BC Partners preps Forno d'Asolo for upcoming sale

The sponsor has begun an internal valuation, the sources said, adding that an advisory beauty contest is expected to take place in the coming months.

Italian frozen baked goods company Forno d’Asolo has already been attracting investor interest due to the positive momentum of its reference market, the sources noted.

The interest comes as Carlyle prepares to kick off an auction of Irca, an Italian producer of chocolate, pastry, ice cream and baking products, in March. Last year, Dolciaria Acquaviva, another Italian supplier of frozen baked goods, backed by Ergon Capital Partners, took over domestic competitors Dolce Milano and Unigel.

BC Partners acquired Forno d'Asolo from 21 Invest in June 2018, and the company has been pursuing a buy-and build strategy since then, all the sources said. It turned over EUR 300m in 2021, compared to EUR 109.4m in 2017, they said.

Forno d’Asolo’s completed its most recent acquisition last month, of French pastry maker Gelpat Tradition, to reinforce its position in the French market and continue its expansion in Europe and the US. In 2019, Forno d'Asolo acquired Italian commercial pastry producer Lizzi for around EUR 50m.

Established in 1985, Forno d’Asolo produces and distributes frozen baked goods including croissants, pizza and snacks, to a customer base of cafés, bakeries, bars and hotels.

BC Partners and Forno d'Asolo declined to comment.

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