Bain Capital, through its portfolio company Fedrigoni,has entered into a definitive agreement to acquire Gruppo Cordenons, a leading international manufacturer of high-end specialty papers for luxury packaging and premium publishing applications with headwuarters in Milan and two production plants, of which on Scurelle (Trento) and the other in Cordenons (Pordenone) (see here the press release).
Latham & Watkins law firm supported Bain Capital in the deal, while Pirola Pennuto Zei & Associati advised the sellers.
Led by ceo Ferruccio Gilberti, Cordenons reached 89 million euros in revenues in 2017, thanks to an annual production of 42 tons of precious papers. Cordenons brand will remain.
Bain Capital bought control of paper group Fedrigoni last December on a 650 million euros enterprise value basis (see here a previous post by BeBeez) and last April it issued a 455 million euros bond to party finance the buyout (see here a previous post by BeBeez).
Fedrigoni reached 1.1 billion euros in revenues in 2017 after 1.054 billions in 2016, when it posted 140.8 millions in ebitda and 129 millions in net financial debt.