This acquisition—the second since Fedrigoni’s acquisition by Bain Capital—strengthens Fedrigoni’s position in the European PS label market, in which it operates through the Arconvert and Manter brands. The acquisition combines Fedrigoni’s excellence in the production of wine labels and in the production of labels for the food, household and logistics markets, with the advanced self-adhesive technologies of Ritrama, which is one of the top producers globally of labels for the pharmaceutical, beverage and personal care markets. Ritrama, through its graphics and industrial segments, complements Fedrigoni’s portfolio.
“Strong synergies exist between the businesses of Arconvert and Ritrama,” confirms Marco Nespolo, CEO of the Fedrigoni Group. “Both companies operate with excellent results on largely complementary markets, with Arconvert specializing in self-adhesive labels manufactured from specialty papers, and Ritrama focusing on the production of self-adhesive plastic films."
“Our Pressure Sensitive Labels segment, which is already showing very positive results, will now be larger, broader and more competitive. In a market that continues expanding in all segments and geographies, on a global level. Ritrama has a healthy, truly Italian, yet international, DNA, just like the Fedrigoni Group," Nespolo adds.
“I am very proud of this transaction,” says Tomas Rink, president of Ritrama. “It ensures the Ritrama Group and its organization will continue to grow in a healthy and rapidly-expanding industrial reality, the Fedrigoni Group. Ritrama and Fedrigoni share common values."
Ritrama’s total revenues of approximately Euro 400 million in the year ended December 31, 2018, coupled with Fedrigoni’s total revenues of approximately Euro 1.2 billion in the same period, amount to total revenues of the combined group of approximately Euro 1.6 billion, and position the combined Group among the largest global players in the field of specialty papers for packaging and Pressure Sensitive Labels.
The transaction is expected to close in the first quarter of 2020, and is subject to certain closing conditions.
The advisors appointed by Ritrama for this acquisition are Tamburi Investment Partners, as financial advisor, Martinez & Novebaci, as legal advisor, and LED Taxand, as tax advisor.
The advisors appointed by Fedrigoni for this acquisition are Rothschild & Co, as financial advisor, Latham & Watkins, as M&A legal advisor, Pirola Pennuto Zei and PwC, as financial and tax advisors, BCG as strategic advisor, Kirkland & Ellis International LLP as legal financing advisor, and Golder, as advisor on health, safety and environment matters.