
Orienta buys Virosac from Alto Partners
Italian private equity firm Orienta Partners has wholly acquired bin bags manufacturer Virosac from Alto Partners, DVR Capital and the founding Virago and Rossetto families.
Virosac CEO Cesare Casagrande will continue to lead the business and will be joined by Mario Gardini, partner at Orienta, as chair.
A senior debt package to support the deal was provided by Crédit Agricole Italia and Crédit Agricole Friuladria, while French debt specialist Indigo Capital deployed a mezzanine facility.
Indigo is currently investing via its second vehicle, which was launched with a €350m target and held a €170m first close in January 2019. It provides tickets in the €5-40m range and engages in co-investments for its larger deals.
Orienta intends to boost the company’s organic growth, consolidate its position in the Italian market, bolster its international expansion and pursue a buy-and-build strategy with additional complementary acquisitions.
Alto Partners acquired a 60% stake in Virosac via its €100m fund Alto Capital III in July 2012. As part of the deal, DVR Capital bought a 20% stake, while the Virago and Rossetto families retained a 10% each.
Company
Established in 1973 and based in Pederobba, Virosac manufactures garbage and bin bags. Its products are designed to reduce the waste of raw materials by opting for recycled materials and minimizing secondary packaging. Virosac primarily manufactures and distributes under its own brand name, with just over a quarter of sales originating from private label products.
The company operates two manufacturing plants and employs 90 staff. Virosac produced 1.5 billion bin bags and generated EBITDA of €5.6m from revenues of €39.7m in 2018.
People
Orienta Partners - Mario Gardini, Augusto Balestra (partners).
Alto Partners - Raffaele De Courten (founding partner).
Virosac - Cesare Casagrande (CEO).
Advisers
Acquirer - Gitti & Partners (legal); Grant Thornton (financial due diligence); Russo de Rosa Associati (tax).
Vendor - Gattai, Minoli, Agostinelli Partners (legal); GCA Altium (corporate finance).
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater