KETER takes majority stake in ABM

Keter Group, the resin consumer products maker controlled by funds advised by BC Partners, completed the acquisition of the entire share capital of ABM Italia from Clessidra and other private shareholders on 3 March 2017, at an enterprise value of , an EV/EBITDA multiple of on an EBITDA of . BC Partners had signed the agreement in December 2016, and completion followed clearance by the competition authorities. Clessidra had held 80% of ABM Italia since May 2015, when its Clessidra Capital Partners III fund invested in the company, with founder Giovanni Pagotto and partner Lucio Spadotto keeping the remaining 20%. Mario Fera, chief executive of Clessidra, said the fund had sourced the investment privately and supported the company's international development, turning it from an entrepreneurial business into a managed organisation. BC Partners had itself taken control of Keter Group from the Sagol family in 2016, alongside co-investor PSP Investments, with the family retaining 20%. At the time of the deal, ABM Italia employed about 600 people, ran three manufacturing plants in Italy and Canada and sold its Kis-branded storage products through DIY chains, retail chains and specialist retailers in Europe and North America. Keter financed the purchase with a 300 million euro loan, on top of the 690 million euro facility raised in October 2016 to fund BC Partners' acquisition of Keter itself. Linklaters advised BC Partners with a team spanning France, Italy, the United Kingdom and Canada, while Clessidra was advised by Gatti Pavesi Bianchi on legal matters, MN Tax&Legal on tax and Studio Pirola on financial aspects.