NiXEN sells its stake in Plastisud

NiXEN sells its stake in Plastisud, a world-leading designer and manufacturer of high-precision moulds, to its key managers and to the Buzzo family, represented by Laurent Buzzo, the company’s chairman and the founder’s son

 

Founded in 1964 by brothers Jacques and Dante Buzzo, Plastisud serves a global customer base comprising manufacturers of closures, thin-wall packaging and medical equipment.

 

In 2004, NiXEN organised an LBO enabling the Buzzo family to realise part of its assets, while retaining a 40% stake in the new consolidated entity.

 

Over the past six years, NiXEN has supported Plastisud with its expansion and international development, providing it with the resources needed to build up a sustainable position in the medical market while bolstering its longstanding leadership position in closures and packaging.

 

Following on from a successful track record, NiXEN decided, in consultation with the management, to pave the way for Plastisud’s independence. NiXEN subsequently organised the management handover from Jacques Buzzo to his son Laurent, encouraging the company’s managers, particularly Jean-Luc Giraud, Plastisud’s Chairman, to increase their equity stakes in the business.

Pierre Rispoli, Chief Executive Officer of NiXEN, commented: “NiXEN was able to assist the company with its intelligent management handover at a pivotal point in its history. We are pleased that Laurent Buzzo, working alongside Jean-Luc Giraud, is now taking over the helm of this business, which was co-founded by his father and, with our support, has expanded internationally and doubled its production capacity after a successful six-year partnership.”

This change to the shareholding structure and management team was achieved through an OBO deal which enabled NiXEN to achieve an exit multiple of 2.6x its initial investment.

 

Contributors: 

 

Vendor:

  • NiXEN: Pierre Rispoli
  • Lawyers: SJ Berwin (Thomas Maitrejean, Thomas Dupond)

 

Buyers :

  • Buzzo family, Management
  • Lawyers: Nabarro & Hinge (Jennifer Hinge), Cabrera & Levy (Daniel Cabrera et Jean-Louis Levy)

 

Debt financing:

  • LCL (Arranger): Marguerite Desteract
  • HSBC: Eric Silvain et Marie-Christine Berthaut
  • Lawyers: Gide Loyrette Nouel (Chucri Serhal)
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25/11/2010twitterlinkedindownload