Alto Partners buys majority stake in Harbor

Alto invested via its Alto Capital III fund, which closed on €120m in 2011 - this marks the fifth investment for the vehicle. The GP acquired an 80% stake in the company from the founding Corsini family, with CEO Filippo Corsini retaining a 20% stake.

The deal was supported with a senior debt package provided by Banca Popolare dell'Emilia Romagna and Banca Popolare di Sondrio.

Alto intends to bolster the growth of the company by improving its distribution model both in Italy and abroad. The private equity house stated it was attracted by the fact that Harbor operates in a niche market (natural cosmetics) that has seen compound annual growth rate of 6% over the past three years and represents approximately 5% of the cosmetic market. According to Bain & Co estimates, the segment is expected to keep growing at an average of 8% over the next five years.

Company
Founded in 1980 and based in Ozzano dell'Emilia, near Bologna, Harbor produces natural toiletries under the Phytorelax brand. It employs 14 staff and is expected to post a €12m turnover in 2015, with an EBIT margin of 30%.

People
Fabio Marasi and Ilenia Corbelli worked on the deal for Alto Partners.

Advisers
Equity - Bain & Co, Alfredo Grasselli, Giovanni Consoli (Commercial due diligence); Studio Legale Cerina, Paolo Cerina (Legal); Deloitte & Touche, Marco Bastasin, Domenico Farioli (Financial due diligence, tax); Ch2m, Laura Tomasi, Stefano Maneri (Environmental due diligence); Sopabroker, Alessandra Talarico, Flavio Ambrogio (Insurance due diligence); Rutigliano, Tiezzi e Zucca, Mirco Zucca, Gabriele Polenghi (Legal, tax).

 

 

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• Topics
• Southern Europe
• Buyouts
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• Alto Partners