It took just a bit more than a month for Investindustrial and the Catelli family to sign a binding deal for the sale of a 60% stake of the Artsana Group to the private equity fund led by Andrea Bonomi. Exclusive talks about the controlling stake of the leading group in mums and babies products sector started last March (see here a previous post by BeBeez) and yesterday the two counterparts announced the signing of an agreement (see here the press release) which will see the Catelli family, currently sole owner of Artsana, to remaina major shareholder with 40% of the capital. Michele Catelli remains as chairman and Claudio De Conto, who joined in 2013, remains as chief executive. Both will guarantee a continuity in the running of the company. The transaction will allow Artsana to accelerate its growth strategy in its international markets. Mr. Bonomi stressed that Investindustrial is “ready to invest significantly into human and financial resources to propel the group onto a growth path that will help us reach new milestones together” and Mr. Catelli said that “with the support of the new shareholder, the group’s expansion plans will be accelerated. R&D will remain a constant focus of ours, as it has always been to develop the group and our products”.


The transaction is expected to close by the end of June subject to the receipt of the necessary antitrust authorizations. The Catelli family has been assisted by Lazard as financial advisor and by Studio Legale Chiomenti as legal advisor. Investindustrial was assisted by Lombardi Molinari Segni as legal advisor, Studio Legale Chiomenti as a tax advisor, by PWC for the financial due diligence, by Bain & Co for the business and market due diligence, and by UniCredit as a financial advisor. Kirkland & Ellis acted as legal advisor regarding the debt funding, which was provided by UniCredit as global coordinator and mandated lead arranger and Bnp Paribas and Natixis as mandated lead arrangers. Artsana Group reached a total turnover of 1.42 billion euros in 2015 (up from 1.22 billions in 2014) with a 126 million euros ebitda (from 96.25 millions), thanks to its global presence in over 100 countries with 5 production units in Europe, 19 branches (11 of which are European), and through a network of dealers and distributors selling products of its proprietary brands Chicco, Neo Baby and Boppy for the baby care side and Pic Solution, Lycia and Control for health care. Investindustrial is said valuate the whole group about 1.3 billion euros (including net financial debt; in 2014 gross banking debts where 83.5 millions) or 10-11x the FY 2015 ebitda, a figure which is quite more than the 96.25 millions reached in 2014.


Artsana had 1.22 billion euros in revenues in 2014 and closed with 14.37 millions in net profits with gross banking debts of 83.5 millions. The deal has been financed by Unicredit as global coordinator and mandated lead arranger and by Bnp Paribas and Natixis as mandated lead arrangers. Artsana is also a shareholder in a joint venture with Giochi Preziosi group, the leading Italian producer and distributor of toys. The jv owns retail shops selling toys and children products with brands as Toy Center, Bimbo Store and Prénatal (see here a previous post by BeBeez). On this issue it will be understood if Investindutrial would be itnersted to mantain Artsana’s stake in the jv or not. ( Source: )