Bain Capital to acquire Italian paper mill Cordenons through Fedrigoni
Packaging acquisition news : Private equity firm Bain Capital Private Equity through its subsidiary Fedrigoni, a specialty papers manufacturer and self-adhesive labels has agreed to acquire Italian paper mill Gruppo Cordenons for an undisclosed price.
Gruppo Cordenons manufactures high-end specialty papers for luxury packaging and premium publishing applications.
The Italian paper mill, which is into production of high-end specialty graphic papers and industrial filtration paper, recorded sales of about €89 million last year.
Gruppo Cordenons’s portfolio comprises more than 2,500 SKUs, including metallic and iridescent papers and embossed papers. Its products are distributed in more than 90 countries.
Commenting on Bain Capital acquisition of Cordenons, Ivano Sessa – Managing Director of Bain Capital Private Equity and Chairman of Fedrigoni, said: “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.”
The Italy-based Fedrigoni, which was acquired by Bain Capital recently for an undisclosed price, will manage Gruppo Cordenons as an independent company post acquisition.
Eugenio Berenga – Fedrigoni Chairman and CEO, commenting on Bain Capital acquisition of Cordenons, said: “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.”
Bain Capital says that shareholders of Fedrigoni see a significant scope to share best practices, expand operations know-how and boost service and innovation by consolidating its variety of high value-added special papers and important relationships with customers, supplemented by a brand that is broadly recognized in global markets, where Gruppo Cordenons rakes in nearly 70% of its turnover.
Commenting on Bain Capital acquisition of Cordenons, Ferruccio Gilberti – Gruppo Cordenon Chairman and CEO, said: “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.”
Closing of Bain Capital acquisition of Cordenons will be subject to receipt of customary regulatory approvals.