Wise-backed Tapì buys Les Bouchages Delage

Alessia Argentieri
20 May 2019

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Wise Equity-backed Gruppo Tapì, a Milan-based synthetic closures and corks producer, has wholly acquired French company Les Bouchages Delage, which specialises in manufacturing tops and caps for liqueur and spirit bottles.

The founding Delage family will reinvest in the deal and acquire a 10% stake in Tapì. The management team led by CEO Christian Delage will continue to run the company, which will operate independently.

Unquote understands that the new combined group expects to generate EBITDA of €16m from revenues of €80m in 2018. Wise plans to further boost Tapì's international expansion and growth both organically and via additional acquisitions in new markets, including Asia.

In addition to the equity drawn from Wisequity IV fund, the deal was financed with a debt package composed of senior debt and a bullet facility. The financing was provided by a pool of banks led by Crédit Agricole Friuladria alongside BPER Banca and Iccrea BancaImpresa.

Unquote understands that, following this last investment to support Tapì's acquisition of Les Bouchages Delage, Wisequity IV is more than 80% deployed.

Wise acquired a majority stake in Tapì from Italian GP Gradiente and the company's founders, Alberto Badan and Nicola Mason, in February 2017.

Wise deployed capital from its €215m Wisequity IV fund, while a lenders' syndicate led by Crédite Agricole FriulAdria alongside Italian banks Interbanca and BPER Banca provided an undisclosed credit facility to support the transaction.

Company
Established in 1941 and headquartered in Cognac, Les Bouchages Delage specialises in manufacturing synthetic stoppers and corks for bottles of spirits and liqueurs.

People
Wise Equity – Stefano Ghetti (senior partner).
Les Bouchages Delage – Christian Delage (CEO).
Gruppo Tapì – Roberto Casini (CEO).

Advisers
Equity – Simmons & Simmons (legal); KPMG (financial due diligence).
Company – Capitalmind (corporate finance); Armand Avocats (legal, tax); Studio Legale De Berti Jacchia (legal); Deloitte (financial due diligence); Taj (financial due diligence).