A majority stake in Forno d’Asolo spa, leader in Italy in frozen croissant and pastery, was acquired by 21 Investimenti, the private equity operator founded by Alessandro Benetton.
Forno d’Asolo was founded in Treviso by brothers Fabio and Paolo Gallina in 1985 and it is now a major producer of frozen cakes, biscuits and pasteries in Italy with revenues of more than 70 million euro in 2013.
Hogan Lovells law firm supported 21 Investimenti in the deal, while Forno D’Asolo was supported by Armellini Barzon law firm and by financial e fiscal advisor Renato Bogoni.
This is the second deal in food&beverage sector made by 21 Investimenti in a just a bit more than a year time since acquisition of Farnese Vini in January 2013. The fund bought stakes of the company from some of the old shareolders (De Iuliis family, la Cascina Holding Bv and Tommy Investments Ltd).