KKR's Pillarstone sells 50% stake in Manucor to trade

Manucor and Biaxplen expect to expand their product portfolios, boost their geographic coverage and market presence, and further develop their R&D capabilities.

Initially, Pillarstone Italy took over Intesa Sanpaolo's long-term loan to Manucor in December 2015, as part of the acquisition of a larger portfolio of exposures valued at around €1bn granted to five companies by Intesa Sanpaolo and Unicredit.

Subsequently, Pillarstone wholly acquired Manucor in May 2018 via a newco named SP Film, which was fully controlled by the vehicle. 

In addition to acquiring the entirety of Manucor's equity and becoming the sole shareholder of the company, Pillarstone also completed its debt restructuring and recapitalisation, converting €10.2m of debt into share capital and giving the company the option of converting an additional €5m, while the €25m residual debt has been rescheduled as a bullet to 2022.

Following the transaction, Pillarstone appointed a new board led by Luigi Scagliotti as CEO, while Giuseppe Garofano remained as chair.

Pillarstone is a European restructuring vehicle dedicated to underperforming assets, with around €2bn in bank debt under management and more than €200m in committed investment.

Company
Founded in 1987 and based in Sessa Aurunca, near Caserta, Manucor specialises in the production of polypropylene films for flexible packaging, labels and adhesive tapes. The company employs 250 staff and generates revenues of around €140m.

People
Pillarstone Italy – John Davison (CEO).
Manucor – Luigi Scagliotti (CEO).
Biaxplen – Marat Falyakhov (executive director).

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• Topics
• Exits
• Southern Europe
• Industrials
• KKR
• Italy
• Partial sale
• Trade sale