Forno d’Asolo

Forno d’Asolo SpA (“FdA Group”) is a leading international manufacturer and distributor of frozen sweet and savoury pastries and patisserie, headquartered in Italy.

In 2018, BC Partners identified an opportunity to invest in FdA Group, recognising its loyal customer base, robust market position, and unique direct distribution platform. BC Partners was able to source and execute the investment in FdA by leveraging its deep-rooted experience in Italy – spanning nearly 40 years – and sector specialisation in the food sector, demonstrated by its successful investments in renowned brands like Galbani, Cigierre and Picard.

Following the acquisition in 2018, BC Partners worked alongside the FdA Group management team to help transform the business into an international champion in frozen bakery and patisserie products. This was achieved through organic and inorganic growth initiatives including:

• The unlocking of significant commercial and operational enhancements

• The expansion of FdA Group’s product offering into patisserie and savoury pastry, especially with the 4 add-ons and the transformational acquisition of Bindi

• The diversification of sales channels

• Growth into new international markets such as the U.S., Germany and France, including the acquisition of the French specialty manufacturer Gelpat Traditions

In partnership with BC Partners, the FdA Group grew rapidly. It quadrupled in size, expanded its product range, and reached almost €500 million in sales with c.€85 million in EBITDA in 2023. The customer base directly served grew almost 50% to 50,000, and the headcount grew approximately 7x, reaching 1,200 full-time employees. This growth was driven both organically and through strategic acquisitions, including the purchase of Milan-based Bindi, a prominent player in the Italian patisserie market, with BC Partners working closely alongside the management team to align and deliver on strategic goals.

In February 2024, BC Partners announced the sale of FdA Group to a consortium comprising Investindustrial and the Bagnoli family-owned Sammontana, a leading Italian frozen pastry and gelato manufacturer and distributor. The deal, valued at approximately €1.1 billion, marks a new chapter for FdA Group as it continues to build on its impressive legacy.