Tapì acquired by Stirling Square Capital

Wise Equity, which initially entered the capital of Tapì in February 2017 via its Wisequity IV vehicle, announced the sale of the entire group to British private equity sponsor Stirling Square Capital Partners, completing the exit alongside founders Alberto Baban and Nicola Mason as well as fellow shareholder Gradiente I. The full acquisition of the industrial packaging specialist was agreed on the basis of an enterprise value of €300–700M, reflecting a transaction entry multiple of 10x–18x. For the 2022 fiscal period, the technical closure maker led by chief executive Roberto Casini delivered €125m of revenues, representing substantial corporate growth from an initial revenue base of €35 million recorded in 2017. During the seller's investment holding cycle, the company executed targeted international add-on acquisitions, raising its ownership to 90% in Tapì Argentina in November 2017 alongside Mariano Paz, before acquiring 100% of French spirits closure producer Les Bouchages Delage in May 2019, whose principals rolled over equity into the parent structure. The buyout financing package links a €35 million payment-in-kind (PIK) bond due in 2030 issued by Tapì Holdings and taken up by Tikehau Investment Management with a syndicated senior debt facility comprising a term loan and a revolving credit line provided to Stirling Square. Chiomenti, Gattai Minoli Partners, and PwC TLS advised the purchaser on corporate, banking, and fiscal diligence matters, supporting an industrial group operating manufacturing plants across Italy, France, Mexico, and Argentina for luxury beverage brands.

By taking control of Tapì, Stirling Square Capital continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Verescence in 2019.