Waico acquires Logiudice Forni
Mindful Capital builds a bakery-sector holding company with Waico
Il Sole 24 Ore
Mindful Capital Partners is moving ahead with its plan to build a major bakery-sector group through a series of acquisitions.
Waico Group, a manufacturer of machinery for the pastry, bakery and pizza sectors and a portfolio company of Mindful Capital Partners, has completed a new acquisition: Logiudice Forni, an Italian producer of professional ovens and mixers for the bakery industry.
The seller is Tecnopool, part of TP Food Group, an international leader in automated processing and handling systems for the food industry, controlled by Paragon Partners, a Germany-based private equity fund.
The acquisition marks another step in Waico Group’s growth strategy. The company, headquartered in Isola Vicentina, in the province of Vicenza, aims to strengthen its presence in key international markets and expand its range of solutions for professionals in the artisanal food sector.
The acquisition of Logiudice follows those of Vitella (active in dough rounders), Starmix (with Starmix-branded planetary mixers and Flamic-branded dough sheeters), Effedue, (spiral mixers), and Italforni Pesaro, (producer of pizza ovens). Following this latest transaction, the resulting group will generate consolidated revenue of more than €60 million.
As part of Waico Group, Logiudice will benefit from increased resources, industrial expertise and an international commercial platform.
“With the acquisition of Logiudice, Waico further strengthens its position in a sector where Italy is a global leader. This transaction represents another example of Mindful Capital Partners’ ability to create market leaders by bringing together small and medium export-oriented businesses”, said Lorenzo Stanca, Managing Partner of Mindful Capital.
Logiudice Forni will continue to operate under its own brand, while its organisational structure will be reinforced through its integration into the new parent group. The transaction further confirms Waico Group’s commitment to the artisanal bakery, pastry and pizza sectors.
Mindful Capital Partners is an independent private equity and venture capital fund manager, active since 2007 and specialised in investing in Italian small and medium-sized companies with strong growth potential in international markets. To date, across four successive funds, its management team has completed 27 platform investments and 59 add-on acquisitions, 17 of which have already been exited.