Italy’s major private equity firm Clessidra sgr studies the sale of Bitolea, an Italian company active in the disposal and recovery of industrial liquid waste sector, Il Sole 24 Ore wrote, adding that Clessidra mandated Lazard as its advisor for the deal. An auction is expected to start at the beginning of October.
Clessidra now owns an 80% stake in Bitolea’s capital, with the Intini family owning the rest. Clessidra invested in 2012 in the company through its Clessidra Capital Partners II Fund. Bitolea’s enterprise value was fixed at 102 million euros back then after 115 million euros in revenues an 17 millions in ebitda.
Headquartered in Landriano (Pavia), Bitolea reached 106 million euros in revenues in 2015, with 15.8 millions in ebitda and 16.6 millions in net financial debt (see here an anaysis by Leanus).
Rumors about a possible sale of Bitolea had started to spread around last Spring, just a few weeks before US pharma company Amri bought Euricals, an active pharma principles manufacturer controlled by Clessidra Capital Partners II Fund (see here a previous post by BeBeez). Rumors were that Euticals’ acquiror might be interested in Bitolea too, but that had not been the case.
