October 14, 2019 / 6:24 PM / 2 months ago

UPDATE 1-Sun Capital frontrunner to buy Italy's Vetrerie Riunite-sources

(Adds comment from VAM Investment spokesman)

MILAN, Oct 14 (Reuters) - Private equity firm Sun Capital Partners is in the lead to buy Italy’s Vetrerie Riunite, two people familiar with the deal said on Monday, after VAM Investments withdrew its offer when it received no response from the glass products group.

Vetrerie Riunite, which makes door glass for home appliances and also supplies the automobile and ceramics manufacturing sectors, is controlled by Italian private equity firms Opera SGR and Style Capital. Alantra is an adviser on the sale.

Earlier on Monday, one of the two sources said private equity firm VAM Investments had submitted an offer last week, giving Vetrerie Riunite until Sunday evening to accept it. It received no response to the offer, the source said.

“VAM Investments points out that it doesn’t intend to press ahead with an offer for Vetrerie Riunite,” a spokesperson for the Italian private equity firm told Reuters.

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 reported revenues of 109 million euros ($120.14 million) in 2018, with a core profit of 16.4 million euros.

Sun Capital Partners and Alantra both declined to comment. Vetrerie Riunite had no immediate comment. (Reporting by Elisa Anzolin; editing by James Mackenzie and Deepa Babington)

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