Gricignano d’Aversa (Caserta, Italy) – Ergon Capital Partners (“Ergon”) backed Dolciaria Acquaviva (“Dolciaria”), completed the acquisition of Milanopane S.r.l. (“Milanopane”).
Located in Buccinasco (near Milan), Milanopane is a family owned producer of high-quality puff pastry salty snacks and a supplier to all the major players in the Italian frozen bakery sector, including Dolciaria. The company generates approximately €6 million of sales and employs 40 FTEs.
The acquisition of Milanopane has a strong strategic rationale for Dolciaria, as it will allow to (i) complement its product offering with high quality self produced salty snacks, (ii) further strengthen its position vis-à-vis modern trade customers to which Milanopane products are mainly distributed, (iii) diversify geographically acquiring a production hub in Northern Italy and (iv) generate substantial commercial and cost synergies.
Pierluigi Acquaviva, CEO of Dolciaria Acquaviva, commented: “We are extremely pleased with the acquisition of Milanopane that offers high quality products that complement very well our proprietary product range of sweet croissanterie. This acquisition is in line with the strategy shared with our backer Ergon, based on organic growth as well as on M&A. Milanopane is an excellent producer that will allow Dolciaria to enlarge its product offering in the frozen salty snacks segment. Furthermore, we are convinced that Milanopane can accelerate its growth thanks to our expertise and that sizeable synergies can be extracted from the combination.”
Emanuele Lembo, Managing Partner at Ergon, comments on the transaction: “Ergon is enthusiastic to have supported Dolciaria in the execution of this strategic add-on acquisition that we have completed only 3 months after our investment in Dolciaria. We look forward to making other acquisitions of Italian excellences to further reinforce Dolciaria’s position as a leading player in the Italian frozen bakery space”.
