TriMas (NASDAQ: TRS) Agreement to Acquire Affaba & Ferrari Srl
BLOOMFIELD HILLS, Michigan, October 29, 2020 – TriMas (NASDAQ: TRS) announced that it has signed an agreement to acquire Affaba & Ferrari Srl, a designer and manufacturer of precision caps and closures for food & beverage and industrial product applications. The transaction is expected to close before the end of the year, at which time Affaba & Ferrari will become part of TriMas’ Packaging segment reporting into its Rieke division.
“We are excited to announce an agreement between TriMas and the Ferrari family,” said Thomas Amato, President and Chief Executive Officer of TriMas. “The acquisition of Affaba & Ferrari will supplement our existing food & beverage and industrial product offerings, adding new blue-chip customers and a state-of-the-art manufacturing operation to our European base. Affaba & Ferrari offers proprietary product designs, production capabilities for aseptic applications and important food packaging safety certifications, such as the British Retail Consortium/Institute of Packaging (BRC/IoP) Global Standard and the Food and Drug Administration/Interstate Milk Shippers (FDA/IMS) Compliance, all of which ultimately will enable us to expand our current product offering to our global food & beverage customers.”
Affaba & Ferrari was founded by Rosanna Affaba in 1949 in Borgo San Giovanni, Italy, where it continues to operate today. Started as a provider of closures and containers to local dairy farmers, her children, Silvia and Guglielmo Ferrari, later expanded the company significantly. They currently operate Affaba & Ferrari as a privately-owned, family company, which is expected to generate approximately €32 million in revenue in fiscal year 2020. Affaba & Ferrari designs, develops and manufactures proprietary, precision caps and closures with intellectual property protection for customers throughout Europe. The innovative product offering includes aseptic caps for juices, dairy products and sport isotonic/energy drinks, as well as tamper evident, child-proof, induction, flex spout and other caps and closures used in food & beverage, agrochemical and other industrial applications.
Amato continued, “We look forward to Silvia and Guglielmo, as well as the broader Affaba & Ferrari team, joining TriMas and our family of businesses. We are pleased to add the Affaba & Ferrari brand and business to TriMas’ Packaging group, as we believe the combination will unlock additional growth and expansion opportunities globally.”
Mediobanca and Alantra served as the financial advisors to the sellers.
TriMas’ planned acquisition of Affaba & Ferrari represents TriMas’ fourth acquisition in the packaging market since early 2019, and is consistent with the strategy to further build out its packaging platform.
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