HIG buys 90% stake in Italian non-wovens producer Texbond

According to press reports, HIG acquired a 90% stake in the busines, while the company's chair, Giuseppe Gaspari, and CEO Crisitina Parisi will retain a 10% stake in the business, alongside HIG's senior adviser Jonathan Bourget. Financial details surrounding the transaction remain undisclosed at the time of publication.

The company intends to use the fresh capital to expand internationally across Europe as well as the US.

The deal marks the second acquisition for HIG in the Italian market, following the investment in Italy's International School of Europe, recently exited through a trade sale.

Debt
According to a statement, Italian lenders Monte Dei Paschi di Siena and Banca Popolare Friuladria provided an undisclosed debt facility to support the transaction.

Company
Established in Rovereto in 1988, Texbond manufactures non-woven fabrics for the hygiene, medical, construction, automotive, household goods and agricultural sectors.

The business reportedly posted €38m in revenues and €8m of EBITDA in 2015.

People
HIG Europe – Raffaele Legnani (managing director); Jonathan Bourget (senior adviser).
Texbond – Giuseppe Gaspari (founder, chair); Cristina Parisi (CEO).

Advisers
Equity – Fineurop Soditic (corporate finance); Studio Spada Partners (tax).
Company – Grant Thornton (corporate finance).
Debt - Linklaters (legal)

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• Topics
• Buyouts
• Industrials
• Southern Europe
• Italy
• HIG Europe