Italian private equity operator Alcedo sgr sold Pixartprinting srl to Vistaprint NV, a Nasdaq listed leading online provider of professional marketing products and services to micro businesses and the home,  Vistaprint will control 97 pct of Pixartprinting with the remaining 3 pct stake retained by Pixartprinting’s founder Matteo Rigamonti (download here the English press release).
Based in Quarto D’Altino, Veneto, Italy with approximately 330 employees, Pixartprinting is a web-to-print business serving over 100,000 customers located primarily in Italy, Spain and France.
Pixartprinting’s enterprise value of around 150 million euros  (127 millions in equity value and  18 millions in net debt) represents a valuation multiple of 9.8 times calendar 2013 ebitda of 15 millions, reflecting 43 percent year-over-year growth. In 2013, Pixartprinting’s revenue was approximately 56 million euros, reflecting year-over-year growth of more than 35 percent.
The agreement also includes a sliding-scale earn-out of up to 10 million euros for Pixartprinting, subject to the achievement of revenue and Ebitsa performance targets for calendar year 2014.
Vistaprint was advised on this transaction by Leonardo & Co. (sole financial advisor), Baker &Â McKenzie (legal advisor) and PricewaterhouseCoopers Advisory SpA (accounting, tax and HR advisor). Â Pixartprinting was advised by Altium (financial advisor) and Bonelli Erede Pappalardo (legal advisor).
