Star Capital sells Olivotto Glass to trade

In addition to the 70.88% stake bought from Star Capital, China Glass Holdings also acquired a 0.71% holding from Star Capital CEO Marco Gazzaniga and the remaining 28.41% stake controlled by Olivotto's founder and CEO Giulio Napoli via his holding company Industries, for a total amount of €21.45m.

Star Capital acquired a 71.6% stake in Olivotto from holding company Olivotto Industries for €16.4m in May 2011 via its €70m Star Bridge Social Responsible Fund, which is now fully deployed. The company's CEO reinvested in the business and held the remaining 28.4%. Prior to that, Olivotto was 60% owned by Giulio Napoli, while the remaining 40% was controlled by Italian private equity fund Cape Natixis.

In addition to Star Bridge Social Responsible Fund, Star Capital manages an €87.7m vehicle, Star III, which held a final close in 2013 and is now fully deployed.

Unquote understands that the GP has recently launched a new fund, Star IV, with a €120m target. It held a first close on €65m in August and expects to reach a final close by the end of 2019. 

Company
Founded in 1946 and based in Avigliana, near Turin, Olivotto is a manufacturer of machines and equipment for the production of glass items and glassware.

People
Star Capital – Marco Gazzaniga (CEO).

Advisers
Vendors – K Finance (corporate finance); Pedersoli Studio Legale (legal).
Acquirer – Bakery Tilly (corporate finance); Studio Pavesio (legal); Jia Yuan Law Offices (legal).

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• Topics
• Exits
• Southern Europe
• Industrials
• STAR Capital Partners
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• Trade sale