Fourth divestment for the private equity fund Gradiente I.
Padova, 11th May 2017. Fourth divestment for the private equity fund Gradiente I, managed by Gradiente SGR, which has sold, together with the management, the 100% of the share capital of its portfolio company Vetroelite to the Gioconda fund, managed by LBO France and promoted to sustain the development of companies representing Italian industry excellences around the world.
Vetroelite, based in Ormelle, near Treviso, had a turnover in 2016 of around 20 million euro: it operates in the field of the design and distribution of high-end special glass packaging, sold through its commercial network around Europe and North America. Daniele Feletto, President and CEO of Vetroelite, reinvested together with LBO France to pursue the development of the company both in North America and in Europe, thanks to the differentiation of the product offering and the enlargement of the possible selections.
“With the partnership between VetroElite and LBO France, the development of the company I founded years ago goes on. I am confident that with their support and thanks to their international experience we will succeed in accelerating the business development through the European and transoceanic market, making VetroElite a worldwide Italian brand in the field of high-end special glass packaging” says Daniele Feletto, President and CEO of Vetroelite.
“With the investment in Vetroelite begins a new era for the mid and small cap funds of LBO France. We intend to focus on the sustainability and development of companies, staying by their side both during the international expansion and the research of new opportunities to grow, also thanks to our external network” says Arthur Bernardin, Managing Director of LBO France.
“Vetroelite history is emblematic of the success of the Italian PMIs, the perfect target for our new fund, and represents very well all those companies able to catch the opportunities offered by growing markets, benefitting of a solid positioning based on a relevant Italian savoir-faire. Among all these talented Italian companies, the know-how regarding the fields of glass (above all in Venice) and design is recognized at an international level” says Roberto D’Angelo, responsible for the Gioconda fund for LBO France.
“We are very proud of having sold our company to LBO France, convinced that the company will grow even stronger and, consequently, will benefit of the international network of the fund, concluding its development path begun with us in 2013. During these years, Gradiente worked together with the entrepreneurs to create value, developing the company through to the investment in new projects, increase the workforce and diversification in new geographies” says Pietro Busnardo, CEO of Gradiente SGR.
Gradiente has been advised by Vitale&Co, PwC for accounting and fiscal matters, and Grava & Associati for the legal aspects. LBO France has been advised by NCTM for legal and tax matters, LEK France for the business due diligence and Deloitte for accounting matters. The management has been advised by Andrea Citterio for the financial aspects and by Dentons law firm for the legal aspects.
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