CP Advisors acted as the exclusive financial advisor of Salpa in the acquisition of BHB, the Italian leading producer of sponge cakes and sponge cakes rolls for the  confectionary, foodservice and retail industries.

Salpa Special Food, the world-leading producer of high-quality ice cream cookies, chocolate decorations, toppings and cookie dough for the ice cream and confectionery industries, owned by Apheon private equity and by the Cherubini family, has completed the acquisition of BHB srl.

Based in Treviso, BHB is a historic company specialized in the production of ready-to-use sponge cake for the confectionery industry, food service professionals and the retailers. The Company’s offers a dedicated selection of high-quality products, designed to support bakeries and pastry shops.

The Company, led by Mauro Casagrande, serves the industrial sectors (semi-finished products for the confectionary industry), the foodservice (semi-finished products for the pastry artisans) an the retail (ready-to-use sponge cakes and sponge cakes bases for desserts). With a production facility of 7.000 sqm, the Company operates with state of the art technology – both tunnel and rotor  ovens – and employs 30 people. The Company enjoys all the major certifications, including BRC, IFS, Kosher, Agrivet and FDA, with over 25% of the business generated abroad.

The strategic acquisition allows Salpa to expand its product range into the soft dough products. The new production technology allows Salpa to enlarge its portfolio products, including cream puffs, sponge cakes and brownies bases, which represents the base for additional developments within the covers & inclusions category.  

CP Advisors assisted Salpa’s shareholders and his top management (Stefano Cavallari, Marco Burattini and Francesco Cherubini) in the origination and execution of the transaction, with a team led by Salvo Mazzotta and Giovanni Nucera. 

KPMG performed the financial due diligence (Massimiliano Di Monaco); Russo De Rosa Associati (Valerio Libani) the tax due diligence; Alpeggiani Avvocati Associati (Marco Carbonara) the legal due diligence and contracts; Yard Reaas (Marco Brevi) the EHS due diligence and Willis Tower Watson (Carlo Caverni) the insurance due diligence.   

Stefano Cavallari, CEO of Salpa, commented, “This acquisition represents a key milestone for Salpa given it is the first in our history. We are pleased to partner with Mauro and his team, whose manufacturing know-how and expertise represent a strong industrial fit with Salpa’s. This step supports our ambition to further deepen the relationships with our customers and expand our reach across additional end markets, by offering a broader product range, while remaining fully focused on quality and operational excellence.”

Mauro Casagrande, CEO of BHB, added, “Joining Salpa is a natural evolution for BHB. Becoming part of a world-class industrial group with a strong reputation and long-term vision provides a solid platform to further develop our business. At the same time, it allows us to preserve the entrepreneurial spirit, technical know-how and customer focus that have always defined BHB. I look forward to working closely with Stefano and the Salpa team.”

Riccardo Collini, Partner at Apheon, commented, “Salpa, by completing its first acquisition, marks an important step in the company’s growth journey. Since our investment, we have worked closely with management and the Cherubini family to strengthen Salpa’s industrial footprint, also through selective M&A. BHB is exactly the type of acquisition we aim to support: a well-positioned business with complementary technologies that reinforces Salpa’s long-term development.”

Salvo Mazzotta, Managing Partner of CP Advisors, comments on the transaction as a "further confirmation of the long-standing relationship of trust that binds Salpa Group’s shareholders and its management to CP Advisors. Following the transactions of 2021 and 2023, we are pleased to have supported Salpa in this strategic transaction as well, and we are confident that Stefano, Marco, Francesco, together with Mauro's team will work synergistically for the group's industrial development."