Argos Wityu's Fabbri bolts on Caveco

Italian lender Banco BPM supported Fabbri's acquisition with a debt package.

The Vellutini family will remain in the company's share capital structure and actively contribute to the future development of the group, according to a statement.

With this acquisition, Fabbri intends to further strengthen its market position in the tray sealing and packaging machine market. It also plans to expand into new geographies, and invest in research and development.

Argos acquired Fabbri in October 2017 from US-based buyout house Lincolnshire Management, Italian GP Igi, German holding company Holger Van Den Heuvel and the Chiavara family. 

The GP deployed capital from its Argos Soditic VII fund, while a lenders syndicate provided a credit facility. Banca Ifis, BPER Banca and Unicredit took part, and Crédit Agricole Cariparma acted as agent bank.

Fabbri is headquartered in Vignola, near Modena, and specialises in the production of fresh-food packaging machinery. It employs 500 people across three production facilities in Italy and Switzerland, and six branches located in Italy, France, Germany, the UK, Switzerland and Russia. The company sells its products in 80 countries worldwide.

Company
Headquartered in Palazzolo sull'Oglio, near Brescia, Caveco specialises in the production of packaging, tray sealing and measuring machinery for the food industry. The company generated revenues of around €9m in 2018.

People
Fabbri Group – Stefano Mele (CEO).
Caveco – Franco Vellutini (founder).

Advisers
Equity – Giovannelli e Associati (legal); Spada Partners (corporate finance); Nexia Audirevi (financial due diligence).
Company – Falco e Associati (tax); Gianni Origoni Grippo Cappelli & Partners (legal).

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