Italy’s Fedrigoni Group, a leading international player in the production and sale of high value added paper, security products and self-adhesive items, is in exclusive talks with Charme, an Italian private equity fund managed by Montezemolo sgr, in order to sell it a significant minory stake of its capital, Il Sole 24 Ore wrote yesterday.
Last October Fedrigoni tried an ipo at the Italian Stock Exchange but decided to withdraw the ipo in its last day of placement due to adverse market conditions as well as some others companies in that period. So now the group seems to have chosen another way to finance its growth. Charme is said to have valued the group about 7x its 2014 ebitda, beating offers from Clessidra sgr and Fondo Strategico.
The ipo offering included both a partial sale of shares from actual shareholders and a capital increase to finance future growth. Fedrigoni had been valued an equity value in the range of 440-560 million euros and after the capital increase the group would have been a market capitalization of 514.3-654.5 millions. Fedrigoni would have had a floating capital of 40.256% if the whole offering would have been subscribed, greenshoe included (see here the press release).
Fedrigoni announced the acquisition of 100% of the share capital of GPA (Gummed Papers of America) from Svodoba Capital Partners last April for a total consideration of 50 million dollars (see here a previous post by BeBeez). GPA is an American company specializing in the distribution and testing of digital printing support items such as plastic film, paper and adhesives.
With over 2,000 employees, 12 facilities (of which 9 in Italy, 2 in Spain and 1 in Brazil), 11 continuous paper-making production plants, 7 coating machine plants and 13,000 product references in its catalogue, the Fedrigoni sells its products in over 110 countries throughout the world.
ed by ceo Claudio Alfonsi, Fedrigoni Group reached a 53.5 million euros net profit in 2014 up 73.1% from 2013, with 873 millions of revenues (+7.9%) and 114.6 millions of ebitda (+31%).
Fedrigoni è controllata dall’omonima famiglia tramite la holding San Colombano, con una quota di minoranza in mano ai vecchi azionisti di Cartiere Miliani Fabriano, che sono subentrati nel capitale a seguito della fusione per incorporazione in Fedrigoni.
