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Pavia and Ansaldo with Waico in the acquisition of the control of Italforni


Milan, November 14, 2022 – The Waico Group, among Italy’s leaders in artisanal pastry, bakery and pizzeria machinery, has completed the acquisition of Pesaro-based company Italforni, which is active in the design and production of ovens, mainly for the artisanal pizzeria market.


The acquisition of Italforni represents for Waico a confirmation of the aggregation strategy pursued by its controlling shareholder Mindful Capital Partners. Waico itself, in fact, was born from the merger of three operators of artisanal bakery machines, Vitella, Starmix and Effedue, acquired simultaneously at the end of last year.

Prior to this transaction, Waico projected a turnover of about 26 million euros for the current year, which becomes 37 with this acquisition.


Waico was assisted in the transaction, for legal aspects, by Studio Legale Pavia e Ansaldo with a team composed of partner Giuseppe Besozzi, associate Martina Bosi and trainee Luca Cabato.


KPMG handled financial and tax due diligence, with a team led by Klaus Riccardi, while the business due diligence was entrusted to the team of Marco Alberti and Cristiano Grosa of GEA. Environmental and ESG due diligence was carried out by the ERM team led by Giovanni Aquaro.


The sellers, on the other hand, relied on SRI Group Global, with Massimo Domini and Ludovico Corbetta, as M&A advisor, and on Marchionni & Partners, with Claudio Sanchioni, for tax and legal aspects.


The transaction was financed by BPER, which was assisted by the law firm Simmons & Simmons with a team composed of partner Davide Daffronto, supervising associate Cettina Merlino and trainee Alessandra Belmonte.