Star Capital sells Vetriceramici to Ferro

The company's founders, Gianfranco Padovani and Sergio Zannoni, have also exited the business via the sale.

The transaction has been funded by cash and the company's existing revolving credit facility.

NYSE-listed Ferro produces technology-based performance materials, including glass-based coatings, pigments and colours, and polishing materials. The acquisition extends its product portfolio and improves its position in growth markets including the US, Mexico, Turkey and eastern Europe.

Previous funding
In 2006, Star acquired a 70% stake in the company via Fondo Star Bridge Social Responsible Fund, according to unquote" data.

Company
Founded in 1987 and based in Casola Valsenio, Vetriceramici designs, develops, manufactures and supplies products for the ceramics industry in Italy and abroad. The business produces fusion coloured grains, technical grains, matte micro-grains, frits, double charge products, ceramic glazes and inks for digital printing.

Sales for the year ending July 2014 reached €53m, with compounded annual sales growth of 9.3% across the last three tax years. The business has manufacturing facilities in Mexico and Italy, a mixing plant in Poland and R&D and sales offices in Turkey and Italy. Vetriceramici employs 200 staff.

People
Marco Gazzaniga is managing director at Star.

Advisers
Buyer – Jones Day (Legal).
Vendor – William Blair & Company (Corporate finance); K Finance (Corporate finance); Accinni Cartolano e Associati (Legal). 

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