Pillarstone acquires Manucor

Pillarstone announced on 3 May that it has acquired 100% of Manucor (a specialized producer of PP films for flexible packaging, labels and adhesive tapes). The relaunch of the company with a new business plan is underway. Luigi Scagliotti appointed new CEO.

In December 2015, Pillarstone acquired Intesa Sanpaolo’s medium to long-term receivables from Manucor as part of an Intesa Sanpaolo and Unicredit portfolio of exposures to five Italian companies. As a single shareholder acquiring 100% of Manucor’s capital, Pillarstone has also completed a debt restructuring and a recapitalization of the company, converting 10.2 million euros of debt into shares and making an additional 5 million convertible at the company’s discretion. The residual debt of 25 million euros has been bullet rescheduled to 2022.

The new industrial plan
With a turnover of 140 million euros, Manucor has the largest production facility in the sector in Europe and its films are used by leading European food & beverage brands. Now Manucor can focus on the re-launch phase and return to growth.The new 2018-2022 business plan includes investments of 15 million euros for the redevelopment of production capacity to support the improvement of the sales mix.

The agreement marks another important milestone for the Pillarstone platform, which now manages around € 2 billion in bank debt with over € 200 million invested in 9 companies. Pillarstone invests longterm capital in companies with solid business models but with financial difficulties, which are supported by the experience of the Pillarstone team to help stabilize, grow and create value for all stakeholders.

Following the transaction, the new Board of Directors of the Company was appointed: Giuseppe Garofano has been confirmed to the Presidency, Luigi Scagliotti was appointed Chief Executive Officer.