CARDOBOARD PACKAGIN FOR FOOD&BEVERAGE

Seeking capital for acquisition.
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
[redacted]
location
[redacted]
revenue
[redacted]
ebitda
[redacted]
proposed price
[redacted]
owner financing
[redacted]
target debt
[redacted]
target equity
[redacted]

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