Italian private equity operator Assietta Private Equity (Ape) sgr sold to US consumer goods giant Jarden corporation its 75 pct stake in Millefiori srl‘s shareholders capital together with founder Alessandro Rolandi and ceo Mario Giglioli‘s stakes (respectively 22 pct and 3 pct), MF-Milano Finanza writes today, Assietta has been supported in the deal by financial advisor Rothschild and by Bird&Bird law firm.
Millefiori is an international leader producing high-end scented candles and home perfumes and has been valued 50 million euros or around 10x the 2013 ebitda which was 5.1 million euros (from 3.4 millions in 2012) out of 21 millions (from 19.8 millions) of revenues. That enterprise value implies for Ape sgr a 5x multiple of the capital invested or a 60 pct Irr.
Ape sgr bought its stake in Millefiori in January 2011 through Emozione srl holding and the company was then valued (enterprise value) 14.5 million euros or just a but over 1x the 2010 revenues(which were of 14 millions) and 5.6x the ebitda (which was 2.6 millions).
Jarden’s offer beated other offers coming both from private euqity funds and industrial subjects bothj Italian and international. Jarden is a global consumer products company listed on the New York Stock Exchange with more than 7.5 billion dollars of revenues in 2013. Jarden bought the largest scented candle company in the United States, Yankee Candle, last October in a 1.75 billon dollars deal from US private equity Madison Dearborn Partners.
Ape sgr recently bought Intermonte Bcc Private Equity sgr, another Italian private equity operator, which has been merged into Ape (download here the press release). Led by ceo Marco Cornaglia, Ape sgr is now in fundraising for its third fund targeting 50 million euros of committements. Ape has just reached a first closing at 30 million thank to committements from both private and institutional investors.