MILAN (Reuters) - Private equity firm Sun Capital Partners is in the lead to buy Italy’s Vetrerie Riunite after rival bidder VAM Investments received no answer to its offer for the maker of home appliance door glass, two people familiar with the deal said on Monday.
One of the two sources said Italian private equity firm VAM Investments had submitted its offer last week, giving Vetrerie Riunite until Sunday evening to accept it. It received no response to the offer, which cannot be extended, one of the sources said.
However a second source, who is close to Vetrerie Riunite shareholders, said the company was expecting binding offers in the next few days from both Sun Capital Partners and VAM Investments, which emerged as frontrunners after a due diligence process to sell the glass door maker.
Vetrerie Riunite, which produces specialized components for the home appliance, automobile and ceramics manufacturing sectors, is controlled by Italian private equity firms Opera SGR and Style Capital. Alantra is an adviser on the sale.
Vetrerie Riunite reported revenues of 109 million euros ($120.14 million) in 2018, with a core profit of 16.4 millions euro and a net financial position of 47.5 million euros.
VAM Investments, Sun Capital Partners and Alantra all declined to comment. Vetrerie Riunite had no immediate comment.
Reporting by Elisa Anzolin; editing by James Mackenzie