Favini Group, an Italian producer of highly specialized papers, is paving its way towards the Italian Stock Exchange. The Shareholders’ meeting voted actually for starting all the needed procedures for odinary shared to be admitted to listing on the market (download here the press release).
Favini had been bought at the beginning of 2009 from a bankruptcy procedure by turnaround private equity operator Orlando Italy management (through OI-Paper sa), who now owns a 62 pct stake in the group’s capital, the rest being own by French private equity operator Crédit Agricole Capital Investissement&Finance (21%), by chimical company Lacim srl (13%) and by the management (4%).
The ipo will me made half by a capital increase and half by a sale of shares owned by actual shareholders, resulting in a more than 50 pct stake of floating capital.
Joint global coordinators are Banca Imi and Intermonte. Intermonte will act also as sponsor.  Financial advisor to Favini was Finer srl while legal advisor was Studio Legale d’Urso, Gatti e Bianchi. DLA Piper law firm supported the global coordinators.
Since the funds entered Favini’s capital, Favini’s ceo Andrea Nappa (a partner in Orlando Italy) pushed the group more and more towards value added sectors especially in the casting release papers sector, which represent a key component in the manufacturing of synthetic materials like man-made leather, and are used to give the final pattern and look & handfeel to synthetic surfaces. Key industries involved are fashion, sport shoes, furniture, automotive and IT,
In 2013 Favini reached consolidated pro-forma revenues of 161.9 million euros (up from 119.2 millions in 2012) and a 16.6 millions ebitda (from 9.9 millions). Pro forma figures include results from casting papers business of Arjowiggins Creative Papers (a British subsidiary of French group Sequana) which Favini bought last November in a 26.5 million euros deal.
