LONDON, May 28, 2018 – Bain Capital Private Equity, a leading global private equity firm, through Fedrigoni Holding Ltd, has entered into a definitive agreement to acquire Gruppo Cordenons, a leading international manufacturer of high-end specialty papers for luxury packaging and premium publishing applications. The transaction remains subject to customary regulatory approvals.
Generating around €89M sales in 2017, Gruppo Cordenons produces high-end specialty graphic papers, as well as industrial filtration paper, and distributes its products in more than 90 countries. Gruppo Cordenons has a portfolio of more than 2,500 SKUs, including metallic and iridescent papers, an innovative marked, laid and embossed papers.
Gruppo Cordenons will be acquired and managed as an independent company.
However, over time, Fedrigoni Group shareholders see a significant opportunity to share best practices, increase operations know-how and improve service and innovation by strengthening its range of high value-added special papers and key relationships with customers, supplemented by a brand that is widely recognized on international markets, where Gruppo Cordenons generates almost 70% of its turnover.
Ferruccio Gilberti, Gruppo Cordenon Chairman and CEO, stated, "Bain Capital's goal to create a first-class global player in high-end specialty paper will allow Gruppo Cordenons to face, with even more determination, an increasingly global and competitive market while maintaining independence of the "Cordenons" brand."
Ivano Sessa, Managing Director of Bain Capital Private Equity and Chairman of Fedrigoni Holding, Ltd, stated, "In a worldwide market that presents very interesting growth patterns for specialty papers, the acquisition of Gruppo Cordenons represents a step forward for Bain Capital in its objective to create an Italian champion and leading global player in high-end specialty paper."
Eugenio Berenga, Fedrigoni S.p.A. Chairman and CEO stated, "Gruppo Cordenons is a company that allows the group to further strengthen the offer and service to its customers, especially in high value-added papers for luxury packaging. This is an important step towards international leadership in the specialty papers sector."
About Gruppo Cordenons
Gruppo Cordenons is a leading Italian paper mill producing fine and technical papers. It offers over 2,500 special products to target specific applications in the international market. By innovating and investing in research and development, Gruppo Cordenons provides excellent technological quality with its original papers while quickly responding to customer requirements and keeping up with trends. In addition to offering advanced technologies, the company’s commitment to create precious papers evoking handmade elegance and charm remains intact. Through an increasingly flexible production process, Gruppo Cordenons has developed a wide portfolio of cutting-edge papers that combine aesthetics with tactile effects. In addition to its extensive catalogue range, Gruppo Cordenons supplies customized papers according to specific customer requirements of colour, weight and finish. For more information, visit www.gruppocordenons.com.
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of approximately 220 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital Private Equity has offices in Boston, New York, London, Munich, Mumbai, Hong Kong, Shanghai, Sydney, Tokyo, Seoul and Luxembourg and has made more than 760 primary and add-on investments to date. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, managing approximately USD 95 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus. For more information, visit www.baincapitalprivateequity.com.
Since 1888, Fedrigoni has meant excellence in specialty papers. Fedrigoni is a leading European player in the production and sale of various types of papers and in particular high value-added papers and self-adhesive items. It is the second-largest manufacturer globally of self-adhesive wine labels and the European leader in the production and sale of specialty graphic papers. With about 2,700 employees, 14 factories (8 in Italy, 2 in Spain, 2 in Brazil and 2 in the US) and over 22,000 SKUs in its catalogue, Fedrigoni distributes its products in 128 countries worldwide. For more information, visit www.fedrigoni.com.
This announcement constitutes a public disclosure of inside information by the Group under Regulation (EU) 596/2014 (16 April 2014).
Cautionary Notice Regarding Forward Looking Statements
This announcement contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as “forward-looking statements,” particularly those statements concerning expectations regarding the use of proceeds from the offering. A number of risks and uncertainties could cause our actual results to differ materially from current projections, forecasts, estimates and expectations relating to us. Any or all of these forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors, many of which are beyond our control.