Bain's Fedrigoni buys Industrial Papelera Venus

This is the third add-on inked by Fedrigoni since it was bought by Bain. It follows its acquisition of speciality paper company Cordenons in May 2018 and its purchase of adhesive labels producer Ritrama in October 2019.

Bain acquired a majority stake in Fedrigoni in December 2017 for €650m, which equated to 4.8x the company's 2017 EBITDA. A supporting debt package was provided by BNP Paribas, HSBC, UBI Banca and KKR, which were joint bookrunners on the deal. Bain deployed capital from its €3.5bn Europe IV fund to finance the acquisition.

Fedrigoni specialises in the production and sale of speciality paper and self-adhesive items. The company, founded in 1888 and headquartered in Verona, employs 2,700 people, has 14 facilities located in Italy, Spain, Brazil and the US, and distributes its products in 128 countries worldwide. Fedrigoni generated adjusted EBITDA of €162.7m from revenues of €1.17bn in 2019.

Company
Founded in 1965 and based in Mexico City, Industrial Papelera Venus is a manufacturer of adhesive labels and packaging for food and drinks.

Employing 100 staff, the company generates annual revenues of around $18m.

People
Fedrigoni – Marco Nespolo (CEO).

Advisers
Acquirer – KPMG (financial due diligence); Latham & Watkins (legal); González Calvillo (legal); Pirola Pennuto Zei (tax).

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