Management & Capitali (M&C), an investment company listed at the italian Stock Exchange and controlled by financier Carlo De Benedetti (with a 53% stake through Sper spa), is selling Treofan Holdings GmbH together with minorities shareholders Merced Capital and Goldman Sachs. Leonardo & Co-Houlihan Lokey has been appointed as mandated advisor, Mergermarket wrote.
Treofan is a global leader in biaxially oriented polypropylene (BOPP) films of which the three actual shareholders took control in 2009 (M&C owns a 41.6% stake) in a debt to equity swap of about 170 million euros of high yield bonds. Since then and till last year things did not go so well: M&C’s FY 2014 results recorded a 5.2 million euros impairment for M&C’s stake in Treofan which was given a 37.7 million euros bok value in M&C’s FY 2015 financial statements.
Last year actually Treofan’s profitability recovered (see here Treofan’s press release) thanks to a new restructuring strategy adoped by the new management. So revenues dropped a little to 419.3 million euros (from 431.6 millions in 2014) while ebitda jumped to 32.5 millions from 18 millions of the previous year. Net result was still negative however for 4.9 millions (better than -7.7 millions in 2014) while net financial debt was up to 56 millions from 27,9 millions, due to a 22.3 million euros investment in a new producing plant in Neunkirchen.
