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Gerresheimer ‘mulling purchase of Bormioli Rocco’
Posted on Monday, 20 March 2017 15:19
German speciality glass packaging systems maker Gerresheimer is considering an acquisition of Italian glass tableware manufacturer Bormioli Rocco, according to Il Sole 24 Ore.
Without identifying its sources the paper said a number of private equity investors and other parties are also interested in buying the business from current owner Vision Capital.
It added that if Gerresheimer succeeds in its approach for the business a deal could be worth between EUR 500.00 million and EUR 600.00 million.
No further details have been disclosed at this time.
Bormioli Rocco was established in 1825 and now claims to be a leader in the glass tableware, conserving and food service fields.
The company splits its operations into home and pharma segments and operates eight manufacturing plants, two decoration ateliers and seven mono-brand stores.
Its products are exported to over 100 countries worldwide.
Bormioli Rocco has been owned by Vision Capital since June 2011, when the investor bought the business from previous owner Banco Popolare Societa Cooperativa for EUR 365.00 million.
The firm completed an asset sale of its own back in July 2015, having sold its glassworks division Bormioli Rocco Italvetro to Vetropack Holding for an undisclosed consideration.
According to Zephyr, the M&A database published by Bureau van Dijk, there have already been two cases of private equity investors exiting glass and glass product manufacturers announced worldwide during 2017.
The most valuable was worth USD 35.97 million as Luoyang Glass agreed to pick up a 71.0 per cent stake in China-headquartered CNBM (Yixing) New Energy from shareholders including Yixing Huanbao Technology Innovative Venture Investment in February.
This was followed by a transaction featuring a Japanese business; in mid-January Mitsui Matsushima signed on the dotted line to pick up Clean Surface Technology from Polaris Capital Group for USD 35.50 million.
© Zephus Ltd