M&A Deal Summary

BC Partners Acquires Forno d Asolo

On June 13, 2018, private equity firm BC Partners acquired food company Forno d Asolo from 21 Invest and Five Arrows for 300M EUR

Acquisition Highlights
  • This is BC Partners’ 3rd transaction in the Food sector.
  • This is BC Partners’ 34th largest (disclosed) transaction.
  • This is BC Partners’ 7th transaction in Italy.

M&A Deal Summary
Date 2018-06-13
Target Forno d Asolo
Sector Food
Buyer(s) BC Partners
Sellers(s) 21 Invest
Five Arrows
Deal Type Secondary Buyout
Deal Value 300M EUR

Target

Forno d Asolo

Maser, Italy
website
Forno d’Asolo, which makes frozen pastry and bakery products, is expected to report core profits of 25 million euros for this year.

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Buyer(S) 1

Buyer

BC Partners

London, United Kingdom

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1986
PE ASSETS 17.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

BC Partners is a mega private equity firm that invests in high quality businesses with leading market positions. BC does not specialize in any particular sector and makes only a select number of investments per year (3 in 2008, 2 in 2007, 3 in 2006). Sectors of interest include healthcare, directory publishing, media, industrial products, food, distribution, manufacturing, consumer services, business services, and communications. BC Partners was formed in 1986 and has offices in London, Paris, Hamburg, and New York.

DEAL STATS #
Overall 79 of 95
Sector (Food) 3 of 4
Type (Secondary Buyout) 31 of 39
Country (Italy) 7 of 9
Year (2018) 3 of 7
Size (of disclosed) 34 of 42
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-22 GFL Environmental

Vaughan, Ontario, Canada

GFL Environmental is a diversified environmental services company providing a comprehensive line of solid waste, infrastructure & soil remediation, and liquid waste management services through its platform of facilities across Canada and in Southeastern Michigan. GFL has a workforce of more than 5,000 employees and provides its broad range of environmental services to more than 60,000 commercial and industrial customers and its solid waste collection services to more than 2.5 million households. GFL Environmental was founded in 2007 and is based in Vaughan, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-17 NAVEX

Lake Oswego, Oregon, United States

NAVEX is a provider of ethics and compliance software, content and services helps organizations protect their people, reputation and bottom line. NAVEX was founded in 2012 and is based in Lake Oswego, Oregon.

Buy -

Seller(S) 2

SELLER

21 Invest

Treviso, Italy

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1992
PE ASSETS 1.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

21 Invest is a private equity firm that targets investments in growth-oriented, middle-market Italian, French, and Polish companies operating in a variety of industries. The Firm invests in French businesses through 21 Centrale Partners, Italian companies through 21 Partners SGR, and Polish companies through 21 Concordia. The Firm targets transactions requiring at least €10 million of capital typically in the form of development capital for growth companies, buyout capital for managers, or replacement capital for companies facing succession issues or needing shareholder liquidity. 21 Invest was founded in 1992 and is based in Treviso, Italy.

DEAL STATS #
Overall 31 of 42
Sector (Food) 1 of 1
Type (Secondary Buyout) 17 of 25
Country (Italy) 15 of 18
Year (2018) 2 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-03 Nadella

Milan, Italy

Nadella is a producer of linear guides and rollers for industrial motion applications. Nadella was founded in 1963 and is based in Milan, Italy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-03 Carton Pack

Rutigliano, Italy

Carton Pack develops, manufactures and sells packaging products for the food industry, with a strong focus on innovative solutions for Fruit & Vegetable packaging. Carton Pack was founded in 1970 and is based in Rutigliano, Italy.

Buy -
SELLER

Five Arrows

Paris, France

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
PE ASSETS 24.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Five Arrows Principal Investments is a mid-cap investor in Western European companies. Five Arrows can invest across the capital structure (equity, equity-linked, mezzanine, convertible debt) and generally focused on primary or secondary buyouts, growth financings, and balance sheet restructurings. The Group does not have any sector preferences, but typically looks for businesses with high barriers to entry and predictable earnings. Five Arrows can commit €30 to €400 million per investment. Five Arrows is a unit of Rothschild Bank. The Group has offices in Paris, Luxembourg, and London.

DEAL STATS #
Overall 10 of 24
Sector (Food) 1 of 1
Type (Secondary Buyout) 7 of 14
Country (Italy) 1 of 1
Year (2018) 2 of 4
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-22 Centric Health

Dublin, Ireland

Centric Health is a provider of primary care GP services with over 40 locations at the time of investment. General Practice is a mission critical element of healthcare, acting as gatekeeper to the broader healthcare system and managing patients' long-term health. Centric Health was founded in 2003 and is based in Dublin, Ireland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-27 Etanco

Le Pecq, France

Etanco is a designer, manufacturer, and distributor of building fastener and fixing systems. Etanco was founded in 1952 and is headquartered in Le Pecq, France.

Sell €102M
Mergr

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