Berlin Packaging announced it has entered into a definitive agreement to acquire Italy-based Bruni Glass from one of Ardian‘s private equity funds (see here the press release).
Ardian bought a 70% stake in the Italian glass packaging manufacturer for spirits, wine, food, and gourmet applications back in 2012 from Italy’s private equity firm Opera sgr (CNDue fund) and from the Del Bon family (see here Ardian’s press release).
Bruni Glass had reached 108 million euros in revenues in 2011 with 18.2 millions in ebitda. Led by Gino and Roberto Dal Bon and with offices in Italy, France, Spain, China and Canada, Bruni Glass targets revenues of more than 150 million euros this year, after having closed year 2015 with 136,9 millions in revenues, 20.6 millions in ebitda and a 24.5 million euros of net financial debt (see here an analysis by Leanus, after free registration and login).
The acquisition will be Berlin Packaging’s first in Europe and will significantly expand Berlin’s premium glass portfolio, extend its footprint into key European markets, and push the combined company’s 2016 global sales past the $1.2 billion mark.
Finanical advisors to Berlin are Kpmg, Vitale&Co and LEK Consulting while Gianni Origoni Grippo Capelli & Partners supports Berlin as for the legal issues. The sellers are instead advised by BonelliErede law firm. The transaction is expected to close in the next 45 days.