21 Investimenti has signed an agreement for the sale of Forno d’Asolo, a leading Italian producer and distributor of frozen bakery products, to BC Partners, a leading international investment firm. Net cash proceeds of €M 116 are to be distributed to investors, following the €M 12 dividend distribution in 2017.
Acquired by 21 Investimenti in 2014, throughout the holding period Forno d’Asolo enjoyed strong growth in direct sales thanks to the expansion of its distribution network and the penetration of areas in Italy with limited coverage through the establishment of 10 new logistics platforms since entry.
Under 21’s leadership, the company:
- Established a new management team with the recruitment of the CEO (involved throughout the acquisition process), COO, CFO and HR Manager
- Acquired “La Donatella” in 2016, allowing to expand its product range to include frozen cakes as well as increase its international footprint.
- Increased depth and breadth of its product portfolio coupled with constant focus on innovation and quality
- Invested to improve production capacity, including the installment of new production lines
- Established the Forno d’Asolo Academy in order to better support client growth
On the back of these targeted actions, Forno d’Asolo today has over 36,000 clients, mainly represented by cafés, bakeries, bars and hotels, compared to 20,000 at entry.
The company has a CAGR of 17% over the last four years, and is expected to generate revenues of over €M 130 in 2018. The management team, led by CEO Alessandro Angelon, will also invest in the Company alongside BC Partners.
Alessandro Benetton, Founding Managing Partner of 21 Investimenti, commented: “We are very pleased with the results achieved by Forno d’Asolo, which represents in an emblematic way how 21 Investimenti operates. Our special thanks go to Forno d'Asolo’s management team and all the employees. Together, we have created a national champion through working on the products’ quality, the brand, the distribution and on the company’s organization. We have begun an international expansion process, which has already achieved significant results. We have identified in BC Partners the ideal interlocutor to pursue this growth plan, as it shares our industrial approach, which not only creates wealth for investors but also the employees and the territory in which the company is based”.
Stefano Ferraresi, Senior Partner at BC Partners, commented: “Forno d’Asolo is a fast-growing company operating in the thriving Italian frozen bakery market. A clear example of Italian excellence, Forno d’Asolo has built its success on a continuous focus on quality and extensive coverage across Italian territories. We believe there are significant opportunities to continue to grow the business both organically and through acquisitions and our goal is to provide the Company with the financial and strategic support necessary for it to deliver on its exciting ambitions. We have been impressed by what Alessandro and his team have achieved over the last four years and look forward to partnering with them.”
Alessandro Angelon, CEO of Forno d’Asolo, commented: “The support we have received over the past years has been vital for Forno d’Asolo’s success and I would like to thank 21 Investimenti. We are delighted that BC Partners has decided to back the Company and look forward to benefitting from its strong sector expertise as well as its local and international network. After four very successful years, we believe there is scope for further development as we continue to expand our offering and identify exciting acquisition opportunities. I am excited to be working with BC Partners on this new chapter of Forno d’Asolo’s journey.”
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