS	UNITED STATES	Petfood
11/2017	CASA OPTIMA	MODECOR ITALIANA	ITALY	Ingredients
11/2017	SÜDZUCKER	RICHELIEU FOODS	UNITED STATES	Food Products
10/2017	PAI PARTNERS	REFRESCO	NETHERLANDS	Beverages
10/2017	NEXT WORLD EVERGREEN	ORIENTIS GOURMET	FRANCE	Coffee & Tea
10/2017	EGERIA	EUROPEAN BAKERY GROUP	NETHERLANDS	Bakery / Pastry

REFERENCES

Valuation range: EV €300–700M

Revenue range: €100–200M

EBITDA range: €10–30M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Forno D’asolo by BC Partners are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: forno d’asolo

FAQ

What transaction does this page cover?

This page covers BC Partners’s acquisition of 100% of Forno D’asolo, an Italian company specialised in Food Products, in 2018, structured as a leveraged buyout (LBO). This followed a prior holding cycle initiated by 21 Invest in April 2014, before ownership was subsequently transferred to Investindustrial / Sammontana in February 2024 (see dedicated deal pages for details).

How was the acquisition of Forno D’asolo by BC Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Forno D’asolo’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Forno D’asolo generated annual revenue estimated in the €100–200M range and EBITDA in the €10–30M bracket (FY 2018). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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