Food and Beverage Business

The Bagnoli family and Investindustrial plan to merge Sammontana with Forno d’Asolo

The Bagnoli family and Investindustrial plan to merge Sammontana with Forno d’Asolo Bakery and Cereal, Frozen, ice cream Food and Beverage Business

Italy-based ice-cream manufacturer Sammontana is set to merge with frozen baked goods company Forno d’Asolo. The Bagnoli family, founders of Sammontana, have partnered with investment management group Investindustrial to buy Forno d’Asolo from private-equity firm BC Partners. The family, Investindustrial and the management team will own 100% of the new group.

Leonardo Bagnoli, CEO of Sammontana, will be appointed as chairman, while Alessandro Angelon, currently at the helm of Forno d’Asolo, will become chief executive of the combined businesses. A statement from Investindustrial mentioned the “attractive growth potential” of Forno d’Asolo as a reason for the merger, as well as Sammontana’s “expertise in the gelato and frozen pastries industries”.

The combined group will have around €1bn ($1.08bn) in revenues, according to the statement, with production facilities across Italy, the US and France. With more than 2,500 employees, it will operate across multiple channels, selling frozen pastry, dessert and gelato products to bars, restaurants, hotels, food retailers and catering companies. Sammontana, founded in 1946, operates three production plants in Italy and has around 1,000 employees, as well as a network of over 200 dealers and distributors.

Forno d’Asolo, a subsidiary of Fda Group, has been owned by BC Partners since 2018. Established in 1985 and headquartered in Treviso, Forno d’Asolo manufactures and distributes frozen products including sweet pastries, patisserie, and savory baked products. The business sells its products through on-premise outlets with over 70,000 customers in 40 countries worldwide.

Andrea Bonomi, chairman of the Investindustrial Industrial advisory board, added: “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 internationalize the combined group, especially in the US market.”

Last November, a Flemish newspaper reported that Belgium-based Vandemoortele was eyeing up Forno d’Asolo, but the company remained coy. Access the most comprehensive company profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge. View profiles in store. By GlobalData.

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