Giannoni and Prezioso buyouts cancelled

More bad news has hit the buyout space this month as it emerged that two deals have been called off. In December 2008, 21 Centrale Partners signed an exclusive agreement with Indigo Capital to purchase Prezioso Technilor. However, Indigo has now cancelled the sale of the surface coatings company. Similarly, the shareholders of condensing technology company Giannoni, which was put on the block in June 2008 have now called off the sale.

The withdrawal of Giannoni from the market can be principally attributed to the current economic conditions. Giannoni had been courted by a series of buyout houses including LBO France, however market conditions had seen the perceived value of the business drop from EUR800m to EUR300m, a price the founders Joseph Le Mer and Rocco Giannoni believe to be too low.

The Prezioso Technilor deal, which was at a far more advanced stage, is far more perplexing. The reasons given for the cancellation suggest that the timetable was not respected, especially by the banks that were expected to provide a EUR38m debt package for the acquisition.

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