IL FORNAIO DEL CASALE
Acquired by
AKSIA
IL FORNAIO DEL CASALE acquired by AKSIA
Target
IL FORNAIO DEL CASALE
Acquirer
AKSIA
Context
Aksia Group has signed a binding agreement to acquire a majority stake in Fornaio del Casale from Riello Investimenti SGR and the founding family. Both Riello Investimenti (which acquired its stake in 2023) and the family will reinvest to retain minority stakes. The acquisition aims to support an aggressive "buy-and-build" strategy to create a leading group in the sweet and savory snack market.
IL FORNAIO DEL CASALE, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a level LOGIN the 10.1x average currently observed in the AgriFood sector.
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Target
Founded in 1969 and based in Casale sul Sile (Treviso), Fornaio del Casale is a leading Italian producer of ambient bakery products. The company operates under the proprietary brands Gecchele and Antico Casale, offering over 450 SKUs across four main categories: cakes, pastries, daily bakery items, and seasonal carnival specialties (frittelle, crostoli). It operates a 12,500 sqm facility with eight production lines and distributes primarily through large-scale retail chains (GDO) and discount stores in Italy, with a growing export presence in Germany, France, and Japan.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with IL FORNAIO DEL CASALE
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 06/2023 | RIELLO INVESTIMENTI PARTNERS | IL FORNAIO DEL CASALE | ITALY | Bakery / Pastry | Riello Investimenti Partners SGR has acquired a 75% majority stake in Il Fornaio del Casale S.p.A. The founding family retains a 25% minority stake and remains involved in the management. This is the seventh acquisition for the "Italian Strategy Private Equity" fund. The strategic rationale is to support the company's growth by expanding domestic distribution and, crucially, accelerating internationalization (exports). The deal structure leverages the target's strong brand positioning to enter new markets. |
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