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Bain Capital’s Fedrigoni assesses specialty paper, label acquisitions in Europe, US

February 13, 2018

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Bain Capital’s Fedrigoni assesses specialty paper, label acquisitions in Europe, US

By: Joao Grando, Mergermarket

Fedrigoni, an Italy-based specialty paper and self-adhesive labels producer, could use acquisitions to accelerate global growth, according to Ivano Sessa, Managing Director at the company’s new owner, Bain Capital.
Fedrigoni is looking at several companies in Europe and the US and expects to make acquisitions during Bain’s holding period, alongside growing the company organically, Sessa said in an interview via email. Larger, transformative deals and smaller add-ons will be pursued, he said.
The company, which budgeted EUR 1.1bn sales in 2017, will consider businesses across its two core divisions: specialty paper and labels. These are the most profitable areas and account for approximately two thirds of overall sales, Sessa said. The company could also look at opportunities to expand its exposure in industrial applications, including in printing and writing for more technical uses such as filtration and abrasives, he added.
Bain sees a “big opportunity” to consolidate some of the market segments that Fedrigoni operates in, aiming to create synergies and expand the company’s geographic footprint and product offering, Sessa said. Bain has a total available capital of more than USD 15bn across its private equity business that can be invested to support the consolidation efforts, he said.
According to Sessa, Fedrigoni’s competitors in the specialty paper segment include UK-based James Cropper, Italy’s Cordenons and Favini, US-based Neenah [NYSE:NP] and Mohawk and France’s Arjowiggins. Large label makers include US-based Avery Dennison and UK-based UPM Raflatac.
Bain acquired a majority stake in Fedrigoni in December. Chiara Medioli, part of the fifth generation of the Fedrigoni family, re-invested in the company alongside her mother, and will retain a 10% stake in the Group, according to Sessa.
Bain Capital worked on the deal with financial advisers Rothschild and Poyry Consulting & Capital, consultant Fisher International, accountants PwC and Pirola Pennuto Zei & Associati and law firm Latham & Watkins, Kirkland & Ellis. Fedrigoni was advised by BNP Paribas (financial), Gianni Origoni Grippo Cappelli & Partners (legal) and Canestrari & Crescentini Associati (accountant).
Fedrigoni has factories in Italy, Spain and Brazil, and more than 2,700 employees. The company’s specialty paper business operates in premium segments, such as luxury packaging, substrates for digital printing, fine arts paper and high-end converting, Sessa said. The label business produces self-adhesive papers mainly for food, drink and industrial uses. The other part of the company manufactures commodity and security products, such as banknotes, holograms and other security paper.