Hutton Collins exits Aquafil in SBO

Three Hills provided €22m towards the deal with Italian GP Finanziaria Trentina contributing €8m. The investment has allowed Aquafil's CEO, Giulio Bonazzi, to buy out existing minority investors.

Since Hutton Collins' investment, the business has undertaken an acquisitive growth strategy, most recently bolting on the yarn processing business of UK-based W&J Knox in September 2014. The business stated it intended to continue consolidating its market.

The deal represents Three Hills' third investment from its first fund, which held a final close on its €100m hard-cap in October. The vehicle has previously taken part in a €50m deal for Italian healthcare IT systems provider Dedalus and acquired London-based high-end burger chain Byron from Cinven-owned Gondola Group.

Three Hills was set up in November 2013 by former Hutton Collins partner Mauro Moretti; its team has therefore worked closely with Aquafil in recent years.

Debt
Natixis provided a senior financing package to support the deal.

Previous funding
Hutton Collins invested €45m in flooring specialist Aquafil in 2009, with its owner Bonazzi Group retaining majority control.

Company
Founded in 1969 and headquartered in Arco, north-east Itay, Aquafil is a producer of nylon fibres and polymers for use in carpeting and clothing. The business has a headcount of 2,400 across 15 manufacturing plants in Italy, the UK, Slovenia, Croatia, Germany, the US, Thailand and China. It anticipates revenues of around €500m for 2014.

People
Giulio Bonazzi is CEO of Aquafil. Mauro Moretti is founder of Three Hills.

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