LBO France’s Gioconda buys Bluclad

Following the acquisition, the company’s founders Marco Eruli and Leandro Luconi will retain a significant minority stake in the business.

A debt package was provided by Banco BPM and Credit Agricole to support the deal, Unquote understands.

LBO France deployed capital from its Small Caps Opportunities fund, which held a final close on €104m in November 2018 and has a dedicated investment team of six managers, three of which are based in Milan.

The fund invests in high-growth French and Italian companies with strong potential for international expansion and an enterprise value of less than €100m. Bluclad is the fourth investment made by the fund and the second in Italy after the acquisition of glass packaging manufacturer Vetroelite in May 2017.

Buclad plans to use the fresh capital to boost its growth both organically and through targeted acquisitions and to accelerate its international expansion, primarily in France, where the company already has a subsidiary, Bluclad France. Unquote understands that the GP has already selected a target for a first add-on, which is expected to be completed by June 2019.

Company
Founded in 2008 and based in Prato, near Florence, Bluclad specialises in galvanisation and electroplating of metal parts and components used in the luxury goods and fashion industries. The company employs 42 people and generated EBITDA of €5m from revenues of around €21m in 2017.

People
LBO France - Roberto d’Angelo, Arthur Bernardin (Gioconda managing directors).
Bluclad - Marco Eruli, Leandro Luconi (co-founders).

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