Forno d’Asolo has been sold to private-equity firm BC Partners and members of the Italy-based, bakery-products supplier’s management.

BC Partners and Forno d’Asolo’s management team, led by CEO Alessandro Angelon, have paid European investment firm 21 Partners and its co-investors an undisclosed sum for a business predominantly supplying cafés, bakeries, bars and hotels.

Announcing the deal, BC Partners said Forno d’Asolo has enjoyed “strong and consistent top-line growth”, with a compound annual growth rate of 17% over the last four years. Forno d’Asolo is expected to generate revenues of more than EUR130m (US$150.3m) in 2018, the private-equity firm said.

“We believe there are significant opportunities to continue to grow the business both organically and through acquisitions and our goal is to provide the company with the financial and strategic support necessary for it to deliver on its exciting ambitions,” BC Partners senior partner Stefano Ferraresi said.

Angelon, who has been Forno d’Asolo’s CEO since 2014, said: “After four very successful years, we believe there is scope for further development as we continue to expand our offering and identify exciting acquisition opportunities.”