Investment firm Vision Capital has agreed to acquire a portfolio of investments from Banco Popolare, Italy’s fourth largest retail bank, including a substantial majority stake in Bormioli Rocco, the international glass and plastic packaging manufacturer.
The transaction remains subject to regulatory clearances. Upon its completion, Vision Capital will appoint Paolo Antonietti as Chairman of Bormioli. Mr Antonietti has 25 years’ experience at corporations such as Nestle, Rieter and Sulzer and was recently on the senior board at Targetti Poulsen, an international provider of architectural lighting solutions.
Bormioli produces glassware and packaging containers for home and professional use. Founded in 1825, its glassware has become an internationally recognised brand. It is also one of the leading wholesale suppliers of glass packaging to the global pharmaceutical and food industries. In 2010, the company generated sales of €531 million.