Clessidra sells Bitolea to Stirling Square's Viscolube

The deal saw the GP fully exit the business after a five-year ownership period. Concurrently, the Intini family will also sell its 18% stake in the business.

Other bidders in the auction process reportedly included Spanish group Tradebe and French business Seche.

Italian lenders Intesa Sanpaolo and Banco BPM provided an undisclosed credit facility to support the acquisition.

Previous funding
In 2012, Clessidra acquired an 82% stake in the business via its second vehicle, Clessidra Capital Partners II, while the Intini family retained the remaining 18%.

In December 2011, Stirling Square Capital Partners invested an undisclosed sum to back the buyout of used motor oil regeneration and re-refining business Viscolube from Giorgio Carriero and his family, who retained a minority interest.

Company
Established in 1978, Bitolea produces speciality chemicals for the pharmaceutical and oil industries, focusing mainly on the recycling and disposal of industrial waste. Headquartered in Pavia, the company has 150 employees.

According to unquote" sister publication Mergermarket, the company posted €106m in revenues and €18m of EBITDA in 2016.

Advisers
Acquirer – Leonardo & Co (corporate finance); Banca Euromobiliare (M&A); Pavia e Ansaldo (legal); Gattai Minoli Agostinelli & Partners (legal); Equita SIM (debt).
Vendor – Lazard (corporate finance); NCTM (legal); PwC (commercial due diligence); Bain & Co (financial due diligence).

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• Topics
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