FEDRIGONI GROUP
Acquired by
BAIN CAPITAL
FEDRIGONI GROUP acquired by BAIN CAPITAL
Target
FEDRIGONI GROUP
Acquirer
BAIN CAPITAL
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The deal marks the end of a three-year search for a financial partner by the Fedrigoni family, who had previously withdrawn a planned IPO in 2014 and rejected offers from other investors (including Charme, Edizione, and Investindustrial) due to valuation disagreements.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 LOGIN in 2016, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level around LOGIN lower than the 10.5x average currently observed in the Industry & Manufacturing sector.
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Target
Founded in 1888 and headquartered in Verona, Fedrigoni Group is a historic global leader in the production of high-value-added specialty papers. The group operates through distinct business units: specialty papers for luxury packaging and art (owning the iconic "Fabriano" brand, dating back to 1264), self-adhesive materials (Arconvert division), and security products. Notably, Fedrigoni is the only Italian manufacturer accredited by the European Central Bank to produce the watermarked paper used for Euro banknotes.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with FEDRIGONI GROUP
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