Investindustrial acquires Artsana

Amedeo Goria
12 April 2016

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Investindustrial has acquired a 60% stake in Italian healthcare and childcare products distributor Artsana Group for a reported €750m from the Catelli family.

Investindustrial acquired its stake through its Investindustrial VI fund. The Catelli family retain the remaining 40% stake. Michele Catelli will remain chair of the company and Claudio De Conto will remain CEO.

The transaction will allow the business to accelerate its growth through bolt-on acquisitions of niche products and expand internationally.

Investindustrial VI reached a final close on its €2bn hard-cap in February 2016, three months after launch. The deal marks the first of three projected transactions in Italy during 2016, which Investindustrial chair Andrea Bonomi announced at the time of the vehicle's final close.

Debt
An undisclosed amount of debt was provided by UniCredit, which was mandated as global coordinator and mandated lead arranger, while BNP and Natixis acted as mandated lead arrangers alongside the Italian bank.

Company
Founded in 1946 and headquartered in Como, Artsana is a distributor of healthcare and childcare products.

It generated revenues of €1.42bn with a €126m of EBITDA in 2015, across the childcare, healthcare & beauty markets.

The business generated 80% of its turnover from the childcare sector through brands including Chicco, Neo Baby and Boppy. It generated the remaining 20% from its healthcare and beauty divisions, with brands including PIC Solutions, Lycia and Control.

The company claims a global presence in 100 countries with five production units and 11 branches in Europe, and eight branches outside Europe. The business employs around 7,000 people.

People
Investindustrial – Andrea Bonomi (chair).
Artsana Group – Michele Catelli (chair); Claudio De Conto (CEO).

Adviser
Equity – UniCredit (corporate finance); PwC (financial due diligence); Bain & Co (commercial due diligence); Lombardi Molinari Segni (legal); Studio Legale Chiomenti (tax).
Vendor – Lazard (corporate finance); Studio Legale Chiromenti (legal).
Debt – Kirkland & Ellis (legal).