Seeking capital.
Below I will report a brief update on my deal in the cardboard packaging sector, a target that we are going to acquire with the search fund vehicle Sprint Capital of which I am the manager.
We have signed an LOI with the seller with the following terms:
- EV of 16 million, equal to 6X adjusted EBITDA (2,600K, 22%);
- 15 million at closing;
- 1 million earn-out at the 2021 Ebitda target with a linear reduction model
- 1.5 million reinvestment by the seller
We have agreed on a senior debt of 8 million.
Furthermore:
- we are collecting commitments for a total collection equity of 6 million;
- we offer 500K euro units, with 50K entry chip, 50% step-up conversion (there is flexibility in evaluating fractions of units)
- commitment collected to date: 40% of the target;
In attachment you find a blind teaser on the target and the deal.
I am available for an in-depth call.
See you soon,
Manuel Piccinato
Sprint Capital
industry
Manufacturing
Manufacturing
location
Italy
Italy
revenue
$12,000,000
$12,000,000
ebitda
$2,600,000
$2,600,000
proposed price
$16,000,000
$16,000,000
owner financing
$2,000,000
$2,000,000
target debt
$8,000,000
$8,000,000
target equity
$6,000,000
$6,000,000
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