MILAN (Reuters) - Italian paper maker Fedrigoni has agreed to pay nearly 300 million euros ($333 million) to buy self-adhesive products maker Ritrama as part of its strategy to focus on specialty papers, a source close to the matter said on Wednesday.
Earlier Fedrigoni, controlled by Bain Capital after a deal with the shareholder family last year, said it had signed an agreement to acquire Ritrama for an undisclosed amount.
The deal is worth between 250-300 million euros ($278-$333 million), the source said.
Fedrigoni, best known for historic Fabriano fine art paper, has expanded into a wide range of specialty papers for packaging and self-adhesive products for labelling.
The Fedrigoni family, which failed to get the company listed in 2014, still holds a 10% stake in the group after selling a majority stake to Bain last year.
The Ritrama deal is expected to close in the first quarter of 2020, the companies said in the statement. Rothschild was the financial adviser for Fedrigoni, while Tamburi Investment Partners advised Ritrama.
Ritrama, whose products include coated and uncoated roll label paper for consumer product packaging as well as airport luggage tags, reported sales of 400 million euros in 2018. Fedrigoni had sales of 1.2 billion euros in the same period.
The Rink family, founders of Ritrama, will maintain ownership of Ritrama’s North American operations.
($1 = 0.8995 euros)
Reporting by Elisa Anzolin, editing by Giselda Vagnoni and Deepa Babington