Italy’s glass bottles and container products manufacturer Bormioli Rocco spa is said to be close to be sold to two different buyers in a deal that will see Triton private equity firm to buy the pharma division and Bormioli Luigi glass container manufacturer to buy the household division.
Last Spring Chinese conglomerate Deliglass was instead said to be in pole position to buy the company. This would be the end of a long auction that saw bids from other industrial groups such as Germany’s Gerresheimer and Italy’s Zignano Vetro. The controlling shareholder Vision Capital has been trying to sell the company for some months with Rothschild as mandated advisor.
Vision already sold Bormioli’s cosmetics division in December 2013 to Austrian Stölzle Glass Group and Bormioli’s food&beverage division to Swiss Vetropack Holding in June 2015. Bormioli had announced a riorganization of the business in four different units in April 2014 (Pharmaceutical Glass; Pharmaceutical Plastic; Tableware and Food & Beverage).
Vision Capital bought a 94.1% stake in Bormioli Rocco in 2011 from Banco Popolare and financed the deal issuing a EUR 250 million high yield bond, paying a 10% coupon and maturing in August 2018. The bond was issued by Bormioli Rocco Holdings and is rated B3 by Moody’s with a stable outlook.
Borioli Rocco was said to be valued about EUR 500-600 million. However now it seems that bids are for a EUR 400-500 million prices or 9-10x 2015 Bormioli’s ebitda.
Bormioli reached EUR 451.9 million in revenues in 2015, with a EUR 52.3 million ebitda and a EUR 29.2 million net financial debt. The Bormioli bond is listed at the Frankfurt Stock Exchange and quotes around 102.8.