Stirling Square and Tikehau Clash Over Control of Italian Bottle-Cap Manufacturer

The conflict between Stirling Square Capital Partners and Tikehau Capital SCA has intensified over the Italian-based bottling cap manufacturer, which operates under the name Sistemi di Sicurezza S.r.l. The company, valued at approximately €210 million, was acquired by Stirling Square in 2022 through a leveraged buyout structured with a €120 million senior secured loan provided by Tikehau. As of Q1 2026, the company’s EBITDA stands at €28 million, with debt service coverage ratio (DSCR) dipping below 1.1, raising concerns about covenant compliance. The dispute stems from an alleged breach of financial covenants tied to the loan agreement, including a net leverage ratio exceeding 4.5x. Tikehau has initiated enforcement actions, threatening to appoint a financial advisor and potentially take control of the board. Stirling Square, however, maintains the company remains viable and disputes the accuracy of Tikehau’s financial assessment. The conflict has led to a deadlock in management decisions, delaying key investment in automation upgrades estimated at €15 million. Market indicators show limited spillover: the benchmark VIX index rose 2.3% to 17.8, reflecting elevated investor anxiety over private equity governance risks, while CL=F crude oil futures edged up 0.6% amid broader commodity volatility. The case underscores the growing scrutiny on leveraged buyouts in industrial sectors with thin margins and high debt dependency. The outcome could set a precedent for creditor intervention in private equity portfolios, particularly in Europe’s mid-market industrial space. Shareholders and lenders alike are monitoring the situation as a bellwether for risk management in highly leveraged acquisitions.