Ardian-backed Celli buys T&J Installations

Alessia Argentieri
24 March 2020

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Celli, an Italian beverage dispensers manufacturer backed by Ardian, has acquired UK-based T&J Installations.

Celli bought a 30% stake in the company, with a call option agreement that allows the acquirer to increase its ownership up to 70%.

With this acquisition, Celli plans to consolidate its market position in the UK, increase its revenues and further expand internationally.

This is the sixth bolt-on inked by Celli and the fifth in the UK. It follows the acquisitions of British beer tapping specialist Group ADS2 in 2015; Italian water coolers producer Cosmetal in 2016; UK-based beer pump systems manufacturer Angram in 2017; FJE Plastic Development, a British specialist in plastic molding injection in 2018; and MF Refrigeration, a Kent-headquartered producer of refrigerated cooling equipment in 2019.

Ardian bought Celli from Italian private equity firm Consilium and the company's founding family in February 2019. The deal valued the business at around €250m, equal to 15x its 2018 EBITDA. Celli's senior management, led by CEO Mauro Gallavotti, reinvested alongside the GP and acquired a minority stake. Ardian deployed capital via its Ardian LBO Fund VI, which held a final close on €4bn in September 2016. The sale ended a six-year holding period for Consilium, which owned a 70% stake in Celli via its €145m Consilium Private Equity III fund.

Celli specialises in designing, manufacturing and installing water, beer and soft drinks dispensers. Its client base includes international breweries such as Heineken, Carlsberg, Asahi, Molson Coors, Budweiser and soft drinks producers including Coca-Cola and Pepsi. The company employs 400 staff, has five manufacturing plants in Italy and the UK, and exports its products to 100 countries worldwide. It generated EBITDA of around €16.5m from revenues of around €130m in 2019.

Company
Established in 1984, T&J specialises in the supply, installation and maintenance of beer and spirits dispensers, and cellar-cooling equipment.

The company employs 95 staff across seven production facilities located across the UK. It is headquartered in Tamworth, with regional operations in Manchester, Nottingham, Durham and south Wales.

People
Celli – Mauro Gallavotti (CEO, chair); Nigel Farrar (CEO UK).
T&J Installations – Ian Jones (managing director).

Advisers
Acquirer – KPMG (financial due diligence); Raworths (legal).