BC Partners to bid adieu to Italian pastry maker FdA Group in €1.1bn deal

FdA Group is a global manufacturer and distributor of frozen bakery products.

  • BC Partners invested in FdA Group in 2018
  • Sammontana is a frozen pastries and gelato provider
  • BC Partners is an investment firm with over €40bn in assets

UPDATED. BC Partners has agreed to sell Forno d’Asolo Group (FdA Group), a global manufacturer and distributor of frozen bakery products, to a consortium backed by Investindustrial and the Bagnoli family.

The deal values FdA at about €1.1 billion, according to a source familiar with the matter.

FdA Group is based in Treviso, Italy. It generated around €500 million of sales and over €85 million of EBITDA in 2023.

BC Partners invested in FdA Group in 2018. Within two years of the initial investment, BC finalised four strategic add-on acquisitions, all bilaterally sourced from local Italian entrepreneurs, including the acquisition of Bindi. FdA Group almost quadrupled in size since BC’s original investment.

During the ownership, the firm oversaw growth initiatives such as unlocking commercial and operational enhancements, completion of FdA Group’s product offering, diversification of sales channels and expansion into new international markets such as the US, Germany and France, according to a release.

FdA Group withstood the challenges of covid-19 and demonstrated growth in the following years, both organically and via international M&A, the release said.

“FdA Group is a perfect example of the investments BC Partners looks for in the Consumer space, thanks to the staple nature of its products, the deep loyalty of its customers, its market position and its unique distribution platform,” said Marco Castelli, head of consumer at BC Partners. “The group enjoys tremendous consolidation potential in some of the largest frozen bakery markets globally and we are confident of its continued success.”

The Bagnoli family-owned Sammontana, Investindustrial-managed Frozen Investments and the senior management of the two companies, will combine Bagnoli-owned Sammontana with FdA Group to create an international manufacturer of frozen pastries, desserts and gelato.

The Bagnoli family, Investindustrial and the management team will own 100 percent of the new group. The combined group will have almost €1 billion in revenues with production facilities across Italy, the US and France, and over 2,500 employees.

“Both businesses have completed several add-on acquisitions in recent years, providing a strong platform for the Bagnoli family and Investindustrial to pursue a buy and build strategy to further internationalise the combined group, especially in the US market,” said Andrea C Bonomi, chairman of Investindustrial industrial advisory board.

Leonardo Bagnoli, CEO of Sammontana, will be appointed as chairman, while Alessandro Angelon, CEO of FdA Group, will become CEO of the combined businesses.

Empoli, Tuscany-based Sammontana is a frozen pastries and gelato provider.

Investindustrial is a European group of independently managed investment, holding and advisory companies with €13 billion of raised fund capital. It is based in London.

London-based BC Partners is an investment firm with over €40 billion in assets under management across private equity, private debt, and real estate strategies.

Frozen Investments is an independently managed investment company of
Investindustrial VIII.

Rothschild and UniCredit acted as financial advisors for the sale. Latham & Watkins acted as legal advisor. PwC provided accounting advice and Studio Facchini Rossi Michelutti provided tax advice.

Editor’s note: The story was updated to include the deal price.