PE-backed Berlin Packaging buys Ardian's Bruni Glass

Amedeo Goria
12 October 2016

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Oak Hill Capital Partners-backed Berlin Packaging has acquired Italian glass containers producer Bruni Glass from private equity firm Ardian.

The deal saw Ardian sell its 70% stake in the business to Chicago-based corporate Berlin Packaging, while the company's management team and founding members, Gino Dal Bon and Roberto Dal Bon, will remain shareholders in the merged group. The transaction marks the first acquisition for the North American business in the European market and the third since October 2014, when Oak Hill acquired the business for $1.43bn from asset management firm Investcorp.

According to a statement, Bruni's employees and locations will be retained during the first phase of the merger.

Previous funding
In September 2012, Ardian acquired a 70% stake in Bruni from Italian buyout firm Opera. As part of the deal, the founders re-invested to retain a 30% stake in the company.

Italian private equity firm Cape Natixis had previously acquired a 40% stake in the business via its CNDue fund in July 2010. Subsequently, Italian GP Opera acquired Cape's first and second vehicles in August 2011 and took control of the GP's portfolios.

Company
Founded in 1974 and headquartered in Milan, Bruni designs and distributes glass containers for spirits, food, pharmaceutical products and household accessories, while outsourcing the production to glassmakers located mainly in Italy and Germany.

The company employs a staff of 200 and has a presence in 17 countries, including Italy, France, Spain, China, the US and Canada. In 2015, the business posted a turnover of €137m, with €20.6m of EBITDA and €24.5m of net debt.

People
Oak Hill Capital Partners – Tyler Wolfram (managing partner).
Ardian – Nicolò Saidelli (managing director).
Berlin Packaging – Andrew Berlin (chair, CEO).
Bruni Glass – Gino Del Bon (chair); Roberto Del Bon (CEO).

Advisers
Acquirer – KPMG (financial due diligence); Vitale & Associati (corporate finance); LEK Consulting (commercial due diligence); Gianni Origoni Grippo Castelli (legal).
Vendor – BonelliErede (legal).