The Benetton family’s investment group Edizione Holding and Goldman Sachs private equity are said to have delivered a joint binding offer for Guala Closures Group, a leading producer of security closures for spirits, wine, oil, vinegar, water and pharma products, Sole 24 Ore yesterday wrote adding that Guala’s advisors, Credit Suisse and Barclays, received five other offers and that a short list will be announced by mid-October.
One month ago rumors were that the deal has attracted many potential investors both among international private equity funds such as Astorg, Blackstone, Clayton Dubilier & Rice, Advent, Kkr, Apollo and Tpg and industrial investors such as Amcor and Berry Global (see here a previous post by BeBeez)
Guala Closures’ shareholders are aPriori Capital Partners and NB Renaissance Partners who are said to assign an enterprise value of more than one billion euros to the company or 9-11x 2017 expected ebitda, which is seen at 110 million euros (see here a previous post by BeBeez).
Guala reached 122.2 million euros in revenues in Q1 2017, 22,2 millions in ebitda, 3.8 millions in net profits and had a 533,5 million euros net financial debt (see here Q1 2017 Results). That was after the company had closed FY 2016 with 520.5 million euros in consolidated revenues (from 550.3 millions in 2015), 103.3 millions in ebitda (from 100.7 millions), a 4.7 million euros net loss (from -3.7 millions) and 497.6 million euros in net financial debt (from 514.8 millions) (see here FY 2016 Financial Statements).