Bain Capital and BC Partners invest in Fedrigoni
The packaging group valued at 3 billion euros
Bain Capital private equity together with the BC Partners fund, one of the largest international investment companies, have signed a partnership agreement for the control of Fedrigoni, a Veronese group that is world leader in the production of self-adhesive labels and products for packaging based on fibers.
For Bain Capital, in reality, this is a reinvestment, given that it had acquired 90% Fedrigoni at the end of 2017, based on a valuation of 650 million euros, with the Fedrigoni family which had retained a minority stake. Now comes the share reorganization with the sale of 45% of the Veronese paper group to BC Partners: this time the valuation is 3 billion euros calculated taking into account the expected pro forma EBITDA for 2022 of at least 250 million euros. 10% remains owned by the family and management.
BC Partners bought half of the shares after beating competitors Partners Group, Onex and Brookfield. Under the fund's control, the company more than doubled its adjusted sales and nearly tripled its consolidated EBITDA, thanks to a mix of organic growth and m & a operations.
The new partnership will support the management team of the Verona-based company in the process of consolidating its successful track-record in the m & a field.
The transaction is expected to close by the end of 2022, subject to approval by the relevant regulatory authorities.
EFA News - European Food Agency