De Longhi interested in PAI-backed coffee machine business Saeco

Italian household appliance brand De Longhi is one of several corporate groups to have expressed interest in acquiring PAI-backed coffee machine manufacturer Saeco.

The company is said to be in discussions with its main creditor BNP Paribas to recaptialise and restructure its EUR560m debt. Other interested parties are said to include home appliance manufacturer Electrolux, France-based Seb and former owner Segio Zappella, who may seek to buy back the company with the support of private equity firms.

PAI acquired Saeco in January 2004 in a EUr508m public-to-private deal, paying EUR3.8 per share and taking a 66.85% stake in the Bologna-based company. Debt financing for the transaction was provided by JP Morgan.

Saeco was founded as the home espresso machines manufacturer GSL in 1976. The firm's consumer products range includes household coffee machines, ironing systems, steam cleaners, air conditioning systems and dehumidifiers. Saeco also manufactures professional coffee machines and vending machines.

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