Assietta sells Millefiori to Jarden Corporation

According to the Italian press, Assietta has enjoyed a 5x money multiple on its investment. The deal is reported to have valued the company at €50m, equal to around 10x EBITDA.

Rothschild managed the sale process, which began late last year.

Jarden Corporation is a consumer products company that is listed in New York; it has a turnover of around €7.5bn.

Earlier this year, Assietta acquired Intermonte BCC Private Equity, which it absorbed under the Assietta brand. Intermonte managed three vehicles and focuses on Italian SMEs.

Previous funding
In 2011, Assietta backed the management buyout of the company via its Fondo Dimensione Impresa, taking a 75% stake. The company was valued at €14.5m. A debt package was provided by Banco Popolare di Vicenza, according to unquote" data.

At the time of the buyout, the GP stated it intended to strengthen the company's position both domestically and internationally to double its turnover across a three-year period.

Company
Founded in 1994 and based in Lomagna, Millefiori produces and distributes fragrances and air fresheners. The company is present in more than 60 countries and generates around half of its turnover abroad. Turnover is thought to have hit €21m in 2013, with EBITDA of €5.1m.

People
Marco Cornaglia is managing director at Assietta.

Advisers
Vendor – Bird & Bird (Legal).

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• Southern Europe
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• Rothschild