21 Partners exits Forno d’Asolo to BC Partners


21 Partners has sold Italian frozen bakery Forno d’Asolo to BC Partners after a four-year hold.

Forno d’Asolo produces and distributes frozen bakery products to its clients which are mainly cafés, bakeries, bars and hotels.

Financial terms have not been disclosed but Real Deals understands the deal gives the business an enterprise value of around €275m.

21 Partners picked up a majority stake in the business in 2014 with a view to supporting organic growth and international expansion.

Forno d’Asolo has increased revenues from €75m in 2013 to expected sales of over €130m this year. Its customer base has also grown, from over 20,000 to more than 36,000.

Under BC Partners’ hold the business will continue to expand its product offering and seek to consolidate the market further through add-ons.

21 Partners founding managing partner Alessandro Benetton said the firm was “pleased with the results achieved by Forno d’Asolo”, adding: “Together, we have created a national champion through working on the products’ quality, the brand, the distribution and on the company’s organisation. We have begun an international expansion process, which has already achieved significant results.”

BC Partners senior partner Stefano Ferraresi said: “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.”

BC Partners was advised by Intesa Sanpaolo, Latham & Watkins, KPMG, Facchini, Rossi & Soci and Molaro, Pezzetta, Romanelli, Del Fabbro. Rothschild, Mediobanca Hogan Lovells, KPMG, KStudio and BCG advised 21 Partners and management.

BC Partners’ acquisition of Forno d’Asolo is the latest in a string of deals focused around the bakery market. Recent activity includes Enterprise Investors’ acquisition of Croatia’s Pan-Pek, the BGF’s backing of the UK’s Coopland & Son, Ardian’s acquisition of Spanish bakery companies Berlys and Bellsolà, L Catterton’s minority stake deal in Nordic Capital-backed Lagkagehuset and Egeria’s acquisition of Dutch Bakery.