Italian glass bottles and glass container products manufacturer Bormioli Rocco spa sold its glass packaging business (Food and Beverage Division) to Swiss Vetropack Holding (see here the press release).
The deal comes after the iconic Italian group, founded in 1825 in Fidenza (Parma), sold its cosmetic division in December 2013 to Austrian Stölzle Glass Group and reorganized its structure in four business units: Pharmaceutical Glass; Pharmaceutical Plastic; Tableware and Food & Beverage (see here a previous post by BeBeez).
Group’s chairman Paolo Antonietti said then: “This reorganization completes a process started three years ago aimed at enhancing our group operative efficiency and results”. A statement that might have been read as the fact that Vision Capital fund might be ready to start thinking of divesting Bormioli in 2015, maybe selling each division by itself.
The private equity operator bought a 94.1% stake in Bormioli’s shareholders capital from Banco Popolare in 2011, funding the Lbo issuing a 250 million euros high yield bond.
Vetropack holding is a European leader in the packaging sector and is listed at the Zurich Stock Exchange, with 603.5 million Swiss francs of revenues in 2014 (about 575 million euros). Vetropack bought the glass packaging business (Food and Beverage Division) of Rocco Bormioli operating a plant in Trezzano sul Naviglio (near Milan) and reaching revenues of 60 million euros in 2014.