Chequers buys Synergo's Bozzetto

Chequers competed for the asset against several strategic investors and fund managers, including SK Capital Partners and Mandarin Capital Management.

According to unquote" sister publication Mergermarket, the deal could have valued the business at 7x its 2016 EBITDA.

Unicredit is understood to act as sole bookrunner, with Crédit Agricole Cariparma, IFIS and UBI providing an undisclosed credit facility to support the transaction.

Previous funding
In 2004, Synergo acquired a 61.1% stake in the business via its 2002-vintage Italy Private Equity Fund IV from its parent company Rutgers. The deal saw the founding Bozzetto family retain a 33.9% holding, while management acquired a 4.1% stake and BS Private Equity a 0.9% stake. In 2013, BS Private Equity fell under control of Synergo.

According to Italian financial adviser Vitale's website, Bozzetto secured a restructuring plan in December 2014, valued at €35m.

Company
Founded in 1919, Bozzetto produces chemicals focusing on the textiles, construction, agriculture, cosmetics and detergent sectors. Headquartered in Bergamo, the business employs 397 people and posted €119m in revenues in 2015.

Advisers
Equity – Fineurop Soditic (corporate finance); Mediobanca (M&A); NCTM (legal); ERM (environmental due diligence).
Vendor – Alantra (corporate finance); Deloitte (financial due diligence); Gatti Pavesi Bianchi (legal).
Debt – Linklaters (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Industrials
• Southern Europe
• Exits
• Italy
• Secondary buyout
• Synergo
• Chequers Capital
• Fineurop Soditic
• Deloitte
• Linklaters
• Alantra Private Equity