Fondo Agroalimentare invests in Orienta-backed Bassini

Fondo Agroalimentare Italiano I acquired a minority stake in the company via a capital increase.

In addition, Fratelli Bassini completed a bolt-on by acquiring frozen baked goods specialist Glaxi Pane from the company's founders, Silvio Galante, Annamaria Stocco, Andrea Stocco and Adriano Schiavo, who reinvested in the new group and retained a minority stake.

Unquote understands that the deal was financed with capital deployed by Fratelli Bassini holding company Romagnapan, as well as a senior loan provided by Mediocredito Italiano. A newco called Glassini was created to structure the deal.

Orienta told Unquote that following the acquisition of Glaxi Pane, which generated 19% EBITDA from revenues of €10m in 2018, Bassini expects to reach EBITDA of €5m and revenues of €27m in 2019. In addition, the GP plans to pursue a buy-and-build strategy aimed at creating a hub in the frozen baked goods industry.

Bassini was acquired in March 2018 by an Orienta-led investor syndicate that included six other co-investors, while French firm Indigo Capital provided a mezzanine credit facility. 

Company
Founded in 1963 and based in Forlì, Fratelli Bassini specialises in producing pre-cooked and frozen oven-baked goods for large-scale retail. The company employs 50 people and in 2018 generated an EBITDA of €3.6m from revenues of €11m. Combined with Glaxi Pane, the group has revenues of €21m; it expects to generate EBITDA of €5m and turnover of €27m in 2019.

People
Orienta Partners – Augusto Balestra, Fabio Fabbri, Giancarlo Galeone, Mario Gardini, Sergio Serra (partners).

Advisers
Acquirer – Gitti & Partners (legal); Grant Thornton (corporate finance).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Italy
• Buy-and-build
• Build-up