Israeli Keter Plastic, one of the world’s leading manufacturers and marketers of resin-based household and garden consumer products, announced the acquisition og Italy’s ABM spa (formerly known as gruppo Arredo Plast) (see here the press release).
BC Partners and co-investor Public Sector Pension Investment Board had bought an 80% stake in Keter Plastic last July while founding family Sagol retained a 20% stake. ABM spa was instead controlled by Clessidra sgr (80%) while founder Giovanni Pagotto and his partner Lucio Spadotto retained a 20%.
Founded in Treviso (Northeast Italy) in 1972, ABM is a major designer, manufacturer and distributor of resin consumer products, in particular indoor storage solutions sold under the brand “Kis”. The company is acclaimed for its distinctive focus on customer service, innovation and product quality. The group employs c. 600 people across the world and operates three manufacturing facilities in Italy and Canada.
ABM is a clear strategic acquisition for BC Partners and Keter due to its scale, ideal complementary of its products portfolio and its market presence and reputation in Europe and Canada. The acquisition of ABM will allow Keter to strengthen its European and North America platforms and unlock growth opportunities across a number of countries and categories. The combined group will enjoy a much broader portfolio of products and brands. Keter will reinforce its innovation and marketing capabilities for the benefits of retailers and consumers across the world.
The closing of the deal is expected by H1 2017. Financial details have not been disclosed but the enterpise value is said to be around 400 milion euros (see Reuters here) or 8-9x company’s 2016 expected ebitda which should be 45-50 million euros. This meaning that Clessidra is cashing-in about 3x its invested capital. Actually Clessidra Capital Partners III fund had invesdted 100 million euros of equity in AMB back in May 2015 after the group had reached 230 million euros in consolidated revenues and about 30 million euros in ebitda (see here a previous post by BeBeez).
In the meantime Clessidra has announced the closing of the fundraising of CCP III fund reaching 607,3 million euros, which is well under the announced maximum target at 800 million euros. New management company’s owner Italmobiliare invested 90 million euros of its own money in the new fund (see here a previous post by BeBeez).
