Management presentations to potential investors are taking place in these days for Vetriceramici spa, an Italian producer and distributor of all semi-finished products needed to enhance the appearance of glazed porcelain stoneware.
Founded in 1987, the company based in Faenza and Sassuolo (in the Northern Italy region of Emilia Romagna) doubled its revenues since 2006 when Italian mid-market private equity operator Star Capital bought a 70 pct stake from the two founders Gianfranco Padovani e Sergio Zannoni, who still own a 15 pct stake each. Vetriceramici actually reached 45 million euros of revenues in 2013 with a 21% of ebitda margin and 20 million euros of net financial debt. Sector evaluation multiples are around 7-7.5x ebitda which is expected to be over 11 million euros at the end of 2014, resulting in an enterprise value which might be well over 80 millions.
The sale auction, managed by financial advisors K Finance and William Blair, have been invited aroun 30 potential investors and 15 of them actually shew interest in the deal. Half of them were selected to access the second phase and are having maagament presentation now. Binding offers are waited by the end of June while the closing is expected by the end of July.
Nonbinding offers have been put forward by three industrial companies (one from US), and by private equity operators, with Ardian (advised by DVR Capital) and Wise among them.