Wise buys Gradiente's Tapì

Amedeo Goria
02 February 2017

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Italian buyout house Wise has acquired Milan-based synthetic closures and corks producer Tapì from venture capital investor Gradiente.

The GP acquired the controlling stake from the founders Alberto Badan and Nicola Mason, and VC Gradiente. Following the deal, Roberto Casini, CEO of the company's subsidiary in Mexico and the US, will become CEO of the overall group.

A lenders' syndicate led by Crédite Agricole FriulAdria alongside Italian banks Interbanca and BPER Banca provided an undisclosed credit facility to support the transaction.

According to a statement, the company aims to double its revenues within five years.

The deal marks the third acquisition for the GP's 2015-vintage Wisequity IV vehicle, which held a final close on its €215m hard-cap in March 2016 after six months on the road. Recent transactions include the acquisition of speciality chemicals producer Corob in June 2016, as well as KBC and Guarisco in February 2017.

Previous funding
In December 2012, Gradiente acquired a minority stake in the business via its Gradiente I fund.

During its holding period, Gradiente backed the business expansion through the acquisition of Microcell in 2013 and Tapones Escobar in 2014. Following the bolt-on transactions, the company saw its turnover grow from €12m in 2012 to €40m in 2016, according to a statement.

Company
Founded in 1998, Tapì designs and produces synthetic stoppers and corks for products including wine, beer, spirits, condiments and cosmetics.

Headquartered in Massanzago, near Padua, the company has production plants in Italy, Mexico and Argentina and exports 80% of its production across 60 countries in Europe, the US and Central America.

According to a statement, the business reported €40m in revenues in 2016 and employs 300 people.

People
Wise – Stefano Ghetti (partner); Marco Macnuso (investment manager).
Gradiente – Carlo Bortolozzo (founding partner); Lorena Lorenzon (investment manager); Marco Tosato (analyst).
Tapì – Alberto Baban, Nicola Mason (founders); Roberto Casini (CEO).

Advisers
Equity – Vitale & Co (corporate finance); Simmons & Simmons (debt).
Company – Simmons & Simmons (legal); Studio Spada & Partners (tax); KPMG (commercial due diligence); Fineurop Soditic (debt).
Vendors – Grava & Associati (legal); Studio Tributario Berto (tax).
Debt – Clifford Chance (legal).