LBO France buys VetroElite from Gradiente

The deal saw the Italian GP exit the asset after a four-year holding period.

Several sources close to the situation confirmed the transaction, though financial details surrounding the deal have not been disclosed.

According to unquote" sister publication Mergermarket, the deal values the business at around €35m.

Previous funding
Gradiente acquired a controlling stake in VetroElite via its Gradiente I fund in June 2013.

Company
Established in 1994 and headquartered in Treviso, VetroElite produces glass packaging for spirits, wine, olive oil, vinegar, mineral water, food products, perfume diffusers, cosmetics and body care products.

According to Mergermarket, the company posted €13.1m in revenues with €2.8m of EBITDA in 2015.

People
Gradiente – Pietro Busnardo (CEO).

Advisers
Vendor – Vitale & Co (corporate finance).

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