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Vision Capital acquires portfolio of assets from Banco Popolare, including majority stake in Bormioli Rocco May 2011

Vision Capital has agreed to acquire a portfolio of investments from Banco Popolare (“Banco Popolare”), Italy’s fourth largest retail bank, including a substantial majority stake in Bormioli Rocco (“Bormioli”), the international glass and plastic packaging manufacturer. Financing for the acquisition of Bormioli was provided by JP Morgan and BNP Paribas acted as financial advisor to Vision Capital. The transaction remains subject to customary regulatory clearances.

The transaction will enable Banco Popolare to advance its strategic objective of focusing on its core retail and corporate banking activities.

Bormioli produces glassware and packaging containers for home and professional use. Founded in 1825, its retail glassware has become an internationally recognised brand. It is also one of the leading wholesale suppliers of glass and plastic packaging to the global pharmaceutical and food industries.  In 2010, Bormioli generated sales of €531 million and EBITDA of €85 million.

Upon completion of the transaction, Vision Capital will appoint Paolo Antonietti as Chairman of Bormioli.  Mr Antonietti has 25 years experience in senior management at multinational corporations such as Nestle, Rieter and Sulzer and has held a number of senior board positions at private equity owned companies in recent years, including Sympak, the Italian engineering and manufacturing firm, and Targetti Poulsen, the international provider of architectural lightning solutions.

Julian Mash, Chief Executive of Vision Capital said:

“We are delighted to be helping Banco Popolare achieve its strategic objective of focusing on its core retail and corporate banking activities. Vision Capital is looking forward to supporting the growth and development of all the businesses we are acquiring, to help them realise their full potential. Bormioli has strong businesses in a sector we know well, and will have the chance to build on its long and proud heritage.”

Francesco de Bartolomeis, Chief Executive of Bormioli said:

“Bormioli has a history of innovation and success and the business is performing strongly. The management team is excited about working with Vision Capital to build for the future.”

For further information, please contact:

Tom Burns / Zoë Bird, Brunswick Group (London)

Telephone: +44 (0) 20 7404 5959   

Alessandro Iozzia, Brunswick Group (Milan)
Telephone: +39 02 92 88 62 00

Vision Capital is a limited liability partnership | Registered in England number: OC336240 | Authorised and regulated by the Financial Conduct Authority