Three Hills Capital invests €60m in Aquafil

Three Hills provided €35m from its Three Hills Capital fund, with co-investors contributing the remaining €25m. The vehicle held a first close on its hard-cap of €100m in October 2014 and has closed four transactions to date.

The fresh capital will be used to bolster the company's expansion in the US and Asia. As part of the deal, Michele Prencipe, partner at Three Hills, will remain member of the managing board at Aquafil.

Previous funding
In 2009, Hutton Collins led the first €45m funding round for Aquafil, with its owner Giulio Bonazzi retaining a controlling stake. In December 2014, Three Hills and Finanziaria Trentina invested €30m in the company, providing an exit route for Hutton Collins. Three Hills invested €22m in the business at the time.

Company
Established in 1969 and headquartered in Arco, Aquafil produces nylon filaments for textile floorings and synthetic fibres for the apparel and sports industries. The group employs 2,700 people across the US, Europe and Asia, generating €500m revenues in 2015, with a €60m EBITDA.

People
Aquafil – Giulio Bonazzi (CEO).
Three Hills Capital Partners – Mauro Moretti (founder, managing partner); Michele Prencipe (partner).

Advisers
Equity – Linklaters (legal); Bain (commercial due diligence).
Company – Freshfields (legal).

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• Topics
• Expansion
• Industrials
• Southern Europe
• Italy