MILAN, Feb. 5 (Class Editori) -- Sammontana and Investindustrial have acquired Bindi-Forno d'Asolo from the private equity firm BC Partners. According to a statement released by the two Companies, "the Bagnoli family, who founded Sammontana three generations ago, and Frozen Investments, an investment company of Investindustrial VIII, announced a partnership to merge Sammontana with Forno d'Asolo (FdA Group) to create a globally renowned producer of frozen pastry, dessert, and ice cream products." Specifically, the Bagnoli family, Investindustrial, and senior management will own 100% of the new Group; the Bagnoli family will retain operational control, while Investindustrial, a private equity firm with over 13 billion in funds raised, will lead international expansion.
A billion-euro giant
The result of the merger between Sammontana and Forno d'Asolo is a Group boasting an impressive 1-billion-euro turnover and production facilities located in Italy, the U.S., and France. In particular, in 2022, Sammontana achieved a turnover of 485 million euros and an EBITDA of 39.3 million. The following year, FdA generated approximately 500 million euros in turnover and over 85 million in EBITDA, nearly quadrupling its size since the entry of BC Partners in 2018.
After the transaction, Leonardo Bagnoli, CEO of Sammontana, will be appointed President of the new Group, while Alessandro Angelon, CEO of Forno d'Asolo, will be appointed CEO. Additionally, Marco Bagnoli will take on the role of President at Sammontana, whose product portfolio includes brands such as Sammontana ice cream and frozen pastry Tre Marie. Forno d'Asolo is a producer and distributor of frozen products, including sweet and savory bakery goods. The Company sells the Forno d’Asolo and Bindi brands to over 70,000 customers in 40 countries.
As for the advisors, Sammontana received assistance from Assietta Corporate Finance and Bird & Bird, while Investindustrial was advised by BonelliErede, Lombardi, and Paul, Weiss, Rifkind, Wharton & Garrison. On the other hand, BC Partners benefited from the collaboration of Rothschild, Unicredit, Latham & Watkins, and PwC, with Studio Facchini Rossi Michelutti serving as the tax advisor.
The new group aims at the U.S.
"We are delighted about the union of Sammontana and Forno d'Asolo and to have found a partner like Investindustrial with a shared industrial vision and a proven track record of successful investments in family businesses," Leonardo Bagnoli commented. "Both Sammontana and Forno d'Asolo are highly successful companies that have completed several add-ons in recent years, providing a solid platform through which the Bagnoli family and Investindustrial can pursue a buy-and-build strategy to further internationalize the Group, especially in the U.S. market," Andrea Bonomi, Chairman of the Industrial Advisory Board at Investindustrial, added.
"We are excited to collaborate with the Bagnoli family and Investindustrial. Together, we have identified the significant growth potential of the new Group, driven by the highly recognizable brands and products of Sammontana and Forno d'Asolo, as well as the opportunity for geographic expansion," Angelon explained. Stefano Ferraresi, a partner at BC Partners, remarked, "We have transformed an Italian gem into a global player and ambassador of Italian craftsmanship. We have contributed to the strong international development of the Company, enabling the Group to continue its growth trajectory."
(Source:Class Editori)
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