14 May 2012

Accelerate the value creation process and help the company to develop and grow

Bormioli Rocco S.p.A. is a manufacturer of tableware, glass containers and plastic packaging with a consolidated industrial footprint in Europe

AzuquecaTableware

St. SulpicePlastic/Pharma

MasnieresGlass/c&p

RivanazzanoPlastic/Pharma

TrezzanoGlass/F&B

BergantinoGlass/Pharma

CastelguelfoPlastic/Pharma

Altare Tableware

Fidenzatableware

Tableware

Glass pharma

Glass beverage

Plastic packaging

Glass perfumery

€227m

€106m

€65m

€87,5m

€81m

2011 sales Bormioli industrial footprint

• caps• ophthalmic caps

and droppers• syringe and spoons

• perfumery bottles• cosmetic pots

• vase• flacons• other caps• pharmaceutical

caps

• dishes• glasses• goblets

• glasses• cups• dishes• carafes

• glasses• cups and bowls• food storage• carafes• dishes

• bottles• jars

• pharma cointainers for oral products and injectables

• child proof caps• flacons• droppers

1825

Luigi Bormioli’s family opens a glasswork factory in Borgo San Donnino, near Fidenza (Parma)

In 1854 Bormioli family buys Reale Fabbrica, producing majolicas and glass, and later develops into Vetreria Bormioli Rocco

Bormioli Finanziaria strengthens its control over BRF by buying the stock owned by Groupe Danone and BPN Paribas

1854-1920

1985-1993

The company takes over the table glassware production of Saint Gobain group

1921-1972

2007

The business related to the Abbiategrasso plant is sold to Bormioli Luigi S.p.A. and the merger of Bormioli Finanziaria into BRF is completed

2011

Vision Capital, an international investment group, acquires Bormioli Group

1973-1984

In 1973, Vetreria Padana Polesana S.r.l. is acquired, together with its production plant in Bergantino

In 1969, Bormioli Metalplast S.p.A is established with the aim of providing products for the pharmaceutical, cosmetics and food sectors

Bormioli Finanziaria fully subscribes a new capital increase of BRF

2003

2001-20021997-1998

1999-2000

Bormioli Rocco & Figlio sells its 50% stake in Bormioli Luigi to the other branch of the family and purchases Fidenza Vetraria Industriale srl and Covetro S.p.A.

After the 1998-2000 crisis of the sector and due to the inefficiencies of Parma and French sites, Bormioli family decides to restructure the company

Bank loans are rescheduled, and in 2002 Bormioli Finanziaria S.p.A. acquires a shareholding in BRF (42.2%)

2005-2006

Founded in 1825 by Bormioli family, the company has over years undergone many shareholding changes and in May 2011 has been acquired by Vision Capital, an international PE fund

September 2011

May – July 2011

Due diligence in advance to acquisition

Vision Capital finalizes the acquisition

Prioritization of the key business opportunities

May 2011

Dec. 2010 – Apr. 2011

Work-streams kick-off

January 2012

Implementation launched

Top line improvement opportunities for Tableware and

Pharma BU

Bottom line initiatives to improve operational planning and asset

utilisation rates

Vision Capital conducted due diligence with the aim of identifying potential business upsides not only to assess and investigate risks. In advance of closing quickly focused on pursuing key business opportunities

Top line opportunities

Bottom line opportunities

Improvement of the asset utilisation rates

Improvement of the operational planning

process

Pharma BU Tableware BU

IMPROVEMENT

UPSIDE OPPORTUNITIES

Increase penetration in specialised retailers

Reposition the product portfolio / increase prices

Increase penetration in the US, Russian and German markets

Optimised product portfolio

Increase market penetration

Increase in type I glass (excluding Delta technology)

Entry into the tubular glass market

Glass Pharma

Plastic

Diversification into new product segments

Acquisition opportunities

On September 2011 several main work streams were defined to address both top and bottom line opportunities

Ph

ase

Mo

du

les

Ob

ject

ives

Detailed definition and development of the strategic initiatives to pursue for accelerating value, based on the options selected

Selection of the strategic options in terms of: new geographic

markets to enter key current and

prospect customers to target

optimal product mix to offer

C. Strategic plan development

C.1. Define the organic growth strategy in adjacent areas

C.2. Define a build up strategy through potential acquisitions

C.3. Develop the market entry strategy in selected countries

Develop a robust fact base analysis to define and prioritize the strategic options to pursue

A. Strategic fact base development

A.1. Product portfolio review

A.2. Assessment of selected geographic markets

A.3. Competitive landscape analysis

A.4. Customer portfolio assessment

B. Strategic objectives definition

B.1. New geographic markets prioritization

B.2. Key customer targeting

B.3. Product mix selection

Accelerate a profitable organic growth by managing the mix and developing adjacent technologies and product categories

Acquire new products, technologies, clients and enter high attractive geographic markets

Exploit the full commercial potential of existing clients

Project Polaris strategic initiatives

In October 2011 Bormioli launched “Project Polaris” to pursue the identified opportunities in the Pharma business unit

Products

Customers

New

Market opportunity identification matrix

New markets(Glass and Plastic packaging)

New products(Plastic packaging)

U.S.

India

SpainItaly

Germany

France

Russia

Puerto Rico Saudi

Arabia

China

Brazil

Customer full potential Cross – selling

Inhalation

Injection

Pharma/ Drug Delivery

Point of Care Testing

Diagnostics

Molecular Diagnostics

Laboratory Diagnostics

Existing New

Existing

Project Polaris has focused on assessing the opportunities in new markets and in adjacent product categories

Provide in-depth managerial expertise to bring extensive experience on a specific sector and to help the business excel

When necessary, conduct strategic repositioning of businesses to unlock value

Support management in developing a 100-day plan to rapidly pursue identified opportunities and:

‒ foster strategic geographical expansion in promising countries

‒ innovate product range and diversify for cross-selling and up-selling

‒ pursue build-up acquisitions to widen the companies’ dimension and leverage on operational synergies

Key take-ways in order to help businesses develop and grow