BC Partners buys Forno d'Asolo in SBO

Alessia Argentieri
13 June 2018

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BC Partners has acquired Forno d'Asolo, an Italian producer of frozen bakery goods, from 21 Partners and several co-investors.

[Editor's note: BC Partners is the majority owner of Acuris, the parent company of Unquote].

A source familiar with the situation told Unquote that the deal was valued at around €275m.

The company's management team, led by CEO Alessandro Angelon, reinvested in the business alongside the GP and retained a small minority stake (less than 5%).

The source told Unquote that BC Partners deployed capital from its BC European Capital X fund, which held a final close in January on its €7bn target after two years on the road.

The acquisition ends a three-month auction process conducted by Rothschild and Mediobanca, which saw numerous expressions of interest by several international investors. According to press reports, the bidders included PE firms Charterhouse, Triton Partners, HIG Capital and Towerbrook Capital, as well as industrial groups such as Spanish Europastry, French Delifrance and Belgian Vandemoortele.

The company will use the fresh capital to support its growth plans by expanding its product offering and further consolidating its market position through strategic acquisitions.

The sale ends a four-year holding period for 21 Investimenti, the Italian branch of private equity firm 21 Partners, which bought a 56% stake in Forno d'Asolo in 2014 via its 21 Investimenti II vehicle. The GP backed the company alongside several co-investors: Finint & Partners, which deployed capital from its NEIP III fund; Quadrivio, an Italian GP recently bought by Green Arrow Capital; and the company's founders, the Gallina family, which retained a minority holding in the business. Banca Monte dei Paschi di Siena, Banca Popolare di Milano Scarl, BPER Banca and Crédit Agricole FriulAdria provided debt financing to support the transaction.

Under 21 Investimenti's management, Forno d'Asolo increased its revenues from €74m in 2013 to €121m in 2017, and expects €133m in 2018. The company's EBITDA grew from €12.8m in 2013 to €20m in 2017 and expects to reach €25m in 2018.

The GP supported the company's growth via a buy-and-build strategy, which included the acquisition of La Donatella in 2016, and the establishment of a subsidiary in the US and a branch in Germany to reinforce its international presence. Subsequently, the company's exports increased from 3% in 2014 to 8% in 2018.

Company
Founded in 1985 and headquartered in Treviso, Forno d'Asolo specialises in producing and distributing frozen bakery goods, including croissants, pizza and savoury snacks. The company has around 36,000 clients, mainly cafes, bakeries, bars and hotels based in Italy, and employs 271 staff. Forno d'Asolo generated revenues of around €121m in 2017 and expects to reach a turnover of €133m and EBITDA of €25m in 2018.

People
BC Partners – Stefano Ferraresi (senior partner).
21 Partners – Alessandro Benetton (founding managing partner).
Forno d'Asolo – Alessandro Angelon (CEO).

Advisers
Acquirer – Intesa Sanpaolo (corporate finance); Latham & Watkins (legal); KPMG (corporate finance); Facchini Rossi & Soci (tax).
Vendors – Rothschild (legal); Mediobanca (legal); Hogan Lovells (legal); KPMG (corporate finance); KStudio (tax); BCG (commercial due diligence).