• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Buyout

Investindustrial launches takeover for Guala

  • Alessia Argentieri
  • Alessia Argentieri
  • 26 March 2021
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

Investindustrial has launched a takeover offer for the entire ordinary share capital of Milan-listed bottle sealing company Guala Closures.

Following the takeover, which has an offering price of 820 euro cents per share, Investindustrial plans to de-list the company.

However, minority shareholders GCL Holding (controlled by the company's management led by CEO Marco Giovannini) and private equity firm Peninsula Capital have signed a shareholder agreement to coordinate their future decisions regarding the company's share capital. Following this agreement, they will collectively control 24% of the shares and 33% of the voting rights. Its is unclear if they intend to block the takeover or start negotiations with Investindustrial, with the aim of de-listing the company.

Investindustrial initially bought a 22.6% stake in Guala for €91m in April 2020. The GP increased its stake to 48.9% in December 2020 and subsequently to 53%, with 47.2% of the voting rights.

The GP is acquiring Guala via Special Packaging Solutions Investment, which is controlled by Investindustrial VII. The fund held a final close on €3.75bn, surpassing its initial target of €3bn, in November 2019. It acquires controlling stakes in European companies operating in the consumer goods, industrial and healthcare service sectors.

The vehicle deploys equity tickets in the €50-100m range for its lower-mid-market deals and of around €350m for its larger deals. It also co-invests with LPs for larger and selective mid-market opportunities.

Founded in 1954 and based in Alessandria, Guala specialises in manufacturing aluminium and plastic closures for bottles and containers for the food and beverage, pharmaceuticals and cosmetics industries.

The company has a presence in more than 100 countries worldwide and operates 29 production sites. It employs 4,700 staff and produces 20 billion closures per year.

In 2020, Guala generated adjusted EBITDA of €98m (13.7% down on 2019) from revenues of €572m (5.7% down on 2019). It also reported net financial debt of €464m.

Private equity firm APriori Capital Partners bought a majority stake in Guala in 2008, while NB Renaissance Partners and SwanCap Investment Management acquired a minority holding.

The deal was made via GCL Holdings, an entity controlled by APriori and co-invested by Melville, a company managed by NB Renaissance and SwanCap via its vehicle Private Equity Opportunities Fund II.

They sold the company to Space Holding and Peninsula Capital in a reverse merger that took place in April 2018. Guala was acquired by Space4, a special purpose acquisition company launched by Space Holding, and was listed on the Star segment of the Italian stock exchange via a reverse merger.

The total investment in the transaction amounted to €600m, which included the entire €500m raised by Space4, as well as additional capital provided by Peninsula Capital and the company's management team, led by CEO Marco Giovannini.

After completion of the acquisition, Peninsula held a 7% stake, Space4 controlled a 4% stake, APriori, NB and SwanCap maintained a combined 3% holding and the management team retained 14%, while a stake of around 71% was listed on the market. Guala reached a market capitalisation of €650m at the end of the listing process.

 

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Buyout
  • PIPEs
  • Southern Europe
  • Industrials
  • Investindustrial
  • Italy

More on Buyout

Zurich in Switzerland
​​​​​Capvis grapples with EUR 1bn fundraise amid team exodus

Five partners for the Swiss-based GP leave firm in last two years; sponsor started sixth buyout fundraise in early 2023

  • People
  • 11 August 2023
UK fund closes and launches
WestBridge raises GBP 130m in first close for third fund with debut deal in sight

UK-based PE firm has set GBP 200m hard-cap and target for the vehicle

  • Funds
  • 08 August 2023
Insurance funds
Bain Capital intensifies strategy specialisation efforts with USD 1.15bn insurance fund

New fund will deploy tickets of up to USD 200m but is 'not afraid to start small', Matt Popoli said

  • Financials
  • 02 August 2023
Paris's Arc de Triomphe
Eurazeo co-CEOs seek to reassure market following key departures

Listed GP is also considering options for its stake in Spanish PE platform MCH, it said in its latest results

  • GPs
  • 28 July 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013