BC-backed Keter buys ABM Italia from Clessidra at c€400m EV

Amedeo Goria
06 December 2016

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BC Partners-owned Keter Group has acquired ABM Italia from Italian buyout firm Clessidra, netting the exiting GP a 3x money multiple.

According to a source familiar with the situation, the deal valued the business at €400m. As part of the deal, Clessidra fully exited its 80% stake, alongside the company's founder Giovanni Pagotto, who sold his 20% share. The deal sees BC bolt the company onto its portfolio asset, Keter, via an equity-debt transaction that included a €300m additional loan, according to press reports, as well as undisclosed additional equity drawn down from the GP's ninth vehicle, BC European Capital IX, unquote" understands.

Clessidra reaped 3x money on the sale after a 17-month holding period, according to a second source. It acquired its majority stake in the business in May 2015. The deal was the second for Clessidra's third fund, Clessidra Capital Partners III, following the acquisition of Roberto Cavalli in May 2015. The vehicle recently reached a final close on €607.3m – short of its initial €800m target.

Previous funding
Clessidra acquired an 80% stake in ABM Italia – formerly known as Arredo Plast – in May 2015, with the company's founder Pagotto retaining a 20% shareholding.

Company
Established in 1972 and headquartered in Treviso, ABM Italia manages three sister companies across its three production facilities in Italy and Canada. KIS manufactures resin storage systems for domestic and office applications, including cabinets, shelves and storage boxes; AP Medical produces containers for disposal of special hospital waste; Dblade develops work- and sports-related clothing.

According to a source close to the matter, ABM generated €230m in revenues in 2015 with €36m EBITDA. Currently the business has a headcount of 700 people.

People
BC Partners – Jean-Baptiste Wautier (managing partner).
Clessidra – Mario Fera (CEO); Matteo Ricatti (managing director); Alessandro Matteo (investment director); Maurizio Fanetti (associate).
ABM Italia – Angel Sánchez (CEO).

Advisers
Equity – UBS (M&A); Linklaters (legal); EY (commercial due diligence, tax).
Vendor – Studio Gatti Pavesi Bianchi (legal); Studio Pirola (tax).