Aksìa sells Lameplast to trade for €88m

The GP reaped an IRR in excess of 60% with this transaction.

This is the first exit completed by Aksìa Capital IV fund, which was launched in 2013 and held a final close on €110m in April 2016. The GP has recently held a first close for its fifth fund on €100m, Unquote understands.

The deal does not include Lameplast's subsidiary, COC Farmaceutici, a pharmaceutical business that will continue to be part of Aksìa Capital IV's portfolio.

The GP wholly acquired Lameplast and its subsidiaries from the company's founders in April 2016. To support the transaction, Italian bank Monte dei Paschi di Siena led a €21.5m syndicated debt package, alongside BPER Banca, Cariparma and GE Capital.

Separately, Italian investment firm Equita Sim provided a €5m senior bond over two tranches to Schema, the holding company of Lameplast. The deal marked the first transaction for the GP's maiden vehicle, Equita Private Debt Fund.

Under Aksìa's ownership, the company strengthened its management team, enlarged its customer base, enhanced its R&D capabilities, developed a new commercial strategy and boosted the growth of its US-based subsidiary.

US-based Tekni-Plex specialises in manufacturing packaging materials, medical compounds and medical tubing for the medical, pharmaceutical, personal care, household, industrial, and food and beverage markets. The company was acquired by private equity firm Genstar Capital in 2017. It generates turnover of more than €860m.

Company
Founded in 1976 and headquartered in Carpi, near Modena, Lameplast specialises in plastic injection and moulding, and produces single- and multi-dose containers for the pharmaceutical and cosmetics industries.

Its customer base comprises Italian and international companies such as Johnson & Johnson, Merck Usa, Recordati, Chiesi Farmaceutici and Molteni Farmaceutici. Lameplast recorded EBITDA of €7.6m from revenues of €25.9m in 2018. 

People
Aksìa Group – Nicola Emanuele (CEO).

Advisers
Vendor – Lincoln International (corporate finance); Cartolano Studio Legale (legal); Studio Russo De Rosa (tax); PwC (financial due diligence).

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