Italian private equity investor Aksìa is set to acquire a majority stake in bakery products producer Fornaio del Casale.
Although financial terms remain undisclosed, the transaction is pending necessary regulatory approvals.
Aksìa is purchasing the stake from Riello Investimenti SGR and the founding Gecchele family.
Riello Investimenti SGR has held a majority stake since July 2023, in conjunction with the Gecchele family. Both parties will be reinvesting and maintaining a minority stake in the company.
Aksìa’s involvement will bolster Fornaio del Casale’s ambition to execute a “buy-and-build strategy aimed at establishing a leading group in the sweet and savory snack market,” as stated in their joint announcement.
Nicola Riello, chairman of Riello Investimenti SGR, asserts that Fornaio del Casale is “ready for a second phase of development focused on acquisitions and international expansion.”
Established in 1969, Fornaio del Casale specializes in bakery products.
Operating under the brands Gecchele and Antico Casale, the company offers over 450 SKUs, including cakes, pastries, bakery items, and carnival specialties.
With headquarters in Casale sul Sile, Treviso, the company primarily distributes through “large-scale” retail and is expanding into Germany, France, and Japan.
Filippo Anichini, partner at Aksìa, states that Fornaio del Casale will “continue to pursue integration and consolidation both in Italy and abroad, leveraging the strong Gecchele brand and expanding its commercial footprint.”
The investors and the baked goods company have identified four target firms for acquisition, with deals anticipated by the end of 2025, contributing initial revenues exceeding €80m ($92.6m).
Currently, Fornaio del Casale generates €60m in revenues, with 25% derived from international markets.
The group operates from a 12,500 m² facility equipped with eight production lines.
Leadership will remain intact, with Darix Gecchele serving as CEO and Samuele Gecchele as head of international sales and commercial products.
Darix Gecchele remarked, “With the entry of the new partner, a new phase of growth begins for Fornaio, which strengthens and accelerates the development path initiated in recent years. The Gecchele and Botter families confirm their commitment to the company’s capital, with the enthusiasm and passion that have always distinguished us.”
