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Since November 2023, Atlas Partners, led by Giacomo Maria Garbarino and Stefano Carpano, has been searching for an Italian SME to acquire. Last month, they successfully completed the acquisition of Stilef, an Italian cardboard packaging company. Investors backing the buyout of 100% of the company include Istria Capital, Novidam, Valmaris Private Investors, Loris Lanzelloti, Vonzeo, Paolo Guida, Alexander Kirn, Legacy Partners, Jürgen Rilling, and Marc Bartomeus. Half of the enterprise value was financed through leveraged financing provided by Banca Intesa Sanpaolo.
Founded in 1971, Stilef specializes in the design and production of custom corrugated cardboard packaging solutions. The company offers a wide range of products tailored to various industries, including food delivery, wine bottles, apparel, displays, industrial applications, and e-commerce. Stilef provides end-to-end services, from initial design concepts and prototyping to final production, ensuring high-quality standards and timely delivery. With more than 2,000 clients, the company has experienced consistent growth of 8% per year over the past decade, reaching a turnover of €15M in 2024 with a 20% EBITDA.
Giacomo explained why they were attracted to the deal: “The packaging sector has been growing steadily at 5-6% over the past 20 years, and Stilef has a strong, loyal customer base. Moreover, the company has an excellent cash generation profile, in the range of 65-70%, which will enable us to pursue growth through a buy-and-build strategy.”
Legal: Chiomenti / Tax: Alma LED
