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12/2017

FEDRIGONI GROUP acquired by BAIN CAPITAL

ITALY Chemicals & Materials / Packaging & Containers / Labels & Adhesives EV €500M–1.5bn

Context

Bain Capital acquired a controlling majority stake in Fedrigoni S.p.A. The deal marks the end of a three-year search for a financial partner by the Fedrigoni family, who had previously withdrawn a planned IPO in 2014 and rejected offers from other investors (including Charme, Edizione, and Investindustrial) due to valuation disagreements. The founding family achieved their target price and will reinvest to retain a minority stake, ensuring continuity.

FEDRIGONI GROUP, which reported an EBITDA margin of [members only] in 2016, is valued in this transaction at an EV/EBITDA multiple of below 5x, a level significantly lower than the average currently observed in the Industry & Manufacturing sector (11.7x).

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Target

Fedrigoni designs, manufactures, and distributes specialty high-end papers and technical self-adhesive materials since its establishment in 1888 in Italy. The enterprise organizes its commercial operations through two dedicated divisions: premium specialty papers for luxury packaging and graphic applications, alongside self-adhesive materials engineered for the wine, food, cosmetic, and logistics sectors. Its product portfolio features heritage paper brands such as Fabriano together with advanced mono-material and fibre-based solutions designed to assist global consumer brands in their ecological transition away from single-use plastics. The company relies on an integrated industrial architecture combining paper manufacturing mills, precision conversion and cutting centers, and an international distribution network. By investing in circular materials research, industrial waste recovery, and bio-based coatings, the organization provides luxury packaging converters and commercial printers with sustainable, high-performance paper solutions.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

below 5x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2016
€1–10bn
€100–200M
[members only]
2015
€1–10bn
€100–200M
[members only]

Other operations with FEDRIGONI GROUP

Other operations with FEDRIGONI GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
07/2022BC PARTNERS / BAIN CAPITALFEDRIGONI GROUPITALYLabels & Adhesives

REFERENCES

Valuation range: EV €500M–1.5bn

Revenue range: €1–10bn

EBITDA range: €100–200M

EV/Revenue range: below 1.5x

EV/EBITDA range: below 5x

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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: fedrigoni group

Acquirer: bain capital