Tikehau faces rival bids for struggling Italian bottle-cap maker Tapí
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.
Italian bottle-cap manufacturer Tapí Group is attracting rival bids from industry players as it seeks to navigate a restructuring process. Tikehau Capital, the private equity firm currently controlling the company, has faced competition from Guala Closures and Corticeira Amorim, both of which have submitted offers for the business.
Additionally, Cobepa, the owner of packaging group Crealis, is reportedly working on a potential bid. These competing approaches come as Tapí continues negotiations with its lenders over a restructuring of the company's finances. The business, owned by Stirling Square Capital Partners, has been under leveraged bidding, with Tikehau aiming to provide Tapí with additional funding while gaining control of the company.
Discussions had advanced in that direction before the emergence of the strategic buyer proposals. None of the rival bids would allow Tapí to fully repay its creditors, according to sources familiar with the situation. The company's board, working alongside its lenders, will ultimately decide whether to pursue one of the strategic offers or proceed with Tikehau's restructuring proposal.
Tikehau proposes injecting fresh capital into Tapí while seeking to convert a portion of the group's €150 million bank debt into equity-like instruments. However, the creditor banks must approve Tikehau's proposed restructuring before it can be implemented consensually. The developments highlight the complexities surrounding Tapí's restructuring, with the company caught between a creditor-led solution backed by Tikehau and potential acquisitions by strategic industry participants.
Commenters for Guala Closures, Tapí, Amorim, Cobepa, and Tikehau did not respond to requests for comment.
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