CP Advisors advised the shareholders of virosac and rapid, leading producers or household products, in the sale to the french group Sphere.

CP Advisors advised the shareholders of virosac and rapid, leading producers or household products, in the sale to the french group Sphere.
Date:

29 October 2024

Place:

Milan, Italy

CP Advisors acted as exclusive financial advisor to the shareholders of Virosac and Rapid, leading producers of household packaging products, in the sale to the french group SPHERE.

SPHERE, the largest European group active in the production of sustainable solutions for household packaging with over 800 million euros in revenues, has won the sale process for Romagnasac, a holding company that controls 100% of Virosac and Rapid, leading players in the production of household products in Italy.

Founded in 1973 by the Virago and Rossetto families, and now controlled by a group of entrepreneurs through the club deal originated and managed by Orienta Capital Partners, Virosac is the market leader in Italy in the production and marketing of biodegradable waste bags and food preservation solutions (in plastic and aluminum), with significant market shares in the retail sector. Rapid, on the other hand, holds a strong position in the food rolls market (aluminum, baking paper and cling film). With a strong commitment to sustainability (over 40% of the materials used come from regenerated and bio sources), the Group operates through two plants located in Pederobba (TV) and Bedizzole (BS) and offers a wide range of sustainable solutions in plastic and aluminum. The Group generates revenues of approximately 61 million euros with an EBITDA of 9 million euros, employing over 150 people.

After assessing several interested parties, Orienta Capital Partner has selected SPHERE, led by John Persenda and his management team, as the future shareholder of the Italian group. SPHERE is a private French group founded in 1976 and is the European leader in the home packaging sector, present in three markets: consumer, professional and local authorities. SPHERE is also one of the world's leading producers of bio-compostable materials. With Virosac and Rapid, SPHERE completes its fourth acquisition in Italy, after having acquired Flexopack, Comset and ICO.

Virosac’s CEO, Luigi Ferrando, and his management team will maintain the managerial leadership and will support, with a long-term industrial vision, the ambitious growth, integration and expansion plans, both internally and through acquisitions, to expand its presence in the regeneration sector.

The sale process was originated and managed by the financial advisor CP Advisors, led by Salvo Mazzotta, with Marco Garro and Giovanni Nucera. Gitti & Partners, with the team led by Vincenzo Giannantonio and including Giacomo Pansolli, Anastasia Cicchetti and Vera Greco, acted as legal advisor to Romagnasac. KPMG provided the financial due diligence services with a team led by Lorenzo Brusa, with Edoardo Sorrenti Meini, Gianluca Belcastro, Marika Mercurio and Andrea Tirelli. Bernoni Grant Thornton acted for the tax due diligence with a team led by Gianni Bitetti and Mattia Tencalla.

SPHERE was assisted by KPMG for the financial and tax due diligence with a team led by Massimiliano Di Monaco and comprised of Dario Marasco, Matteo Balliano, Gabriele Scarabello, Fabio Avenale, Gabriele Davi. The law firm Nunziante Magrone assisted SPHERE with a team led by Gianmarco Mileni Munari and Federico Gioffrè.

"With this new acquisition, we have strengthened our local production capacity and expanded the range of products we can offer our customers in this demanding market, which is now our second largest after France, with a turnover of almost 200 million euros", says John Persenda, CEO and founder of the SPHERE Group.

Mario Gardini, Partner of Orienta Capital Partners, comments: "We have been extremely pleased to have supported the growth and development of Virosac and Rapid over the last five years, making them a leading industrial player in the Italian market. We are delighted to sell Virosac and Rapid to SPHERE Group. Given the experience of this multinational industrial group, leader in the sector, this is the best guarantee for the future and development of the companies of the Romagansac group". 

Commenting on the transaction, Salvo Mazzotta, Managing Partner of CP Advisors, added: "We are truly pleased to have assisted the shareholders and the management team of Virosac and Rapid, successfully guiding them in this transaction with a perfectly complementary group such as SPHERE. This transaction represents a significant step for both groups and we are confident that it will offer extraordinary opportunities for the future of the Italian companies that will be able to continue the growth program started with Orienta Capital Partners. The management team of Virosac and Rapid will now be able to accelerate the international growth of the business, benefiting from the commercial and production support of SPHERE and leveraging the wide range of products that the new group offers”.