April 2, 2014
Digital Media and Media
Carlo Dawan, Tobias Schultheiss, Valentina Osele, Mathias Heymann, Fabian Gehlhaar, Lorenzo Cabizza
GCA Altium acted as exclusive financial adviser to Pixartprinting Shareholders on the sale of Pixartprinting to Vistaprint N.V. (NASDAQ-listed, market capitalisation approx. $1.6bn)
GCA Altium acted as exclusive financial adviser to the shareholders of Pixartprinting, the leading web-to-print business in Southern Europe, on its sale to Vistaprint N.V. (NASDAQ-listed, market capitalization of approximately $1.6 billion). Vistaprint acquired Pixartprinting for a base purchase price of approximately €127 million, plus an earn-out of up to €10 million. The enterprise value represents a valuation multiple of approximately 10 times EBITDA, assuming a net debt position of approximately €18 million. This transaction, the largest B2B online printing deal to date in Europe, marks GCA Altium’s second successful transaction in this industry and its 19th in Internet and Technology over the past 12 months.
Pixartprinting was majority-owned by the Italian Private Equity Fund Alcedo SGR since 2011 while the founder maintained a minority stake. Over the past years, the Company has expanded rapidly across Europe. In calendar year 2013, Pixartprinting’s revenue was approximately €56 million, reflecting year-on-year growth of more than 35%. Pixartprinting’s EBITDA in calendar year 2013 was approximately €15 million.
The acquisition of Pixartprinting gives Vistaprint a market presence that complements its brand and offer. Vistaprint currently plans to invest in Pixartprinting to help fuel its continued growth as an independent brand that will remain distinct from Vistaprint in its value proposition and positioning. Pixartprinting will benefit from Vistaprint’s scale advantage and knowledge in manufacturing and supply chain while, in turn, serving the large and fragmented small business segment of the printing market that Vistaprint has not traditionally served. Additionally, over time, the acquisition is expected to enable both Vistaprint and Pixartprinting to expand their product offerings.
Alessandro Tenderini, Pixartprinting’s Chief Executive Officer said: “We are excited about the opportunities this acquisition will provide us. We started as a family-run traditional printing business in 1994 and during the last decade, we have transformed into a successful web-to-print business that still places the customer at the center of its goals. We believe Vistaprint will be a strong partner for future international growth as we tap into its scale, global presence, financial strength, technology and manufacturing process expertise.”
Carlo Dawan, Managing Director at GCA Altium, said: “Pixartprinting is among the top five online printing companies across Europe, and a fast-growing, clear leader in Southern Europe. Because we were able to internationally position the Company as a strategic asset, we could achieve an attractive valuation of close to 10x EV/EBITDA. We ran a process that was smooth, confidential and effective. This deal is evidence of the high interest of the large strategic investor towards Italian high-quality assets.”
Tobias Schultheiss, Director at GCA Altium, added: “After advising Onlineprinters on its partnership with TA Associates, this is the second industry-changing transaction in this industry that we advised on in the last 12 months. The sale of Pixartprinting to Vistaprint is the largest online printing transaction in Europe to date, underlining our leading position as advisers in this industry. We were able to use our in-depth knowledge of the online printing market and direct access to key decision-makers to help Pixartprinting find the right strategic partner for its future growth.”