(Finance) – Bain Capital Private Equity and BC Partners have signed an agreement of partnership for the control of Fedrigonithe world’s leading manufacturer of self-adhesive labels and fiber-based packaging products.
Bain Capital had acquired Fedrigoni in 2017 and in these allowed the group to double sales and triple EBITDAthanks to a combination of acceleration of the organic growth and through M&A. This new partnership will support Fedrigoni’s management team in the process of consolidating its successful track-record in the field of mergers and acquisitions, thanks also to the owner-manager mentality of BC Partnerswhich makes it the best partner for help drive value creation opportunities.
Together with Bain Capital, the Fedrigoni Group has pursued an ambitious transformation path based on five pillars: the distinctive offer and premium; Lsuperior experience for the customers; operational excellence; Lattraction of the best talents and the development of its 4,500 people; the acceleration of acquisitions aimed at geographical expansion and diversification of the product portfolio.
Fedrigoni has integrated sustainability into its strategy company, with a constant commitment to reduce its environmental impact and support customers in the transition towards ecological practices and an increasingly circular business. Through its 2030 sustainability roadmap, Fedrigoni is committed to reducing its emissions by 30% of carbon by 2030 and to reach the carbon neutrality by 205. This year it received the sustainability rating EcoVadis Platinum. For its part, BC Partners has developed a thematic focus on sustainability-led growth in the packaging sector, investing in February 2021 in the IMA Groupworld leader in the production of automatic packaging machines.
“We are thrilled to welcome BC Partners as Fedrigoni’s new partner,” he said Ivano SessaPresident of Fedrigoni Holding and Co-Head of Industrial of Bain Capital Private Equity Europe, who adds “in this next phase of the journey, we will work with all our partners to continue building the highly successful story that Fedrigoni has achieved, with the ‘goal to strengthen its global leadership and provide sustainable packaging solutions to global luxury and consumer brands. “
Stefano FerraresiPartner of BC Partners, said “We have long admired the quality of Fedrigoni’s management team and its operations carried out under the leadership of Marco Nespolo. We are confident that this partnership with Bain Capital will create significant growth opportunities for the entire company. “.
The CEO of Fedrigoni, Marco Nespolonoted that over the past 4 years the group has “embarked on a very broad and successful transformation in product portfolio, geographic expansion, go-to-market, operating model, culture and governance. this was possible thanks to the extraordinary partnership with Bain Capital and its strong support “.
The Fedrigoni family, already a partner of Bain Capital as a minority shareholder, will continue to invest in the company as well as the entire management team. The transaction is expected to close by the end of 2022. A group of financial institutions has pledged to provide a debt financing package to support the transaction. At the close of the transaction, the refinancing of Fedrigoni’s senior secured bonds is envisaged.
Bain Capital and Fedrigoni were advised by Morgan & Stanley, Rothschild, Latham & Watkins, Pirola Pennuto Zei e Associati, Kirkland & Ellis, New Deal Advisors and Bain & Company. Goldman Sachs participated in the transaction as a financial advisor to Fiber Bidco. BC Partners was advised by Canson Capital Partners and Nomura as lead financial advisor, as well as by JP Morgan, Afry Capital, White & Case, PwC, Studio Legale Tributario Facchini Rossi Michelutti and Bain & Company.