Chinese group Deliglass is studying potential acquisition of Italy’s glass bottles and container products manufacturer Bormioli Rocco spa, Il Sole 24 Ore wrote, adding that controlling shareholder Vision Capital is trying to sell the company for some months with Rothschild as mandated advisor.
Vision already sold Bormioli’s cosmetics division in December 2013 to Austrian Stölzle Glass Group (see here a previous post by BeBeez) and Bormioli’s food&beverage division to Swiss Vetropack Holding in June 2015 (see here a previous post by BeBeez). Bormioli had announced a riorganization of the business in four different units in April 2014 (Pharmaceutical Glass; Pharmaceutical Plastic; Tableware and Food & Beverage).
Vision Capital had bought out a 94,1% stake in Bormioli Rocco in 2011 from Banco Popolare and financed the deal issuing a 250 million euros high yield bond paying a 10% coupon and maturing in August 2018. The bond was issued by Bormioli Rocco Holdings sa and is rated B3 by Moody’s with a stable outlook.
La richiesta was initially said to be asking a 500-600 million euros valuation for Bormioli Rocco. However now it seemsn that bids are for a 400-500 million euros prices or 9-10x 2015 Bormioli’s ebitda.
Bormioli reached 451.9 million euros in revenues in 2015, with a 52.3 million euros ebitda and a 29.2 million euros net financial debt (see here an analysis by Leanus, after free registration and login). The Bormioli bond is lsited at the Frankfurt Stock Exchange and quotes around 102.8.