Vision picks up €375m portfolio from Italian bank

Assets sold by Banco Popolare included Bormioli Rocco & Figlio, an international glass and plastics manufacturer valued at €250m.

Vision Capital has purchased a portfolio of investments from Italy-based Banco Popolare for €365 million, just weeks after it purchased a portfolio of three industrial German and Swiss companies from Paragon Partners.

The Italian portfolio includes a 95 percent stake in international glass and plastics manufacturer Bormioli Rocco & Figlio, with an equity value €250 million.

The firm’s second portfolio acquisition in a month was made through Vision Capital Partners Fund VII, which closed at €680 million in 2009, a source close to the firm said. A debt package of an undisclosed amount was provided by JP Morgan Chase.

Vision’s deal flow comes from the firm’s proprietary relationships with banks and portfolio managers, a source close to the firm said. The firm typically specialises in acquiring controlling interests of mature mid-market European portfolios.

Bormioli had been held by Banco Popolare subsidiaries Efibanca and Partecipazioni Italiane. In 2010, the company posted earnings of €531 million and an EBITDA of €85 million. Minority shareholdings from Efibanca’s private equity investment portfolio were included in the transaction for €10.5 million.

The firm will appoint Paolo Antonietti as chairman of Bormioli. He was previously a member of senior management teams at Nestle, Rieter and Sulzer and has also served on the boards of Italian manufacturing and architectural firms.