NB Renaissance launches €362m takeover for Sicit

The offer price amounts to €16 per share, for a total price of up to €362m.

The bid has been made via Circular BidCo, which is currently fully controlled by NB Renaissance.

Intesa Holding, which owns a stake of 43.4% in Sicit, will take part in the offer and reinvest alongside NB Renaissance. Following the deal, Circular Bidco, which aims at controlling the entire share capital of Sicit, will be equally owned by NB Renaissance and Intesa Holding, and Sicit will be de-listed from the Italian stock exchange.

Established in 1960 and headquartered in Chiampo, near Vicenza, Sicit manufactures amino acids and peptides of animal origin used in the production of fertilisers and crop protection products, as well as retardants and additives for the construction industry. The company synthesises its products through a process of hydrolysis of residues from the tanning industry.

Sicit was listed on the Italian Stock Exchange in May 2019, through a business combination with special-purpose acquisition company (Spac) Sprint Italy in a deal that gave Sicit an equity value of €160m.

Sprint Italy acquired a stake of around 54% in Sicit with a €100m investment. A 43.4% stake was retained by Intesa Holding, which had first invested in Sicit n 1991. Intesa is a holding company controlled by 30 shareholders, mostly businesses and entrepreneurs operating in the leather production industry.

Sicit operates two production plants and has subsidiaries in China and the US. The company generated EBITDA of €24m and net profit of €15m from revenues of €63m in 2020.

Legance Avvocati Associati and Chiomenti have been the advisers in the takeover bid for NB Renaissance and Intesa Holding, respectively.

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• Topics
• Buyouts
• Southern Europe
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• NB Renaissance Partners
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