LBO France hires Ethica for Vetroelite exit

The auction will kick off in September, two sources close to the situation said, adding that teasers will be sent to both private equity firms and industry players.

Vetroelite's EBITDA is in the region of €8.5m on €32m in sales, two sources familiar with the situation said.

While the formal process has not yet launched, Ethica has recently conducted an informal market sounding with potential interested parties, the sources said.

Vetroelite and LBO France did not return requests for comment, while Ethica declined to comment.

Vetroelite could stretch a compelling valuation, according to one of the sources familiar, disclosing that the company is in a strong growth trajectory. It performed strongly in 2020 and the coronavirus crisis did not hit its profitability because it had a backlog of international orders, the source explained.

LBO France acquired Vetroelite in May 2017 from sponsor Gradiente SGR for around €35m.

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