BC Partners, a London-based private equity firm with over $40bn in AUM, has agreed to sell Forno d’Asolo Group, an Italian manufacturer and distributor of frozen bakery products valued at €1.1bn ($1.2bn), to a Investindustrial, a European mid-market private equity firm, and Sammontana, an ice cream manufacturer.
BC Partners first invested in Forno d’Asolo in 2018. According to a press release, the firm’s ownership saw the transformation of 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 international expansion into the US, German and French markets.
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Within two years of the initial investment, BC Partners finalised four strategic add-on acquisitions including that of Milan-based Bindi, a stalwart of the Italian patisserie market, from the founding family.
Forno d’Asolo generated approximately €500m in sales and more than €85m of EBITDA in 2023, having almost quadrupled in size since BC Partners’s original investment.
BC Partners has invested in Italy for nearly 40 years. The firm’s current portfolio includes Fedrigoni, a global producer of self-adhesive labels and fibre-based packaging products, and Cigierre, a developer and operator of casual dining outlets. Past investments in Italy include IMA Industria Macchine Automatiche, a designer and manufacturer of automatic packaging machines that was divested to US merchant bank BDT & MSD Partners, and Galbani, a cheese producer.
The firm has been focused on investor returns as of late. Last year, BC Partners sold a minority stake in PetSmart to Apollo Global Management.
Rothschild and UniCredit acted as financial advisors and Latham & Watkins acted as legal advisor for the transaction.
source: Private Equity Wire
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