IGI SGR and the Chiarva Group have sold a stake in Gruppo Fabbri Vignola (“GFV”) to Lincolnshire Equity Fund IV, managed by Lincolnshire Management Inc., thus reinforcing the current shareholders structure.
This is the first operation in Italy for the American fund Lincolnshire which, following the acquisition, now holds a significant stake in the company.
IGI, through the fund IGI Investimenti Quattro, and the Chiarva Group had bought 100% of GFV from the Fabbri family in 2011; they remain shareholders in the company.
GFV is an international leader in the production of machines and film for the food packaging industry with a consolidated turnover in 2013 of nearly € 100 million. The company has 500 employees and holds 150 international patents; it is present in over 70 countries and has three production sites in Italy and Switzerland and four foreign branches (France, Germany, the UK and Switzerland).
Elisabetta Oliveri, Managing Director of GFV commented “We are pleased with this operation which moves GFV onto the next phase of development with the help of Lincolnshire. We foresee growth principally in foreign markets such as the USA and Eastern Europe. GFV is managed in an increasingly professional and business-like manner, and this approach will enable us to accelerate the technological development which will ensure that GFV remains the market leader.”
This is the third operation by IGI in only 5 months after the acquisition of the Rollon Group last November together with Chequers Capital and the sale of the stake in Valvitalia to Fondo Strategico Italiano in January 2014.
Matteo Cirla, Managing Director of IGI said “We invested in Fabbri to oversee its transformation into a management-led business and support its international expansion, objectives reached in three years during which the company improved profitability substantially. We remain shareholders alongside an international partner of the calibre of Lincolnshire because we believe in the managers and in the possibility to expand in the international markets together with Lincolnshire.”
Ottavio Serena di Lapigio, Managing Director of Lincolnshire Management Inc. commented “We have been looking at various opportunities in Italy in the last few years and now we have managed to invest with partners with an excellent reputation. We are sure of further developing a company with a great past track record and with a future will certainly be even better. The management team led by Elisabetta Oliveri is one of the best that we have seen and we are fully confident of their ability to support the further development and growth of Gruppo Fabbri”.
The operation was financed by the Banca Popolare dell’Emilia Romagna, Cariparma Crédit Agricole and GE Capital Interbanca.