Stefano Pastore
Ethica Group
API S.p.A
Deal Type
Company sale
Sector
Industrials
Completion Date
10th July 2017
Deal Value
Not disclosed
Company Background
Founded in 1956 in Bassano del Grappa, near Vicenza by Mr Sergio Brunetti, API is a leading player in the research, development and production of customized thermoplastic compound materials and elastomers for a vast range of sectors. API’s core differentiation on the market is its 60 year know-how in engineering and compounding thermoplastic polyurethanes (TPUs), thermoplastic elastomers (TPEs) and biodegradable elastomers to clients who demand tailor-made solutions and exceptional performance.
Key end markets are automotive, footwear, appliances, furniture, sporting goods, packaging and medical. About 35% of the total €50 m revenues comes from exports, with a focus on Europe and Asia.
Deal Summary
Ethica Corporate Finance, advised the shareholders of API – Applicazioni Plastiche Industriali – on its sale to listed US player Trinseo (NYSE:TSE), a global materials solutions provider and a plastics, latex binders, and synthetic rubber manufacturer.
Value Added
Ethica Corporate Finance developed the relationship with the Brunetti family a few years back, after completing other transactions in the larger plastic compounds space, which is a high value-added segment with several leading players in Italy.
Having learned through Mergers Alliance partner in the US, Headwaters, about Trinseo’s interest in expanding its performance plastics division through add-on acquisitions, we immediately though of API, given its strong know-how in a profitable niche with significant growth potential, which could be exploited thanks to Trinseo’s global footprint. Since then, Ethica advised API’s shareholders throughout the whole process and on an extensive Due Diligence, managing all the key aspects of the transaction up to a successful closing.
This deal marks another step into Ethica’s core expertise which is creating long-term relationships with mid-market entrepreneurs and advising them in assessing, selecting and achieving options for their businesses
