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Management Side
Reno De Medici to Acquire Barcelona Cartonboard in Spain
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SPAIN 19 June 2018 -- (News release) -- The Board of Directors of Reno De Medici SpA (RDM) approved the project for the 100% acquisition of Barcelona Cartonboard SAU, Spanish company operating in the coated cartonboard sector. The seller is the German private equity fund Quantum Capital Partners.

The signing of the preliminary agreement is approximately expected by the end of June 2018, with closing conditioned to the Authorization from the Antitrust Authorities as required by law. The closing is expected by the end of 2018.

The acquisition of Barcelona Cartoboard S.A.U. will allow the RDM Group to strengthen its presence in a well-known market, to optimize its product portfolio and to further improve the level of service to current customers and new ones. In fact, thanks to the proximity of the Barcelona plant to some of the major European converters, strategic customers will be served in a shorter time.

The preliminary price of the investment is based on an Enterprise Value of Euro 46.4 million - calculated on a pro-forma 2018 EBITDA of Euro 8.2 million - and on an estimated NFP of ca. Euro 9.9 million. The price will be subject to subsequent contractual adjustments resulting from the level of the NFP and the working capital on the effective date of the transaction. The acquisition will be financed by Reno De Medici S.p.A. mainly by a specific external financing line.

Reno De Medici S.p.A. has appointed Unicredit as its sole financial advisor for the transaction.

Barcelona Cartonboard S.A.U. is the largest cartonboard producer in Spain, one of the most important paper mills in Southern Europe. Headquartered and with production plant in Castellbisbal, Catalonia, the company has an annual production capacity of 180,000 tons and it employs approx. 230 people.

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