European private equity firm Investindustrial, founded by Andrea Bonomi, sold its 83.5% stake in Brescia-based AEB (Azienda Enologica Bresciana to US private equity SK Capital Partners’fund. The managers led by ceo Mario Tomasoni also sold their stake to SK (see here the press release).
AEB is a global leader in wine ingredients with growing positions in beer ingredients and food detergents. SK Capital’s majority ownership will be acquired via a capital increase to deleverage the company’s balance sheet and a purchase of shares from existing investors. Investindustrial and AEB Group management will have minority ownership positions after the transaction. with Investindustrial owning a 20% stake, MF-Milano Finanza writes today.
The deal will be financed by a pool of banks led by BnpParibas e Unicredit, who have been advised in the transaction by White & Case law firm. Latham&Watkins and Bär&Karrer were instead advisors on legal issues to SK Capital, while Chiomenti Studio legale supported Investindustrial.
This is the third round with private equity firms as investors for AEB as Investindustrial in turn bought out the company in January 2007 from PM&Partners and SG Capital Europe‘s portfolios. AEB had closed year 2006 with revenues of 52.4 million euros and an ebitda of 10.4 millions while in 2013 the company reached 75.7 millions in revenues (of which 95% from exports) and 11.6 millions in ebitda.
At the end of 2013 AEB had a medium-long term financial debt of 52.1 million euros of which about 25 millions in senior debt (credit facilities had been issued by IntesaSanpaolo, Banca Popolare di Milano, Banca Popolare di Brescia, Centro Banca and Ikb), 6,9 millions in second lien debt and 18.9 millions in mezzanine debt issued by Mezzanove Capital Partners.
The latter was an investment firm founded in 2006 thanks to committement from BI-Invest (the investment holding of the Bonomi family) andi Intesa Sanpaolo bank. Mezzanove Capital’s portofolio is now managed by Emysis Capital sgr , after the management teams of Mezzanove Capital Partners and AF Mezzanine sgr had merged in October 2013 (see here a previous post by BeBeez).
