Progressio buys controlling stake in Garda Plast

The GP acquired a 70% stake in the business for an undisclosed amount, while the founding Tonoli family will retain a 30% holding and the management team will continue to lead the business. Entrepreneur Massimo Cutolo also invested in the business and will join the company as CEO.

Lender Crédit Agricole Cariparma and Banco BPM provided an undisclosed debt facility, which saw Crédit Agricole Cariparma act also as arranger and agent bank.

The GP acquired its controlling stake through its Progressio Investimenti II vehicle. The buyout firm is currently raising Progressio Investimenti III, which launched in March 2017 and has a €225m target.

Company
Established in 1996 and based in Brescia, Garda Plast produces preform bottles for mineral water, soft drinks and detergents.

According to unquote" sister publication Mergermarket, the company posted €39.4m in revenues and €4.9m in EBITDA in 2015.

People
Progressio Investimenti – Filippo Gaggini (managing partner); Alessandro Petraccia (investment director); Mattia Balagion (associate).

Advisers
Equity – Carnelutti Studio Legale Associato (legal); EY (financial due diligence, commercial due diligence); Studio Russo De Rosa (tax); Greenwich (ESG due diligence); Fineurop Soditic (debt advisory).
Vendor – Gobbi and Associates (corporate finance); Pedersoli Studio Legale (legal).
Debt – White & Case (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Industrials
• Southern Europe
• Italy
• Progressio SGR
• EY (Ernst & Young)
• Fineurop Soditic
• White & Case