At what enterprise value was FORNO D’ASOLO acquired in 2024?

During the acquisition of FORNO D’ASOLO by INVESTINDUSTRIAL / SAMMONTANA in 2024, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the AgriFood industry currently tracks an average EBITDA multiple of 10.2x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of FORNO D’ASOLO when it was acquired by INVESTINDUSTRIAL / SAMMONTANA?

The estimated EV/EBITDA multiple for FORNO D’ASOLO is in the range of 10x - 18x. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.2x. Join our community for free to access full valuation data and industry trends.

What was the revenue of FORNO D’ASOLO at the time of the deal?

The revenue of FORNO D’ASOLO at the time of the deal is estimated to be in the range of 450M - 900M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of FORNO D’ASOLO during the acquisition?

FORNO D’ASOLO's EBITDA is estimated to be in the range of 50M - 100M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the FORNO D’ASOLO acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the FORNO D’ASOLO deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.bcpartners.com/news/bc-partners-to-sell-forno-dasolo-group/

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Home Database AgriFoodFORNO D’ASOLO

02/2024

FORNO D’ASOLO acquired by INVESTINDUSTRIAL & SAMMONTANA

ITALY Food Processing / Food Products / Bakery / Pastry EV 1b - 4b EUR

Context

The transaction marks the exit of private equity firm BC Partners from Forno d'Asolo Group, following a successful ownership period that began in 2018. The new owners are a consortium composed of European private equity firm Investindustrial and Italian food manufacturer Sammontana. Under BC Partners' stewardship, Forno d'Asolo underwent a significant transformation from a strong domestic company into a global leader in the frozen bakery and patisserie sector. The value creation strategy focused on several key pillars: unlocking major commercial and operational efficiencies, completing the product portfolio, diversifying sales channels, and executing a targeted international expansion into new markets including the United States, Germany, and France. A critical component of this growth was a buy-and-build strategy, which included four strategic add-on acquisitions sourced from local Italian entrepreneurs. The most transformational of these was the purchase of Bindi, a historic patisserie brand. This comprehensive strategy, combined with the professionalization of the management team, resulted in substantial organic and inorganic growth, strongly positioning the company for its next chapter under new ownership. The acquisition provides a platform for continued expansion, leveraging the company's market leadership and consolidation potential in key global markets.

In the past, the company had already been the subject of several LBOs, notably led by 21 Invest in 2014 and Bc Partners in 2018. These multiple LBO cycles illustrate the strong appeal for this type of asset.

FORNO D’ASOLO, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the AgriFood sector (10.2x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in AgriFood market trends

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.

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Other operations with FORNO D’ASOLO

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
06/2018	BC PARTNERS	FORNO D’ASOLO	ITALY	Food Processing	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
04/2014	21 INVEST	FORNO D’ASOLO	ITALY	Food Processing	21 Invest acquired a majority stake in Forno d’Asolo, a leading family-owned Italian company in the frozen bakery market. The transaction was driven by the founders' need to address a generational transition and professionalize the company's management structure to unlock its next phase of growth

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 450M - 900M EUR

EBITDA range: 50M - 100M EUR

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 INVESTINDUSTRIAL / SAMMONTANA are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: forno d’asolo

Acquirer: investindustrial / sammontana