Vision Capital will acquire a portfolio of investments from Banco Popolare, including Bormioli Rocco, a glass and plastic packaging manufacturer. Vision Capital’s VCP VII Luxco secured a €260 million bridge loan as part of the transaction; Vision Capital was represented by Ropes & Gray in the closing of the acquisition and the loan.
Ropes & Gray Acts for Vision Capital in Bormioli purchase
Transaction demonstrates London office integrated pan-European capability
LONDON (1 July 2011) – Ropes & Gray represented Vision Capital in connection with a €260 million bridge loan to VCP VII Luxco 6 S.A.R.L., Bermuda Luxco S.A., and Bermuda Acquisitions S.R.L. to finance Vision Capital’s acquisition of a portfolio of investments from Banco Popolare, including Bormioli Rocco, the international glass and plastic packaging manufacturer. In addition, Ropes & Gray represented Vision Capital in connection with corporate matters related to closing the acquisition and all aspects related to the equity investment made by Vision Capital in connection with the acquisition.
The Ropes & Gray finance team working on the bridge loan was lead by partner Jonathan Bloom with support from partner Maurice Allen and associates Alice Dawson, Haden Henderson, Michael Kazakevich, Bettina Kloubert and Collin McDonald. The Ropes & Gray corporate team working on the acquisition and equity investment was lead by partner Kiran Sharma with support from associates Dave Burley and Alex Griffiths.
“Structuring leveraged acquisitions for a portfolio of investments in Europe often raises complex issues,” said Mr. Bloom. “We were excited to work with Vision Capital in connection with financing this acquisition and working with them to understand, evaluate and solve these issues.”
“It is great to be able to support Vision Capital on another significant transaction and is a testament to the team we have built in London. It demonstrates our ability to offer integrated pan-European advice to our clients on complex transactions given the deal involved assets in Italy, France, Spain and Luxembourg,” stated Ms. Sharma.
The firm worked with Bonelli Erede Pappalardo in Italy, Bredin Prat in France, Uría Menéndez in Spain, and Loyens & Loeff in Luxembourg.
Bormioli Rocco produces glassware and packaging containers for home and professional use. Founded in 1825, its retail glassware has become an internationally recognised brand. It is also one of the leading wholesale suppliers of glass and plastic packaging to the global pharmaceutical and food industries. In 2010, Bormioli Rocco generated sales of €531 million and EBITDA of €85 million.
Vision Capital is an independent private equity investment firm focused on Europe and the Americas with specialist expertise in financial and real estate, industrial and manufacturing, business services and consumer sectors. Between 1997 and 2010, Vision Capital raised seven funds totalling over €1.8 billion of committed capital and has invested in seven portfolios with an underlying enterprise value of over €2 billion. Vision Capital’s funds own and actively manage controlling interests in a multi-sector portfolio of companies, most of which are based in Europe.
The firm’s London office has handled high-profile transactions, including representing:
• The Hanover Insurance Group on the financing of its proposed acquisition of Chaucer Holdings Plc, the UK-based insurance group;
• Liberty Global Inc. in connection with the financing for its approximate €3.16 billion acquisition of Germany’s third-largest cable TV operator Kabel BW Erste Beteiligungs GmbH, from Swedish private equity group EQT Partners AB;
• Certain mezzanine lenders to KCA Deutag Oil Services Group, including funds managed by BlackRock Financial Management, Inc., EIG Management Company, LLC and GoldenTree Asset Management LP, in connection with KCA’s financial restructuring;
• Sankaty Advisors and GoldenTree Asset Management, as Euro note purchasers in connection with the issuance of €110 million eight-year senior secured notes that refinanced the debts of the world’s largest specialty alumina products producer, Almatis, resulting in the company’s exit from bankruptcy;
• TPG Capital on its €1.2 billion secondary buyout of Ontex NV from Candover Partners Limited; and
• Berkshire Partners US$1.1 billion acquisition of Skillsoft plc.
Ropes & Gray, a global law firm with more than 1,000 lawyers and professionals, has been recognized as having one of the world’s leading private equity practices. The opening of Ropes & Gray’s London office marked the firm’s fourth move into key geographic markets in the past two years, following openings in Tokyo, Hong Kong and Chicago, which allows the firm to serve clients from bases in major world private equity and finance centres and to provide global execution of transactions.