Progressio backs Gampack

Alessia Argentieri
01 February 2019

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Italian private equity firm Progressio has acquired a majority stake in packaging machinery manufacturer Gampack.

Unquote understands that the GP bought a 70% stake, while the company's founders, Luciano Gandini and Giuseppe Gazzola, retained a significant minority holding in the business.

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

Following the acquisition, Progressio appointed a new management team led by CEO Amedeo Scapin, while co-founder Giuseppe Gazzola became president to ensure continuity of the business strategy. Scapin reinvested in the business alongside the GP and acquired a small minority stake.

The GP intends to support the company in its expansion into new market segments, such as food, cosmetics and pharma, and into new geographies outside Italy. In addition, it plans to further develop its portfolio of products and boost its growth both organically and through new acquisitions in Italy.

This is the second investment made by the GP via its Progressio Investimenti III fund, following the acquisition of a 65% stake in animal-friendly coats designer Save the Duck in March 2018.

Progressio Investimenti III was launched with a €225m target and held a €86m first close in January 2018. The GP told Unquote that the vehicle has raised €185m so far and is close to the end of its fundraising stage. It expects to surpass its target and reach a final close in July 2019.

Company
Established in 2004 and based in Podenzano, near Piacenza, Gampack specialises in manufacturing machinery for secondary packaging, serving primarily the beverage sector. Unquote understands that the company generated EBITDA of around €3.6m from revenues of €12m in 2018, of which 80% came from outside Italy, primarily from Spain and France. Gampack employs 50 staff.

People
Progressio – Alessandro d'Arco (partner); Giovanni Vettore (associate).
Gampack – Amedeo Scapin (CEO); Giuseppe Gazzola (president).

Advisers
Equity – EY (financial due diligence); Studio Russo De Rosa & Associati (legal, tax).
Company – Gobbi & Associati (corporate finance); Studio Pedersoli (legal).