Gruppo Cordenons has accepted the acquisition proposal from Bain Capital Private Equity. The closing of the transaction will take place following customary regulatory approvals.
The news of the agreement was given by chairman Ferruccio Gilberti, who has been the head of Gruppo Cordenons since 1984. Thanks to his expansion policy in international markets, the company has achieved its current results. With a portfolio of over 2500 products, Gruppo Cordenons is established globally and its creative papers are distributed in 86 countries around the world. The company’s exports represent almost 70% of turnover.
‘Becoming part of a global company like Bain Capital represents a strategic opportunity that will allow us to pursue our development targets with even more determination,’ said Enrico Caviglia, general manager of Gruppo Cordenons.
‘This agreement will further enhance our resources, through the sharing of best practices whilst maintaining our identity. Gruppo Cordenons will continue to be managed as an independent company guaranteeing the business continuity and strengthening its market share.’
Headquartered in Milan and with two production plants based in Northern Italy, Gruppo Cordenons employs nearly 300 staff and has an annual production of about 40 thousand tonnes.
Matteo Suardi, sales manager of Gruppo Cordenons also commented, ‘Our team is ready to face this new challenge. In recent years we have increased our turnover and we have also grown in terms of organisation and management. We have maintained our focus on the development of special papers with particular attention to the needs of our customers. I am convinced that Gruppo Cordenons will be able to make a strategic contribution to Bain Capital to create a leading company in the high-end graphic paper market.’