LONDON, UK – Funds advised by BC Partners LLP (“BC Partners”), a leading international investment firm, have reached an agreement to acquire Pasticceria Bindi S.p.A. (“Bindi”, or “the Company”), a leading Italian producer and distributor of frozen patisserie products within Italy and abroad, from the Company’s family owners.
Founded in Milan in 1934, Bindi is a leading producer of frozen patisserie products, offering a wide variety of desserts and other bakery products, including patisserie and ice cream mono-portion desserts, cakes and ice-creams.
In Italy, the Company serves a fragmented customer base of over 25,000 clients, mainly represented by restaurants, hotels and bars. In addition, the Company sells into over 40 international markets that represent approximately 40% of revenues, led by the US where Bindi operates through a direct subsidiary with production and direct distribution capabilities.
Bindi is differentiated by its broad range of high-quality products, strong brand recognition, advanced production capabilities, and international presence. The Company has enjoyed strong and resilient top-line performance, generating revenues of over €140 million in 2019.
This acquisition follows BC Partners’ acquisition within the Italian frozen bakery sector of Forno d’Asolo S.p.A. (“Forno d’Asolo”) in 2018. Financial terms of the transaction are not being disclosed.
BC Partners will support ambitious growth plans for the Company, which include expanding the product offering, developing new patisserie products, growing international sales, and seeking to further consolidate the patisserie market through strategic acquisitions in Italy and abroad. Bindi will continue to be managed by Roberto Sala, General Manager at the Company since 2014, and Attilio Bindi, CEO, who will remain involved in a non-executive role to support the development of the brand abroad.
Stefano Ferraresi, Partner at BC Partners, commented:
“Bindi is a long-established leader in the attractive Italian frozen patisserie market with an incredibly valuable brand, unique in its market, and loyal client base. The company has also developed a strong international business, reflecting its high-quality offering and strong distribution network, especially in the US. We believe there is growth potential coming from strengthening the relationship with distributors in Italy and abroad and from the international development of the brand. The Bindi family have built a business with a long and successful track record over the last 80 years, and we look forward to protecting this legacy and investing in the Company’s exciting future.”
Attilio Bindi, CEO of Bindi, commented:
“Bindi, with its strong Italian roots, has found in BC Partners the ideal partner to ensure continuity and further growth for one of the strongest food brands in Italy as well as supporting its international expansion.”
Closing of the transaction is subject to customary conditions.
BC Partners was advised by Latham & Watkins on legal, Scouting Capital Advisors and PwC on financial, Facchini Rossi Michelutti Studio Legale on tax and Bain & Company Italy on commercial.
The sellers were advised by Fineurop Soditic and EY on financial and from Professor G. Trimarchi and S. Dolcini on legal.
