Orlando Italy to sell Favini

Orlando Italy bought a majority stake in Favini in 2009 through its Orlando Italy Management fund, which was launched in 2006 and closed on its €180m hard-cap in 2007. The fund invested in seven Italian companies and is now fully deployed.

The remaining minority stake in Favini, which will also be sold in the same transaction, is owned by Fortress, which bought it from Crédit Agricole Private Equity and Lacim in 2017.

In 2015, Favini's owners abandoned the project of an IPO and entered talks with Italian GP Progressio, but the process did not move forward and the sale was cancelled.

Founded in 1906 and headquartered in Rossano Veneto, near Vicenza, Favini specialises in manufacturing paper for the stationery industry and eco-leather and natural-fibre-based materials for the packaging, luxury and fashion industries.

In 2017, the company generated an EBITDA of €20.5m, up 13.6% on 2016, from revenues of €159.9m, 70% of which was generated abroad. Net income was €5.2m, a 19% increase on the previous year.

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