21 Investimenti has closed the acquisition of a majority stake in Forno d’Asolo, one of Italy’s leading operators in the frozen bakery industry. Founded in 1985 in the North East of Italy, Forno d’Asolo is a leading, family-owned and run business producing and distributing a wide range of sweet and savory frozen bakery products to over 20 thousand clients, mainly represented by bars, bakeries, cafés and hotels.

The company enjoys a unique positioning within the market, attributable to its directly owned distribution network and the high quality of its products. With 2013 revenues reaching close to €M 75, an Ebitda margin of roughly 18% and strong cash flow generation, Forno d’Asolo boasts a solid basis on which to pursue further expansion in a fast growing and fragmented market.

21 had a longstanding relationship with the two founders, who were facing the prospect of generational change and who were aware that a more managerial approach was necessary in order to drive the company’s future growth. 21 represented the ideal buyer considering its understanding of the business, track record in managing family transmissions and commitment to a strategic vision of reinforcing the company’s market position and expressing its potential for growth in selected foreign markets.

Alongside the newly appointed CEO, who boasts extensive international experience in the food and beverage sector, 21 will support the company’s growth acceleration, based on the following drivers:
• Organic growth: boost domestic sales and expand the current client base
• International expansion: particular focus on nearby German-speaking markets, through local sales networks.

Moreover, 21 will work towards improving company efficiency, with a focus on expanding the current distribution network, developing brand identity and reinforcing customer relations.Forno d’Asolo represents another example of “Made in Italy” excellence and a compelling opportunity for the active involvement of 21 in the company’s next stage of growth.