Triton buys Vision's Bormioli Rocco

Amedeo Goria
18 July 2017

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Buyout firm Triton Partners has acquired pharmaceutical packaging business Bormioli Rocco from Vision Capital.

Vision fully exited the asset, selling the pharmaceutical part of the business to Triton and the tableware business to Italian trade buyer Bormioli Luigi.

In 2011, Vision acquired the business as part of a portfolio of assets from Italian retail bank Banco Popolare. The deal saw the GP acquire the portfolio for €375m. The acquisition included a substantial majority stake in Bormioli and several other minority investments.

JP Morgan provided loan financing of €365m for the acquisition of Bormioli while Vision paid €10m in cash for the minority investments, according to unquote" data.

During its ownership, Vision merged Bormioli's plastic and glass products businesses, forming a pharmaceutical packaging group. In 2013, the business acquired Neuborglass.

Two years later, the GP sold the food and beverage and perfumery divisions to Swiss trade buyer Vetropack in June 2015. The divestment came around a year after Bormioli Rocco restructured into four subsidiaries. The group also included the pharmaceutical glass, pharmaceutical plastic and tableware divisions.

Company
Fidenza-based Bormioli Rocco was established in 1825 and produces pharmaceutical packaging and tableware, including glassware for home use and the food service sector. The company has eight manufacturing plants, two decoration workshops, several subsidiaries and seven single-brand stores featuring tableware products. It has a presence in Italy, Germany, France, Spain, the US and Russia.

According to a statement, the company employs 2,000 people and has an annual turnover of €440m and €72.1m EBITDA, according to a source close to the matter.

People
Triton Partners – Peder Prahl (director, general partner).
Vision Capital – Julian Mash (CEO).

Advisers
Vendor – Rothschild (corporate finance); Linklaters (legal).
Acquirer (Triton Capital) – Studio Legale Labruna e Associati (legal).
Acquirer (Bormioli Luigi) – KPMG (financial due diligence); R&P Legal (legal).