Bain Capital Private Equity won the auction for Italmatch Chemicals spa, a global specialty chemical additive manufacturer, from Ardian (see here the press release). Rothschild acted as m&a advisor for Bain Capital, while Ardian has been supported by Goldman Sachs, Bnp Paribas and Fineurop Soditic.
Ardian had bought Italmatch in 2014 from Mandarin Capital Partners and the Malacalza family. Italmatch’s top managers led by ceo Sergio Iorio, reinvested then for a 12% stake. Italmatch was then valued about 220 million euros.
Bain Capital is said to have valued Italmatch now about 700 million euros or 10x 2018 expected ebitda, more than the 8-9x that the market was expecting (see here a previous post by BeBeez)