- Under Quantum Capital Partners’ management and thanks to a close cooperation with the local leadership, during 7 years, the Italian Slim Aluminium has grown significantly and almost doubled its production capacity.
- Slim Aluminium was sold based upon an Enterprise Value of EUR 120.5m, representing 6.4 times its 2022 EBITDA.
- In 2022 Slim Aluminium reported consolidated revenues of EUR 326.8m (EUR 252.5m in 2021), a net result of EUR 9.6m (EUR 2.4m in 2021) and the EBITDA amounted to EUR 18.9m.
Quantum Capital Partners (‘QCP’), manager of investment funds based in Munich, Germany, specializing in complex turn-around, corporate carve-outs and transformational projects across Europe, today announced the completion of the sale of Slim Aluminium S.p.A. (‘Slim Aluminium’ or ‘the Company’), an Italian leading producer of aluminium flat-rolled products, to Dingsheng Group (‘Dingsheng’), the world’s largest aluminium foil manufacturer, headquartered in the Jiangsu province, China. Slim Aluminium was sold based upon an Enterprise Value of EUR 120.5m, representing 6.4 times its 2022 EBITDA.
With more than 60 years of history and based in Cisterna di Latina, Italy, Slim Aluminium manufactures a wide range of aluminium sheets, tapes, and foils for the packaging, automotive, transport and construction industries, and serves the European market with a current total capacity of 120,000 metric tons per year. Slim Aluminium owns 100% of Slim Merseburg GmbH, Germany, which over the course of 70 years has specialized in the production of thin foils, nowadays supplying reputable manufacturers of food and pharmaceutical packaging across Europe.
Thanks to the long-term, sustainable and responsible investment strategy implemented by the funds managed by QCP, Slim Aluminium was re-invigorated and has grown significantly over time. QCP’s managed funds acquired the Company from Norsk Hydro in 2016, when it was operationally loss making (net operating loss was more than EUR 16m in 2015) and had an output of 69,000 metric tons. At that time, QCP identified in Slim Aluminium a significant potential for operational improvements and value creation.
Under QCP’s management and thanks to a close and successful cooperation with the Company’s leadership, Slim Aluminium went through a very needed transformation and is now well-positioned for its next phase of growth. In 2022 the Company reported consolidated revenues of EUR 326.8m (EUR 252.5m in 2021), a net result of EUR 9.6m (EUR 2.4m in 2021) and the EBITDA amounted to EUR 18.9m. Slim Aluminium’s growth of tonnage produced and sold was combined with a focus on higher margin and specialized high value products, and investments in state-of-the-art production equipment and machinery. The implementation of innovative production processes has contributed to protect the environment – by tripling the use of recycled aluminium as raw material – and enabled a significant reduction in production costs. During the Covid-19 pandemic, the shareholder showed its dedication to Slim Aluminium by supporting the Company’s continuity with up to EUR 12m in cash advances and financial guarantees.
The investment in Slim Aluminium yielded a total cash return of EUR 70m to the QCP managed funds’ investors, a 12 times return on invested capital.
The transaction received all authorisations needed, including the Golden Power clearance by the Italian Presidency of the Council of Ministers.
QCP was assisted by K&L Gates with a team composed of Pasquale Marini, Francesco Peruffo and Gaia Bacchi for the corporate/M&A aspects of the transaction, while a Milan-Berlin multi-jurisdictional team, composed of Chiara Toccagni, Annette Mutschler-Siebert, Alexander Rospert and Martina Maggioni, assisted in connection with the Golden Power clearance.