Ergon-backed Dolciaria Acquaviva acquires Milanopane

With this bolt-on, the company expects to complement and enlarge its product offering with the addition of savory snacks and pastries; further strengthen its market position with a new production hub based in northern Italy; and generate commercial and cost synergies.

In addition, the GP plans to make further acquisitions across the Italian market in the coming months, with the aim of building a platform in the baked goods sector.

Ergon bought a majority stake in Dolciaria Acquaviva in July 2019 from the company's founding family. CEO Pierluigi Acquaviva and managers Giuseppe and Marco Acquaviva stayed on with the business and reinvested alongside the GP, retaining a minority stake.

Ergon deployed capital from its Ergon Capital Partners IV Fund, which held a final close in March 2019 on €580m, surpassing its target of €500m. The vehicle deploys equity tickets in the €25-75m range.

Dolciaria Acquaviva specialises in the production of frozen baked goods, primarily croissants and pastries. The company employs 100 staff, serves around 20,000 clients in the Italian market, and sells its products through a network of distributors and eight directly operated commercial platforms. It generated EBITDA of around €15m from revenues of €60m in 2018.

Company
Established in 1987 and based in Buccinasco, near Milan, Milanopane produces puff pastry, savory snacks and frozen baked goods. The company generates revenues of approximately €6m and employs 40 staff. 

People
Dolciaria Acquaviva – Pierluigi Acquaviva (CEO).
Ergon Capital Partners – Emanuele Lembo (managing partner).

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