Forno d'Asolo

Established in 1985 and headquartered in Treviso, Italy, Forno d’Asolo (FdA) is a leading international manufacturer and distributor of frozen artisanal bakery products.

Sector: Food
Strategy: Private Equity
Investment year: 2018
Exit year: 2024
Region: Europe
Investment status: Realised

The story

BC Partners invested in FdA Group in 2018, acquiring the company from 21 Investimenti. Alongside a successful history of investment in the food sector, BC Partners leveraged four decades of active investment experience in Italy to successfully position itself as the partner of choice, including a proven track record of working with families and founders and a reputation for delivering international growth strategies.

At the time of investment, FdA was delivering €130 million of annual revenue, with an EBITDA of €24 million, but the company’s loyal customer base, robust market position, and unique direct distribution platform offered significant growth potential.

€130m

Annual revenue

€24m

EBITDA

The BC angle

Sector expertise

Extensive experience in European Food sector

Local insights

Reputation and network in Italy facilitating early access and engagement

Partner of choice

Relationship with CEO built on BC’s track record

Defensive growth

A ‘BC Company’ in a Resilient, Growing and Fragmented Market with significant growth optionality

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Our investment thesis

Industry benefiting from long-term growth tailwinds: FdA operates in a sector driven by increasing out-of-home consumption, there is an enduring popularity of bakery and pâtisserie as “affordable luxuries,” increasing penetration of frozen food solutions, and strong global demand for premium, “Made in Italy” products.
Market leader: FdA stands out as the only player of scale with a direct distribution model catering to a fragmented customer base of 30,000+ clients. In addition, its diversified product portfolio is both cost-efficient and critical to customers, which support strong pricing power.
Potential for consolidation: FdA is well-positioned to grow through acquisitions, adding new products and expanding into both domestic and international markets. It also has strong opportunities in complementary verticals such as pâtisserie and savoury pastries.
Sustainability and innovation leadership: The firm’s strong R&D capabilities enable it to meet the growing demand for healthier, more sustainable products, including free-from, vegan, and better-for-you options, aligning with evolving consumer preferences.

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Building a better business

Following the acquisition, BC Partners worked closely with the FdA Group management team, transforming the business into an international champion in frozen bakery and pâtisserie products – a position which it retains to this day.
This was achieved through several organic and inorganic growth initiatives that included:

The unlocking of significant commercial and operational enhancements and the diversification of sales channels
The expansion of FdA Group’s product offering into patisserie and savoury pastry, including four strategic add-on acquisitions and the transformational acquisition of Pasticceria Bindi (c. €20m EBITDA at acquisition), the leading Italian producer of frozen desserts
Growth into new international markets such as the U.S., Germany and France, including the acquisition of the French specialty manufacturer Gelpat Tradition.

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Our results together

During BC Partners’ five-and-a-half-year partnership with the FdA Group, the company successfully navigated the challenges of the COVID-19 pandemic. Despite initial challenges in 2018, FdA Group went on to recover and quadruple in size, expand its product range and reach almost €500 million in sales with c€85 million EBITDA in 2023.

Additionally, FdA’s customer base grew almost 50%, and its headcount grew approximately 7x, reaching 1,200 full-time employees.

In February 2024, BC Partners announced the sale of FdA Group to a consortium comprising the Bagnoli family-owned Sammontana, a leading Italian frozen pastry and gelato manufacturer and distributor, and Investindustrial. The deal marks a new chapter for FdA Group as it continues to build on its impressive legacy.