BC Partners exits Forno d’Asolo for €1.1bn

May 2024 | DEALFRONT | PRIVATE EQUITY & VENTURE CAPITAL

Financier Worldwide Magazine

May 2024 Issue

British investment firm BC Partners has announced it is to exit Italian baked goods chain Forno d’Asolo Group after agreeing to sell the company to a consortium backed by Investindustrial and the Bagnoli family owned Sammontana, the first Italian gelato company, for around €1.1bn.

BC Partners invested in Forno d’Asolo in 2018, and during the firm’s ownership, and in partnership with the group’s management team, transformed the business into a national champion in frozen bakery and patisserie products. BC Partners also oversaw growth initiatives including the unlocking of significant commercial and operational enhancements, completion of Forno d’Asolo’s product offering, diversification of sales channels, and expansion into new international markets such as the US, Germany and France.

According to a statement announcing the deal, Forno d’Asolo generated approximately €500m in sales and more than €85m of earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2023, having almost quadrupled in size since BC Partners’ original investment.

“We are proud to have worked with CEO Alessandro Angelon and the rest of the Forno d’Asolo management team over the last five years,” said Stefano Ferraresi, a partner at BC Partners. “Together we have taken the company from strength to strength, transforming an Italian jewel into a unique global player and ambassador for Italian artisanship. Leveraging our experience of actively investing in Italy for almost four decades and our proven track record of successfully investing in the food sector, we have helped develop a leading international business that is strongly positioned for future growth.”

“On behalf of the Forno d’Asolo team, I would like to thank BC Partners for their support over the last five years,” said Alessandro Angelon, chief executive of FdA Group. “BC Partners are a highly reputable investor in the Italian market, given their deep expertise in the food sector and long track record of helping Italian businesses to grow and expand internationally. When I got to know their team in 2018, I immediately realised that they would be the ideal partner to help drive our company to new heights. BC Partners have been instrumental in creating a truly global industry player, and now we can look forward with confidence to continuing our strong growth journey with our new partners.”

“FdA Group is a perfect example of the investments BC Partners looks for in the Consumer space, thanks to the staple nature of its products, the deep loyalty of its customers, its market position and its unique distribution platform,” said Marco Castelli, head of consumer at BC Partners. “The Group enjoys tremendous consolidation potential in some of the largest frozen bakery markets globally and we are confident of its continued success.”

BC Partners acquired Forno d’Asolo in a deal that implied an enterprise value for the pastry company of around $353m in summer 2018. The group acquired the company from 21 Partners, the investment fund managed by Italian entrepreneur Alessandro Benetton, which acquired a majority stake in the business in 2014 with a view to supporting organic growth and international expansion. Since acquiring the business in 2018, BC Partners has helped Forno d’Asolo agree several strategic add-on deals. It also implemented strategic initiatives such as commercial and operational enhancements, plus product diversification. Today, Forno d’Asolo has a presence in approximately 40 countries around the world.

Established in 1986, BC Partners is a leading investment firm with more than €40bn of assets under management across private equity, private debt and real estate strategies. The firm’s key focus is spread across four key sectors: technology, media and telecommunications, healthcare, services and industrials, and consumer. Since its foundation, the firm has completed more than 127 private equity investments in companies with a total enterprise value of more than €160bn and is currently investing its 11th private equity buyout fund.

Richard Summerfield