Alcedo sells Pixartprinting to Vistaprint for 10x EBITDA

Pixartprinting is understood to have a net debt of €18m at the close of the transaction. Based on purchase price and net debt, the deal gives the firm an enterprise value equal to 9.8x its 2013 EBITDA.

The agreement also includes a sliding-scale earn-out of up to €10m for Pixartprinting subject to the achievement of revenue and EBITDA performance targets in 2014. The company's founder will retain a 3% stake in the business.

The company will continue to operate as an independent brand following the transaction, which is expected to close in Q4 2014.

Previous funding
In December 2011, Alcedo acquired a 75% stake in Pixartprinting for €17m. The deal was completed through Alcedo III, which held a final close on €178m in 2008. Friuladria Crédit Agricole and Banco Popolare di Verona provided a debt package to support the deal.

Company
Founded in 1994 and based in Quarto D'Altino, Veneto, Pixartprinting is a web-to-print business that serves around 100,000 customers. The firm's revenues originate from graphic design agencies, print resellers and local printers that ultimately serve local SMEs. Customers are located in Italy, Spain and France.

The company produces flyers, brochures, decorated clothing, business cards, signs, banners, labels, textiles and other printed products. The firm reported revenues of around €56m in 2013, with EBITDA of around €15m. Pixartprinting employs 330 staff.

People
Maurizio Tiveron, Maurizio Masetti and Giovanni Gajo are founding partners at Alcedo. Alessandro Tenderini is the CEO of Pixartprinting.

Advisers
Company – Altium Capital, Tobias Schultheiss, Carlo Dawan (Corporate finance); Bonelli Erede Pappalardo (Legal).
Buyer – Leonardo & Co (Corporate finance); Baker & McKenzie (Legal); PwC (Financial due diligence, tax).

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