Intesa Sanpaolo acted as sole financial advisor for Reno De Medici in the acquisition of Fineska
Intesa Sanpaolo (IMI Corporate & Investment Banking Division) supported Reno De Medici S.p.A., the largest Italian producer of recycled cartonboard and listed on the STAR segment of Italian Stock Exchange, as sole financial advisor in the acquisition of 100% of the share capital of Fineska BV, holding company of Eska group.
Eska, with a capacity of 290,000 tons, is the global leader in solid board, a product that has applications in luxury packaging, bookbinding, puzzles & games and stationery.
In the financial year ended December 31, 2020, based on Dutch GAAPs, Eska Gross Sales totalled EUR 149.7M and EBITDA was EUR 24.6M.
The commitment to underwrite a preliminary agreement for the acquisition of 100% of the share capital of Fineska is subject solely to completion of Dutch employee representative consultation procedures.
Equity value agreed for Eska group was EUR 146.8M, calculated by deducting from the EUR 155M EV the adjusted NFP of EUR 8.2M.
Reno De Medici will obtain the cash needed to close the acquisition by drawing on a specific external line of credit that is currently being negotiated.
The transaction closing is expected to occur no later than July 31, 2021
This transaction reaffirms the role of IMI Corporate & Investment Banking Division as an important partner for Italian mid-cap companies in pursuing their growth plans and internationalization projects, as stated by Michele Bianchi, CEO of RDM Group, when commenting the transaction: “This transaction is consistent with the growth strategy we had set forth. It offers us new development opportunities on a broader geographical scale, reinforcing the resilience of our Group performances.”
