BC PARTNERS & BAIN CAPITAL take majority stake in FEDRIGONI GROUP

BC Partners entered into a joint ownership agreement with Bain Capital Private Equity to acquire joint control of Italian specialty paper and self-adhesive labels manufacturer Fedrigoni, in a transaction valuing the business at approximately . Under the transaction terms completed in late 2022 following regulatory clearances, Bain Capital rolled over its investment through its flagship fund to retain co-controlling ownership alongside BC Partners, while the founding Fedrigoni family and the executive management team led by Chief Executive Officer Marco Nespolo maintained equity stakes. Under Bain Capital's ownership since 2017, Fedrigoni had more than doubled its adjusted revenue and nearly tripled its adjusted EBITDA through organic expansion and programmatic M&A. At the time of the transaction announcement in July 2022, Fedrigoni generated approximately €2.2B in annual revenue and in base EBITDA, employing over 4,500 people across 27 countries and operating 48 manufacturing facilities, cutting centers, and distribution hubs distributing 25,000 product lines across 132 countries. The transaction was supported by a committed debt financing package provided by a syndicate of financial institutions to refinance Fedrigoni's existing senior secured notes at closing. On the transaction, Bain Capital and Fedrigoni were advised by Rothschild, Morgan Stanley, Latham & Watkins, Pirola Pennuto Zei e Associati, Kirkland & Ellis, New Deal Advisors, and Bain & Company, with Goldman Sachs advising Fiber Bidco; BC Partners was advised by lead financial advisors Canson Capital Partners and Nomura, alongside JP Morgan, Afry Capital, White & Case, PwC, Studio Legale Tributario Facchini Rossi Michelutti, and Bain & Company. The joint-ownership structure is designed to accelerate Fedrigoni's international buy-and-build strategy in sustainable luxury packaging.

It is worth noting that the fund Bain Capital took control of Fedrigoni Group through an LBO in 2017.