Argos Soditic backs Fabbri Vignola SBO

Amedeo Goria
03 October 2017

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French private equity house Argos Soditic has acquired Italian industrial packaging machine producer Fabbri Vignola from its peers Lincolnshire Management and Igi.

Argos fully acquired the business from US-based buyout house Lincolnshire Management, Italian GP Igi, German holding company Holger Van Den Heuvel and the Chiavara family. Following the deal, the company's CEO, Elisabetta Olivieri, will retain her position with the business.

The French GP deployed capital from its Argos Soditic VII fund, while a lenders syndicate provided a credit facility. Banca Ifis, BPER Banca and Unicredit took part, and Crédit Agricole Cariparma acted as agent bank.

Previous funding
The founding Fabbri family sold the business in 2011. The deal saw Igi acquire a 42.86% stake via its vehicle Fondo Igi Investimenti Quattro, while the Chiavara family bought a 28.57% stake and Holger Van Den Heuvel secured a 28.57% stake.

The owners then embarked upon a turnaround strategy to support the company, which included the establishment of its headquarters in Modena.

Lincolnshire Management acquired a 51% stake in the business via its $835m Lincolnshire Equity Fund IV in May 2014, while the Chiavara family, Igi and the German holding retained a combined 49% stake. The deal was the first investment in Italy for the US-based GP.

Company
Based in Vignola, near Modena, Fabbri Vignola is an industrial group focused on the production of machines and film products for food packaging. The business was founded in 1950 and has three production sites in Italy and Switzerland.

According to local press reports, the company posted €98m in revenues in 2016, up from €95m in 2015. It generated €15.8m of pro forma EBITDA in 2016 and currently has €18m of net debt.

People
Lincolnshire Management – Ottavio Serena di Lapigio (managing director).
Igi – Matteo Cirla (managing partner).
Fabbri Vignola – Elisabetta Olivieri (CEO).