Orienta-led consortium sells Sidac to Lindsay Goldberg's Schur

Alessia Argentieri
07 April 2021

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A consortium led by Orienta Partners has sold Italian packaging manufacturer Sidac to Austrian packaging producer Schur Flexibles, a portfolio company of private equity firm Lindsay Goldberg.

Orienta led an investor syndicate to acquire Sidac in July 2017 from its parent company Acmar. Acmar had filed for the bankruptcy protection procedure known as "concordato preventivo" in June 2016.

The club deal led by Orienta included several Italian family offices and French alternative lender Indigo Capital. They fully acquired the business following an auction process, competing with several domestic and international strategic investors.

Orienta bought the largest stake in the business with a 28% holding, while Indigo Capital provided a mezzanine credit facility and concurrently acquired a 27.5% stake. Other co-investors bought smaller minority holdings.

Schur is a portfolio company of Lindsay Goldberg, which bought it from Capiton in July 2016.

Lindsay Goldberg mandated Goldman Sachs to run the sale of the company in June 2019. The process attracted the interest of several bidders, including private equity firms PAI Partners and Onex, according to press reports. More recently, it was reported that Partners Group was the frontrunner in the auction process, but the deal collapsed in January 2021, according to Unquote sister publication Mergermarket.

Schur specialises in producing flexible packaging for the food, confectionery, pharmaceutical and tobacco industries. Employing 1,900 staff, it operates 22 production sites across Europe and generates annual sales of around €520m.

Company
Founded in 1929 and headquartered in Forlí, Sidac manufactures flexible packaging and labelling for the food and beverage, detergents and pet food sectors.

The company employs 120 people. It generated EBITDA of €5.1m from revenues of €34m in 2020.

People
Orienta Partners – Mario Gardini, Augusto Balestra (partners).
Schur Flexibles – Michael Schernthaner (CEO).
Sidac – Luca Mazzotti (CEO).

Advisers
Vendor – Brera Financial Advisory (corporate finance); Gitti and Partners (legal).