Italy’s glass bottles and container products manufacturer Bormioli Rocco spa is said to be close to be sold to two different buyers in a deal that will see Triton private equity firm to buy the pharma division and Bormioli Luigi glass container manufacturer to buy the household division, Il Sole 24 Ore wrote.
Last Spring Chinese conglomerate Deliglass was instead said to be in pole position to buy the company (see here a previous post by BeBeez). This would be the end of a long auction that saw bids from other industrial groups such as Germany’s Gerresheimer and Italy’s Zignano Vetro. The controlling shareholder Vision Capital is trying to sell the company for some months with Rothschild as mandated advisor.
Vision already sold Bormioli’s cosmetics division in December 2013 to Austrian Stölzle Glass Group (see here a previous post by BeBeez) and Bormioli’s food&beverage division to Swiss Vetropack Holding in June 2015 (see here a previous post by BeBeez). Bormioli had announced a riorganization of the business in four different units in April 2014 (Pharmaceutical Glass; Pharmaceutical Plastic; Tableware and Food & Beverage).
Vision Capital had bought out a 94,1% stake in Bormioli Rocco in 2011 from Banco Popolare and financed the deal issuing a 250 million euros high yield bond paying a 10% coupon and maturing in August 2018. The bond was issued by Bormioli Rocco Holdings sa and is rated B3 by Moody’s with a stable outlook.
Borioli Rocco was said to be valued about 500-600 million euros. However now it seems that bids are for a 400-500 million euros prices or 9-10x 2015 Bormioli’s ebitda.
Bormioli reached 451.9 million euros in revenues in 2015, with a 52.3 million euros ebitda and a 29.2 million euros net financial debt (see here an analysis by Leanus, after free registration and login). The Bormioli bond is lsited at the Frankfurt Stock Exchange and quotes around 102.8.
