Orienta, Indigo buy Italian packaging producer Sidac

The deal saw club deals arranger Orienta lead the investors consortium, which included several Italian family offices and French alternative lender Indigo Capital. According to a statement, the buyers fully acquired the business following an auction process, competing with several domestic and international strategic investors.

Following the deal, Orienta acquired the largest stake in the business with a 28% holding, while Indigo Capital provided a mezzanine credit facility and concurrently acquired a 27.5% stake, according to a source close to the situation. Other co-investors acquired a smaller minority holding, while the management team will not retain a stake but will continue to lead the business.

The buyers acquired the business from its parent company Acmar, which filed for a bankruptcy-shield agreement in June 2016. Against this background and despite the presence of strategic investors during the auction process, the transaction was based on an entry multiple below the market average, the source said.

The new shareholders aim to support the company's international expansion organically and currently do not foresee providing capital for bolt-on acquisitions, according to the source.

Company
Founded in 1929 and headquartered in Forlí, Sidac produces flexible packaging and labelling focusing on the food and beverage, detergents and pet food sectors. The company employs 108 people.

The business posted €27m in revenues and a €3.5m EBITDA in 2016, according to a statement. It has net debt of €7-8m, according to the source.

People
Orienta Partners – Augusto Balestra, Fabio Fabbri, Mario Gardini, Sergio Serra (partners).
Sidac – Luca Mazzotti (general director).

Advisers
Equity – Gitt & Partners (legal); Simmons & Simmons (debt advisory); EY (financial due diligence, tax); Axance (corporate finance).

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• Topics
• Buyouts
• Industrials
• Southern Europe
• Italy
• Indigo Capital