Nuo Capital backs personal care specialist Ludovico Martelli

The investment was composed of around €50m in equity and included the acquisition of existing shares and a capital increase.

Unquote understands that the deal gives the company an enterprise value of €150m, which equates to 13.6x its 2018 EBITDA of €11m.

The founding Martelli family will retain a stake of around 63%, while the company's CEO, Giovanni Galeotti, will hold approximately 7%.

Nuo intends to boost the company's international expansion and support its growth, both organically and via new acquisitions. Unquote understands that Martelli is close to buying two companies based in Italy and Spain in the coming months, with the aim of building a platform in the personal care market.

Company
Established in 1908 and headquartered in Fiesole, near Florence, Ludovico Martelli specialises in manufacturing personal care products and toiletries, including shaving and grooming products marketed under the brand name Proraso and toothpaste distributed under the brand name Marvis. The company generated EBITDA of €11m from revenues of €56m in 2018, and expects to reach EBITDA of €13.5m and turnover of €61m in 2019.

People
Nuo Capital – Tommaso Paoli (partner).
Ludovico Martelli – Giovanni Galeotti (CEO).

Advisers
Company – GCA Altium (corporate finance); KPMG (financial due diligence); Gatti Pavesi Bianchi (legal).
Nuo Capital – EY (financial due diligence); Studio Chiomenti (legal).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Italy
• GCA Altium
• EY (Ernst & Young)
• KPMG