Gradiente sells Alucap to Constantia Flexibles

The deal sees Gradiente sell its 70.75% stake in the business and Italian investment firm La Finanziaria Trentina its 27.21% stake to Austrian foil packaging producer Constantia Flexibles Group.

Prior to the acquisition, Constantia was owned by the buyout house One Equity Partners, which sold its controlling stake in the business to the French investment firm Wendel Group after a five-year ownership period for an enterprise value of €2.3bn. Wendel's offer represented around nine times the company's estimated 2014 EBITDA and the firm currently owns a 60.5% stake in the business.

Previous funding
In March 2014, Gradiente and La Finanziaria Trentina backed Alucap's MBO from the founding Taddei family. According to unquote" data, the deal saw an aggregate €5.2m equity injection.

As part of the deal, Gradiente acquired a 70.75% stake in the business via its maiden fund, Gradiente I, while La Finanziaria purchased a 27.21% stake and the company's CEO, Luigi D'Auria, retained the remaining 2.04% stake.

According to a statement, the company saw a 10% increase in revenues following the acquisition and posted a turnover of €17m in 2014 with a 17% gross margin and a positive net cash-debt ratio of €4.7m.

Company
Based in Borgo Valsugana, near Trento, Alucap produces aluminium lids and plastic films for dairies and food manufacturers. Established in 1982, the business exports its products mainly across Europe, but also has several clients based in Australia and South Africa.

According to a statement, the company posted a turnover of around €20m in 2016 and employs a staff of 50 people.

People
Gradiente – Pietro Busnardo (CEO).
Constantia Flexibles Group – Stefan Grote (executive vice-president).
TR Alucap – Luigi D'Auria (CEO).

Advisers
Vendors – Studio SAT (legal).
Buyer – R&P Legal (legal); Deloitte (financial due diligence, tax).

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