Tikehau Capital is facing competition from industry buyers in its efforts to take control of Italian bottle-cap manufacturer Tapí Group, with two strategic bidders having submitted offers and a third preparing a proposal, according to a report by Bloomberg citing unnamed people familiar with the situation.
Guala Closures and Corticeira Amorim have made offers for Tapí, while Cobepa, the owner of packaging group Crealis, is working on a potential bid, the people said.
The competing approaches come as Tapí continues negotiations with its lenders and Tikehau over a restructuring of the company’s finances. The business is currently owned by private equity firm Stirling Square Capital Partners, which acquired Tapí using a leveraged bidding vehicle.
Tikehau had been working towards a restructuring that would provide Tapí with additional funding while giving the private lender control of the business. Discussions had advanced in that direction before the approaches from strategic buyers emerged.
None of the rival proposals would enable Tapí to repay its creditors in full, according to the people familiar with the matter. The company’s board, working with its lenders, will ultimately have to determine whether to pursue one of the strategic offers or proceed with Tikehau’s restructuring proposal.
Tikehau is proposing to inject fresh capital into Tapí while seeking to convert at least part of the group’s almost €150 million of bank debt into equity-like instruments. The borrowings were originally raised by the acquisition vehicle used by Stirling Square to purchase the company.
Tikehau has increased its exposure to Tapí by acquiring interests in the company’s liabilities, but its proposed restructuring still requires the support of the creditor banks before it can be implemented on a consensual basis.
The developments add a new layer to the restructuring of Tapí, with the company caught between a creditor-led solution backed by Tikehau and potential acquisitions by strategic industry participants.
Guala Closures declined to comment, while a Tapí spokesperson declined to discuss the details of the process. Amorim, Cobepa and Tikehau did not respond to requests for comment.
