Cosimo Vitola
Ethica Group
Forno della Rotonda S.p.A.
Deal Type
Company sale
Sector
Consumer
Completion Date
4th August 2016
Deal Value
Not disclosed
Company Background
Forno della Rotonda is among the few Italian players in the production and distribution of baked frozen baguettes for food retailers, distributors and the Ho.re.Ca. channel.
Founded in late ‘80s by Lazzaroni, an Italian bakery group, with the aim of introducing the industrial production of baked frozen baguettes in the Italian market, over the years the Company has enlarged its offering to include other bread varieties and specialties, pizza/ focaccia and breakfast pastries, thus being able to provide a wide-ranged portfolio to its clients.
In 2006 the Italian PE fund CNPEF, managed by Opera SGR since 2011, acquired a 87.7% stake of Forno della Rotonda. The previous CEO of the Company and the Italian PE fund Quadrivio SGR held respectively 7.9% and 4.4% stake.
In 2016 Forno della Rotonda is expected to reach a total turnover of approximately €20 mln and a 15% EBITDA Margin, with a positive outlook for the next years performances, thanks to the enlargement of its client base following the introduction of new product lines.
Deal Summary
Ethica Corporate Finance advised the shareholders of Forno della Rotonda S.p.A. in the sale of the 100% stake to Headway Capital Partners, the London-based private equity secondary firm specialized in small and mid size secondary transactions, with an investment focus on Western Europe and North America.
Value Added
Ethica was appointed by the shareholders of Forno della Rotonda to support and realize value through the exit, by managing a competitive sale process involving both trade and financial buyers.
Ethica was able to identify a selected panel of potential buyers, resulting from a pre-screening activity with around 40 potential buyers, and structure a competitive auction process which grants the highest net equity proceeds to shareholders.
Forno della Rotonda S.p.A. deal contacts
Key members of the Ethica Group deal team crucial in the Forno della Rotonda S.p.A. transaction
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