Vandemoortele has reacted to a fresh report the Belgium-based group is eyeing Italian baker Forno d’Asolo-Bindi by insisting there is “no formal process” with possible M&A targets.

According to Flemish newspaper De Tijd, several unnamed sources have confirmed the family-owned Vandemoortele is considering working with a third-party partner to secure a deal for private-equity-owned Forno d’Asolo-Bindi.

Reports in Italy last month also linked Vandemoortele with interest in Forno d’Asolo-Bindi, which is owned by BC Partners.

A Vandemoortele spokesperson told Just Food: “We continuously look for opportunities to grow our business, including M&A, and have therefore contacts with different stakeholders. However, currently, there is no formal process with target companies.”

BC Partners and Forno d’Asolo-Bindi declined to offer comment when approached by this publication.

Forno d’Asolo, which sits under the umbrella company Fda Group, has been owned by BC Partners since 2018, when it was bought from Italian investment fund 21 Partners.

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By GlobalData

In 2020, under the private-equity group’s wing, Forno d’Asolo then acquired Italian frozen patisserie producer Bindi.

According to the Italian finance publication Milano Finanza, BC Ventures agreed to put Forno-d’Asolo-Bindi on the market earlier this year for around €1bn ($1.1bn).

Rothschild was appointed as financial advisor for the sale, Il Sole 24 Ore reported in October.

Forno d’Asolo exports to 40 countries globally including the US, Europe, and parts of Asia, while Bindi operates across and outside of Europe, including Mexico, New Zealand, Korea, Turkey and Singapore, among other countries.

Vandemoortele’s overall revenue hit €943m in the first half of 2023, an increase of €152m year-on-year, a result it ascribed to “improved product and channel mix and price increases”, put in place to account for cost inflation.