The fund IGI Investimenti Sei, managed by IGI Private Equity, has completed the acquisition of the majority of Nuovaplast S.r.l., market leader in the transformation of PET for the production of high quality preforms using high efficiency and fully automated technology.
Following the operation, the investment vehicle Clio S.r.l., controlled by IGI Investimenti Sei, owns 74.7% of the share capital of Nuovaplast while the sell-side shareholder has maintained a stake of 25.3%.
Nuovaplast, based in Villa Lempa in the Abruzzi region with a workforce of 45 employees, has more than 20 years’ experience working with the mineral water, oil, milk, detergent and cosmetics industries. Turnover in 2018 was over € 50 million.
IGI Private Equity is investing in Nuovaplast to support its plans for growth, including add-on acquisitions, as well as to accelerate the development the company has pursued in recent years. The agreement sees Angelo Mastrandrea, Partner of IGI Private Equity, taking the reins as Chairman of the company.
The operation is the first investment made by IGI Investment Sei, the buyout fund launched in October 2018 with a € 150 million target. The fund, which has already completed the first closing at € 100 million, pursues the same strategy of investing in leading Italian firms to support their consolidation and expansion as already seen with other IGI fund investments such as Rollon, Gruppo Fabbri Vignola and Vimec.
Matteo Cirla, MD of IGI Private Equity, has said, “We are very pleased to announce the new investment in Nuovaplast, an Italian leader managed with great vision by the entrepreneur Roberto Tomasoni. We are also proud to have made the first investment within a few months of the launch of the new fund, IGI Sei.”
Angelo Mastrandrea adds, “Nuovaplast represents one of the best opportunities in the sector to grasp the future challenge which the PET preform sector poses for the circular economy, increasingly ecological and environmentally friendly. The major investments made by the company in recent years make it a reference in the market and represent a solid basis for the expected future development.”
Roberto Tomasoni has said, “We are proud that IGI believes in Nuovaplast and has decided to support the business initiatives which will guarantee reaching new and challenging targets, building on what has been achieved to date.”
The fund IGI Investimenti Sei had legal assistance from Chiomenti, Di Tanno e Associati, DV Studio Legale and Golder provided due diligence, while the business analysis was provided by Goetz Partners.
The sell side had financial assistance from PwC Deals and PwC TLS were the legal and fiscal advisors.
The operation was financially assisted by Banca IFIS, Crédit Agricole and BPER Banca.