Latham Advises Bain Capital in the Joint Venture with BC Partners for Fedrigoni
Leading global private investment firms enter joint ownership agreement for Fedrigoni.
Latham & Watkins has advised Bain Capital Private Equity, a leading global private investment firm, on its joint ownership agreement for Fedrigoni, a leading global producer of self-adhesive labels and fibre-based packaging products, with BC Partners, a leading international investment firm. Bain Capital acquired Fedrigoni in 2017. Under Bain Capital’s ownership, Fedrigoni has more than doubled Adjusted Sales and nearly tripled Adjusted EBITDA through a combination of organic growth acceleration and M&A execution.
This new partnership, a combination of reinvestment by Bain Capital and investment from BC Partners, which results in a change of control of Fedrigoni to joint control between Bain Capital and BC Partners, will support Fedrigoni’s management team as they look to build on their successful track-record of M&A.
The transaction is expected to close by the end of 2022, subject to approvals by relevant regulatory authorities. A group of financial institutions has committed to provide a debt financing package in support of the transaction. Fedrigoni’s existing senior secured notes are expected to be refinanced at closing of the transaction.
The Latham team was led by Milan corporate partners Cataldo Piccarreta, Giorgia Lugli, and Giovanni Sandicchi, with associates Federica Di Terlizzi and Martina Ferraris. Advice was also provided on finance matters by Milan partner Marcello Bragliani, with associates Erika Brini Raimondi and Eleonora Baggiani; on regulatory matters by Milan counsel Cesare Milani, with associate Edoardo Cassinelli; and on antitrust matters by Milan partner Luca Crocco and London partner Jonathan Parker, with London associate Gregory Bonné.