H.I.G. Capital Noticias

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Raffaele Legnani
Managing Director
rlegnani@higcapital.com

H.I.G. European Capital Partners Italy S.r.l.
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H.I.G. Capital Portfolio Company Cadica Group Acquires Scatolificio Cartotecnica Giorgi

MILAN – January 21, 2020 – H.I.G. Europe (“H.I.G.”), the European arm of H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with more than €31 billion under management, announced today that its portfolio company Cadicagroup S.r.l. (“Cadica”) – a global leading provider of trims and packaging solutions for premium and luxury brands – has acquired the majority of Scatolificio Cartotecnica Giorgi S.r.l. (“Giorgi”).

H.I.G. created Cadica Group (the “Group”) in April 2019 through the simultaneous acquisition of Cadica, Tessilgraf and Bernini, and completed the add-on acquisition, Estro S.r.l., in June 2019.

Headquartered in Tolentino (Macerata) Giorgi has a 40 years-long history in the design and production of packaging boxes and shopping bags for important fashion, cosmetics, jewelery, eyewear and spirits brands. Today fully automated manufacturing processes allow Giorgi to produce over 70,000 boxes daily, out of a 4,000sqm plant.

Giorgi’s experience and commitment to develop sustainable and eco-friendly procedures perfectly fits with Cadica Group’s vision, values and footprint.

The integration between Cadica and Giorgi will also allow Giorgi to benefit from the Group’s distribution platform, while the latter will have the opportunity to ultimately widen its products offering in the brand packaging segment.

Raffaele Legnani, Managing Director at H.I.G. Capital in Italia, commented: “We are thrilled to announce that Giorgi has become part of Cadica Group. Such a transaction perfectly fits with Cadica’s strategy to continuously pursue external growth and will allow everyone involved to benefit from relevant synergies and to improve the services offered to customers”.

Alessandro Giorgi, Scatolificio Cartotecnica Giorgi CEO, added: “I strongly believe that the partnership with Cadica Group will allow us to accelerate Giorgi’s growth and development, granting us the opportunity to reach a broader audience and offer a wider range of products to existing Cadica customers”.

Andrea Carnevali, Cadica Group Chairman, said: "We are pleased to be able to continue our growth alongside Giorgi. As well as being one of the most innovative players in the brand packaging industry, the company pays particular attention to product quality and sustainability – topics that are at the heart of Cadica’s development plan".

About Cadica, Tessilgraf and Bernini
Cadica, Tessilgraf and Bernini, founded respectively in 1974, 1958 and 1977, are three historic companies in the Italian garments label district with important clients in the premium and absolute luxury segments of the fashion market. The companies have logistic presence in the USA, China, Hong Kong, India and Turkey.

About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over €31 billion of equity capital under management.* Based in Miami, and with European offices in London, Hamburg, Madrid, Milan, Paris, and U.S and Latin American offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

  1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of €30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.