Bassini 1963 Buys Glaxi Pane to Extend Baked Goods Reach
Forli, Italy-headquartered frozen bread producer Bassini 1963 has acquired Glaxi Pane, a fellow Italian frozen baked goods manufacturer. The deal, terms of which were not disclosed, was completed by Antico Forno della Romagna with the support of majority shareholders Orienta Partners, Indigo Capital of France and Fondo Agroalimentare Italiano.
Based near Padua in Cadoneghe, Padova, Glaxi Pane specializes in supplying products to operators of restaurants and bars. Founded in the 1950s, it recently opened a second production facility. Turnover in 2018 amounted to €10 million, up from €9 million generated during the prior year.
Glaxi Pane founding partners Silvio Galante, Annamaria Stocco, Andrea Stocco and Adriano Schiavo have reinvested to secure a minority share in Bassini.
Bassini 1963 is strong in the retail sector, where it supplies a wide assortment of products including artisanal bread and sandwiches to pizza and focaccias. It posted €11 million in sales last year.
The merger of the two companies strengthens the combined unit in multiple market sectors and lays the groundwork for future growth in Italy and other markets farther afield.