Ardian buys Celli from Consilium

Unquote understands that the deal values the company at around €250m, which would equate to 15x its 2018 EBITDA. Consilium owned a 70% stake in the company, with the founding family holding the remaining 30%.

Celli's senior management, led by CEO Mauro Gallavotti, reinvested alongside the GP and acquired a minority stake. Following the deal, Ardian plans to further accelerate Celli's growth and strengthen the group's international expansion.

Unquote understands that Ardian acquired Celli via its Ardian LBO Fund VI, which held a final close on €4bn in September 2016.

The sale ends a six-year holding period for Consilium, which bought a 70% stake in Celli via its Consilium Private Equity III fund, closed on €145m in December 2014.

Under Consilium's ownership, Celli consolidated its market position in Italy and abroad and increased its revenues from €34m in 2013 to €110m in 2018. In addition, the company pursued a buy-and-build strategy by acquiring British beer tapping specialist Group ADS2 in 2015; water coolers producer Cosmetal in 2016; UK-based beer pump systems manufacturer Angram in 2017; and FJE Plastic Development, a British company specialising in plastic molding injection, in 2018.

Company
Established in 1974 and headquartered in Rimini, Celli specialises in designing, manufacturing and installing water, beer and soft drinks dispensers. In addition, the company developed and recently launched an IT platform able to remotely coordinate the overall management of the dispensers installed on behalf of its customers. Celli's client base includes international breweries such as Heineken, Carlsberg, Asahi, Molson Coors, Budweiser and soft drinks producers including Coca-Cola and Pepsi.

The company employs 400 staff, has five manufacturing plants in Italy and the UK and exports its products in 100 countries worldwide. It generated EBITDA of around €16.5m from revenues of €110m in 2018.

People
Ardian - Yann Chareton (managing director).
Celli - Mauro Gallavotti (CEO, chair).

Advisers
Acquirer - Giovannelli e Associati (legal); Boston Consulting Group (commercial due diligence); Gitti & Partners (tax); KPMG (financial due diligence); Mediobanca (corporate finance).
Vendor - RW Baird (corporate finance); Orrick (legal); Russo De Rosa e Associati (tax).

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• Topics
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• Ardian (formerly Axa PE)
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