Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 19.9.2022  
C(2022 ) 6791 final  
 
   PUBLIC VERSION  
BC Partners LLP, 
650 Madison Avenue, 23rd Floor,  
NY 10022, New York,  
United States of America  
 
Bain Capital Investors, L.L.C.,  
c/o Bain Capital Private 
Equity(Europe), L.L.P  
50 Berkeley Street,  
London W1J 8HD,  
United Kingdom  
Subject : Case M .10894 - BC PARTNERS / BAIN CAPITAL / FEDRIGONI  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 26 August 2022,  the European Commission received notification of a proposed 
concen tration pursuant to Article 4 of the Merger Regulation, by which , the 
undertakings BC Partners LLP, (‘BC Partners’, United States) and Bain Capital 
Investors, L.L.C. (‘Bain Capital’, United Kingdom), intend to aquire, within the 
meaning of Article 3(1)(b) and 3(4) of the Merger Regulation, joint control of 
Fedrigoni S.p.A. (‘Fed rigoni’, Italy), solely controlled by Bain Capital , by way of 
purchase of shares .3 
2. The business activities of the undertakings concerned  are the following : 
 BC Partners is an international private equity firm whose activity is to provide 
advisory services. Funds advised by BC Partners, including BC Partners 
Management XI Limited , which is the BC Partners fund having made the 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Funct ioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 341, 6.9.2022 , p. 5. 

2 investment in Fed rigoni, are financial investors  and their portfolio companies are 
active in financial services, healthcare, education, consumer and retail in Europe 
and North America,  
 Bain Capital is a private equity investment firm that invests, through its family of 
funds, in companies across a number of  countries and industries, including 
information technology, healthcare, retail and consumer products, 
communications, financial services and industrial/manufacturing,  
 Fedrigoni is manufacturing and supplying specialty paper products and self -
adhesive mat erials for creative and luxury packaging applications, as well as 
stationery products, worldwide . 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and o f 
paragraph 5 (b) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agre ement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .