Vision Capital buys as part of a portfolio from Banco Popolare
Private equity company Vision Capital is to acquire a portfolio of investments from Banco Popolare, Italy’s fourth largest retail bank, which includes a substantial majority stake in glass and plastic packaging manufacturer Bormioli Rocco.
Founded in 1825, Bormioli Rocco supplies glass and plastic packaging to the global cosmetic, pharmaceutical and food industries as well as producing glassware and packaging containers for home and professional use. In 2010, the company generated sales of €531m and EBITDA of €85m.
On completion of the transaction, which remains subject to customary regulatory clearances, Vision Capital will appoint Paolo Antonietti as chairman of Bormioli. Antonietti has 25 years’ experience in senior management roles at multinationals including Nestlé and has held senior board positions at private equity owned companies in recent years.
Francesco de Bartolomeis, ceo of Bormioli commented: “Bormioli has a history of innovation and success and the business is performing strongly. The management team is excited about working with Vision Capital to build for the future.”
Vision Capital’s ceo added: “Bormioli has strong businesses in a sector we know well, and will have the chance to build on its long and proud heritage.”