The IGI Investimenti Sei Fund (IGI Private Equity) has sold Nuovaplast to Valgroup, the holding company of a group that has been active in the virgin and recycled polymers industry for over 45 years and has a turnover of around USD 1.5 billion. Today Valgroup is one of the largest producers, processors and recyclers of polymers, with operations in Brazil, Spain, the United States, Mexico and Uruguay.
In January 2019, IGI Private Equity acquired control of Nuovaplast, a company based in Villa Lempa (Teramo) and active in the production of PET preforms for the mineral water, oil, milk, detergent and personal care sectors. Entrepreneur Roberto Tomasoni, the previous owner, and Equilybra S.p.A. participated in the transaction as minority shareholders.
In recent years, the IGI fund has pursued a process of business development aimed at consolidating the company’s leadership position in the market, expanding production capacity, and maintaining technological and automation leadership through major investments.
The fund has strategically integrated Nuovaplast upstream in the value chain thanks to the new plant for the production of recycled PET from post-consumer bottle flakes through a new company called 3R, and has carried out the generational transition from the entrepreneur Tomasoni thanks to the progressive managerialisation of the company.
In 2022, Nuovaplast expects to close the year with a turnover of more than 90 million euro and an Ebitda of around 15%.
Valgroup, a Luxembourg-based holding company, converts over 600,000 tonnes per year of virgin resins into rigid and flexible plastic packaging and over 100,000 tonnes of post-consumer recycled plastic.
Most of Valgroup’s activities are located in Brazil; its presence in Europe is marginal (in Spain) and limited to recycled PET resins.
“With Nuovaplast we have accomplished, among many others, two fundamental objectives of our investment strategy: the management of the generational transition in the company with the entry of a team of capable managers and the implementation of a circular economy project with the investment in the subsidiary 3R, which allows the Nuovaplast group to internalise the production of R-PET (recycled PET) starting from post-consumer bottle flakes,” says Angelo Mastrandrea, partner of IGI Private Equity, “Thanks to the work done, we have sold Valgroup a market-leading company with a solid management team and a clear green vocation.”
“With this transaction we want to diversify the group’s core business, also geographically by expanding our presence in Europe,” says Luigi Geronimi, President of Valgroup, “The acquisition of Nuovaplast will allow us to enter a new market with an already well-established position and the development of synergistic relationships with the main suppliers and customers in the sector, and achieving economies of scale.”
IGI was assisted in the sale by Mediobanca, financial advisor for the transaction, with a team including Andrea Sorci, Magda Pellecchia and Eleonora Candeo; LABS Corporate Finance, advisor for the structuring of the transaction, with Luca Spazzadeschi and Elena Giacomelli; Studio Legale Chiomenti, for the legal part, with partner Luca Liistro, Arnaldo Cremona, Maria Laura Zucchini and Carola Dalla Riva; KPMG supported the company on the financial due diligence with partner Lorenzo Brusa …
With these two acquisitions, the group’s turnover aims at 50 million euros
Test Industry, a company in the portfolio of the fund IGI Investimenti Sei, enters the German market by acquiring 100% of two companies: TS TestingService and TS Gim GmbH, both of the group TS Group GmbH.
With this double operation, Test Industry is increasingly a point of reference in the international market for the design and production of test benches for industrial, end-of-line and laboratory testing, with particular focus on the hydraulics, mechanics, automotive and aerospace sectors.
In addition, thanks to the two acquisitions, the group’s turnover will be upwards of 50 million euros, compared to about 35 million made in 2021, as well as consolidating the strategic value of the group in automotive and aerospace testing: the test benches for transmission shafts, the core business of TS GiM, will expand the Bimal product range, while the wheel and tyre test benches, the core business of TS TestingService, will reinforce and integrate the Leonardo product line positioning.
The transaction will also enhance the levels of Service and After-Sales offered by the Test Industry group to German customers, as well as strengthening the commercial presence in the Far East, in particular China, India and South Korea.
“The double acquisition will allow Test Industry to grow internationally and establish itself in new European markets” said CEO Paolo Mastrostefano. “Now we can focus on a greater reinforcement and organization of management so as to adequately support the company’s growth path”.
“The IGI fund, with the support of all the financial and industrial shareholders of the group, has always believed in the growth and enhancement of the company because it considers Test Industry as having the perfect know-how to become an Italian excellence abroad” commented Angelo Mastrandrea partner of IGI Private Equity and Group president. “Now the goal is to consolidate results and continue on the path of further growth, both internally and through new acquisitions”.
Tramec S.r.l., a company based in Calderara di Reno (BO) and active in the design, production and marketing of gearboxes, led by CEO Leo Girotti, in the portfolio of IGI Private Equity since June this year, accelerates the buy and build process supported by IGI for the creation of an integrated Italian excellence in the motion control sector.
After the acquisition of MT electric motors, Tramec has realized its second add-on, Bermar S.r.l. of San Vincenzo di Galliera.
With this operation, Tramec Group is aiming at a turnover of 60 million Euros, the basis for further development, both internally and through acquisitions, planned for the coming years. The newly acquired company from Bologna employs about 25 people and has a turnover of about 10 million Euros, a significant part of which is achieved abroad.
Bermar has been active since 1969 in the production of asynchronous electric motors, including self-braking motors, and in the marketing of imported motors. The company distributes and customises inverters mainly for sectors such as marble processing, oenology, packaging and industrial machinery. Its capital is wholly owned, directly and indirectly in equal parts, by the two partners Sergio Cavazza and Walter Bertelli, who will support Tramec in the process of integrating the company into the group and in its organisational evolution.
Bermar’s production is well matched to that of the Tramec Group, allowing a further step towards its strategic evolution from a supplier of products (gearboxes) to a complete and integrated market leader for motion control.
IGI Private Equity is active in the management of PE funds specialising in investments in small and medium-sized Italian manufacturing companies through majority ownership transactions. The Tramec Group is the fourth investment of the fund IGI investimenti Sei for which IGI has raised 170 million Euros.
Angelo Mastrandrea, Andrea Bruschi, Alessandro Castiglioni and Anna Paola Schinaia from the IGI team worked on the deal.
On the corporate side of the Tramec deal, the following were involved: EY for financial due diligence; Cerina Studio Legale for legal support and legal due diligence; Di Tanno Associati for tax support and tax due diligence.
On the deal for Tramec on the banking side, the following were involved: Bper Banca as agent bank, Credit-Agricole Italia, the law firm Dentons and Simmons & Simmons.
BLF Studio Legale was involved in the deal for the sellers of Bermar in the persons of Pier Luigi Morara, Giuseppe Forni and Andrea Corbelli.
IGI Private Equity has acquired Tramec S.r.l., based in Calderara di Reno (Bologna), which designs, produces, and distributes gearboxes for industrial applications used in such sectors as automation, packaging, pharmaceutical, agricultural, food & beverage (for which a special antiseptic product has been developed), chemical/plastics, marine, mineral and others.
The share capital was held in equal parts by the founding partners Leo Girotti and Stefano Domenichini, the former serving as Managing Director overseeing the sales division, the latter with responsibility for production and product development. IGI Private Equity has bought 75% of the share capital, while Mr Girotti has reinvested in the transaction with a 25% stake.
The company employs around 130 people and has reached sales of € 30 million, a large part of which is generated abroad. The production of above 130,000 pieces a year is sold in over 70 countries, with Europe accounting for 90% of turnover abroad, while 50% of total sales are in Italy.
Tramec invests around 5,000 hours annually in R&D, developing specific projects for customers, product upgrades and innovations, for example the new line of GHA gearboxes targeting the food sector, with a patented surface treatment of the alloys, specific processing and an innovative layout which create an antibacterial surface, high resistance to corrosion, high thermal conductivity and high surface hardness.
With this deal, the fund IGI Investimenti Sei intends to implement a clear buy & build strategy, aiming to acquire other companies in the motion control segment with the objective of creating a top integrated player in the sector.
At the same time as the closing of the transaction, the first add-on acquisition was finalised; MT Motori Elettrici S.r.l., owned by Virgilio Rende, based in San Giovanni in Persiceto (Bologna), near Tramec, focused on the production of tri-phase and monophase electric motors with or without integrated brakes and motorized drums. MT has 38 employees and generates sales of € 12 million, showing steady growth in the past few years.
“Tramec is a leading Italian manufacturer, well-known for the quality of its products, high level of customer service and significant investments in R&D. We are strongly convinced that the company has margins for growth and will be the platform for consolidation in the sector” says Angelo Mastrandrea, Partner of IGI Private Equity. “As such, our objective is to work together with Leo Girotti to create a centre of excellence for motion control and lay the foundations for a smooth organisational transition.”
“Tramec is a first-generation company; this new step, coming 35 years after the founding of the activity, is the start of a new journey which we undertake with enthusiasm” says Leo Girotti. “With IGI we have set ambitious targets which can be reached thanks to the financial resources and managerial skills made available.”
IGI manages private equity funds specialized in investing in small and mid-cap Italian industrial manufacturers through buyout transactions. Tramec is the fourth investment by the fund IGI Investimenti Sei which has € 170 million in raised funds.
Angelo Mastrandrea, Andrea Bruschi, Alessandro Castiglioni and Anna Paola Schinaia from the …
The independent private equity firm, IGI Private Equity has acquired 73% of OME Metallurgica Erbese, Stampinox and Hexagonal, a leading producer of fasteners for the Oil & Gas and Power Generation sectors. The Farina family keeps a minority stake through the family holding Anirafa and will remain part of the management of the group, supporting the ambitious business development plan which foresees strengthening the management team and exploring opportunities for external growth.
Established in 1949 by Cavaliere Vincenzo Farina (father of the current shareholders Diego, Carlo and Filippo), the OME group produces fasteners for customized applications in the Oil & Gas and Power Generation sectors. Thanks to the entry of IGI as shareholder, the group will continue to grow, penetrating new markets and promoting new applications of its products in other sectors such as aeronautics. The group closed 2020 with a turnover of approx. € 45 million and an EBITDA of 20%.
IGI is a private equity firm specialized in investing in small and mid-cap investments in Italian companies through buyout operations. The investment in OME is the third for the fund IGI Investimenti Sei which has € 170 million in raised funds.
The Farina brothers announced “We are very satisfied and enthusiastic about this operation which will guarantee the growth of the company with a new shareholder with whom we have outlined opportunities for future development. We share the same roots and such values as dedication to work and striving for continuous improvement. Throughout the management changeover, the Farina family intends to remain active in the operations of the company.”
Matteo Cirla, MD of IGI Private Equity, commented “We are honoured to be the new partners of the OME group and to work with the Farina family and all the employees for the future of the company. The investment in OME is perfectly in line with the investment strategy of the fund IGI Investimenti Sei to facilitate management transition and to expand international presence through possible future acquisitions.
The shareholders of OME were assisted by the financial advisors Equita K Finance, while legal and fiscal assistance were provided by NCTM, Studio Sala and Studio Porta.
IGI had financial assistance from PwC and legal assistance from Molinari e Associati, while Leoni Corporate Advisors provided the business due diligence, Di Tanno e Associati for the fiscal due diligence, Golder Associates for the environmental due diligence, Prometeia Advisor SIM for the ESG due diligence and Kilpatrick for the human resources report.
The financing of the operation was structured by Banca Intesa, as the agent bank, BPER Banca and Credit Agricole with legal assistance from Dentons.
Peterlini, based near Parma and operating in heavy machinery transportation since 1967, has joined the Bracchi group. Bracchi is one of the leading European operators in the high added-value logistics and transport sector, including special transport, with a particular focus on the elevators, agricultural machines, cosmetics, fashion and beverages segments. Bracchi operates not only in Italy but also through 3 hubs in Poland, Germany and Slovakia and employs around 600 people. The company, in the portfolio of the fund IGI Investimenti Cinque, saw a turnover of nearly € 140 million in 2019 and this latest acquisition forms part of the growth path to become a major European player in logistics and transport. Peterlini was sold by the brothers Cristian and Enrico Mavilla, who will continue to manage the business line within the Bracchi group, as well as Nerella Peterlini.
“The IGI fund invested in Bracchi convinced of the strategic value of its operations” said Matteo Cirla, Chairman of Bracchi and Managing Partner of IGI Private Equity. “The growth of the company even during the pandemic is proof of this. With Peterlini we will continue to build a major logistics and transport hub to create a leader not only in Italy but also abroad.”
Lorenzo Annoni, CEO of Bracchi declared “I’m very pleased to welcome Cristian and Enrico Mavilla into the Bracchi family; they will continue to direct the heavy loads division and their experience will enrich the know-how and expertise of the group.”
Nerella Peterlini, Cristian and Enrico Mavilla, stated “We are proud to be here at this historical and significant moment and thank everyone for the respect and trust shown. This step represents the continuation and expansion of a project founded on the passion of its founders Fabio Mavilla and Nerella Peterlini.”
Bracchi was assisted by: Mazar for the financial and fiscal due diligence, Pavia e Ansaldo for the legal due diligence and legal assistance and PwC as debt advisor.
The sellers were assisted by: Cross Border as financial advisors, Fabrizio Ferri of the law firm Carra Lori Ferri for legal assistance, Studio Costa for fiscal and accounting assistance.
Wise Equity announces that its closed-end Wise Equity V Fund has acquired Fi.Mo.Tec S.p.A. from IGI Private Equity – manager of the IGI Investimenti Cinque and Cinque Parallel funds.
Fi.Mo.Tec, headquartered in Cologno Monzese (MI), is the European leader in components (particularly cable fastening systems) and systems for mobile telecommunications infrastructure. The Group prides itself on an eighty-year history of success distinguished by its deep commitment to place its innovative know-how and technologically advanced products at the service of its clients.
The Group has a widespread international presence, with its headquarters and production plants in Italy, France and India and commercial and logistics sites in Germany and the United States. Fi.mo.tec generates approximately Euro 33 million in revenues, more than 80% of which derive from international markets.
Management of the group will continue to be led by Luca Tamberi, currently the CEO and a shareholder.
The acquisition was overseen for Wise Equity by Stefano Ghetti, Partner and Bruno Barago, Investment Manager and for IGI Private Equity by the Managing Partner Matteo Cirla, the Partner Angelo Mastrandrea and the Investment Manager Cristian Cantaluppi, who has covered the role of CFO in the company for over two years.
Stefano Ghetti, Senior Partner at Wise Equity, said “Fi.Mo.Tec is an example of Italian excellence – a company that enjoys a competitive position of absolute leadership in Europe with a significant and growing presence in the United States. It is one of those rare cases in which a product is so well known and successful that it is referred to by the company name.
Our objective, together with the management team, is to continue along the growth path started in recent years, to develop in markets where the company’s presence is still limited (as in the United States) and to invest in complementary products. The company has, in fact, developed significant expertise in the world of concealing and passive subsystems that we will reinforce, including through selected acquisitions.”
Matteo Cirla, CEO and Managing Partner of IGI Private Equity, stated “We are very happy with the work done in Fi.Mo.Tec and we thank all the group’s employees and collaborators for their extraordinary commitment. From the time of the acquisition of 100% of the share capital to today, the company has grown 70% in terms of revenues and 57% in terms of gross operating margin after having almost completely repaid the acquisition financing.
The investment in Fi.Mo.Tec is an excellent example of IGI Private Equity’s strategy: we acquired an excellent company from family owners and invested significantly in human capital and acquisitions, rationalizing the entire organization and the company’s procedures. Thanks to this clear strategy, we leave a group that is a leader in its reference sector, has an excellent management team and solid strategic and competitive positioning.”
Luca Tamberi, current and future Fi.Mo.Tec CEO declared “We are very happy to be able to continue with Wise Equity along the growth path started with IGI and aim to further position ourselves as one of the leading actors in the telecommunications and data connection sectors.
In the …
The fund IGI Investimenti Sei, managed by IGI Private Equity, together with Equilybra Spa e GMN Srl has bought the majority of Test Industry Srl, the technological leader in the production of test benches for leak, impulse, endurance, burst, functional and dimensional control tests on industrial products. The original management have reinvested to retain a minority share.
Following the operation, the investment vehicle Thalia Srl, with the shareholders IGI Investimenti Sei and Eraldo Bianchessi, who will support IGI Private Equity in managing the investment, holds around 42% of the share capital of Test Industry, Equilybra and GMN (the investment vehicle of F&P$BIZ Srl and Route Capital Srl) together hold 41% (18% and 23% respectively), while the management have a 17% share.
Test Industry, through its two subsidiaries Leonardo, based in Maclodio (Brescia), and Bimal, based in Perugia, generated a total turnover of over € 31 million in 2018 with an EBITDA margin of over 20%. The group has 122 employees and for more than 30 years it has serviced the most important operators in the automotive and aerospace industries, the industrial, construction and agricultural machinery sectors, as well as oil and gas.
IGI Private Equity is investing in Test Industry with the other partners to support its plans for integration and development, above all through further acquisitions, with the objective of consolidating its position as market leader and to become one of the principal global players in the sector. Angelo Mastrandrea, Partner of IGI Private Equity, will take the role of Chairman with Daniel Spezzaballi and Roberto Malfagia as Managing Directors.
This operation is the second investment for IGI Investimenti Sei, the buyout fund launched in October 2018 with a fundraising target of € 150 million. The fund, which has already made its first closing at € 100 million and expects to carry out the second closing after the summer break, confirms the IGI strategy of investing in outstanding Italian producers to strengthen their organizational structure and boost growth, in particular through acquisitions, as already seen with other operations such as Rollon, Gruppo Fabbri Vignola, Vimec, Fimotec and Nuovaplast.
Angelo Mastrandrea, Partner of IGI Private Equity, comments “Rapid technological evolution and the continual pursuit of performance throughout the manufacturing sectors makes the testing industry all the more strategic in order to reduce the growing costs of non-conformity and untested quality. We believe that Test Industry represents the best platform for investing in this long-term structural trend and is the pivot for a global consolidation process.”
Matteo Cirla, MD of IGI Private Equity, says “I’m very pleased to announce this new investment in Test Industry, one of the many outstanding Italian producers which IGI has invested in, led with great passion and vision by the entrepreneurs Daniel Spezzaballi e Roberto Malfagia. We are very satisfied with this second investment coming a few months after the first in Nuovaplast and we expect the second closing of the fund within weeks which will allow us to continue offering an interesting risk-return profile.”
Daniel Spezzaballi, MD of Test Industry, adds “The …
The fund IGI Investimenti Sei, managed by IGI Private Equity, has completed the acquisition of the majority of Nuovaplast S.r.l., market leader in the transformation of PET for the production of high quality preforms using high efficiency and fully automated technology.
Following the operation, the investment vehicle Clio S.r.l., controlled by IGI Investimenti Sei, owns 74.7% of the share capital of Nuovaplast while the sell-side shareholder has maintained a stake of 25.3%.
Nuovaplast, based in Villa Lempa in the Abruzzi region with a workforce of 45 employees, has more than 20 years’ experience working with the mineral water, oil, milk, detergent and cosmetics industries. Turnover in 2018 was over € 50 million.
IGI Private Equity is investing in Nuovaplast to support its plans for growth, including add-on acquisitions, as well as to accelerate the development the company has pursued in recent years. The agreement sees Angelo Mastrandrea, Partner of IGI Private Equity, taking the reins as Chairman of the company.
The operation is the first investment made by IGI Investment Sei, the buyout fund launched in October 2018 with a € 150 million target. The fund, which has already completed the first closing at € 100 million, pursues the same strategy of investing in leading Italian firms to support their consolidation and expansion as already seen with other IGI fund investments such as Rollon, Gruppo Fabbri Vignola and Vimec.
Matteo Cirla, MD of IGI Private Equity, has said, “We are very pleased to announce the new investment in Nuovaplast, an Italian leader managed with great vision by the entrepreneur Roberto Tomasoni. We are also proud to have made the first investment within a few months of the launch of the new fund, IGI Sei.”
Angelo Mastrandrea adds, “Nuovaplast represents one of the best opportunities in the sector to grasp the future challenge which the PET preform sector poses for the circular economy, increasingly ecological and environmentally friendly. The major investments made by the company in recent years make it a reference in the market and represent a solid basis for the expected future development.”
Roberto Tomasoni has said, “We are proud that IGI believes in Nuovaplast and has decided to support the business initiatives which will guarantee reaching new and challenging targets, building on what has been achieved to date.”
The fund IGI Investimenti Sei had legal assistance from Chiomenti, Di Tanno e Associati, DV Studio Legale and Golder provided due diligence, while the business analysis was provided by Goetz Partners.
The sell side had financial assistance from PwC Deals and PwC TLS were the legal and fiscal advisors.
The operation was financially assisted by Banca IFIS, Crédit Agricole and BPER Banca.
In data odierna il Gruppo FIMO, leader globale nella produzione e distribuzione di sistemi di fissaggio cavi nel settore delle telecomunicazioni, controllato dal 2015 dal fondo IGI Investimenti Cinque, gestito da IGI Private Equity, ha acquisito la società DCE srl, società con sede a Pomezia (RM), focalizzata nelle soluzioni di cablaggio e sistemi di interconnessione nel settore della telefonia fissa e mobile. Lo sviluppo delle infrastrutture telecom, sia nel settore della telefonia mobile con il consolidamento del 4G e l’arrivo del 5G, sia nel settore della telefonia fissa, con il piano di sviluppo dell’Ultra Broad Band in tutta Europa, richiedono sempre più lo sviluppo di tali soluzioni di interconnessione, con un forte orientamento verso soluzioni tailor-made. Il Gruppo FIMO aggiunge quindi un’ulteriore linea di prodotti, oltre ai componenti ed alle soluzioni di camouflage, per rinforzare ulteriormente la propria presenza sul mercato e proseguire nel processo di crescita.
Luca Tamberi, Amministratore Delegato di FIMO ha dichiarato: “Abbiamo acquisito il controllo di DCE per rafforzare il percorso di crescita attraverso un significativo allargamento della gamma di prodotto. Le competenze di Mariano Sestili, Amministratore Delegato di DCE, e del suo team, saranno fondamentali per il rafforzamento della strategia di crescita. L’acquisizione che annunciamo oggi aggiunge competenze che permetteranno a Fimo di espandere la propria offerta, e permettono al Gruppo FIMO di porsi sempre più come leader nei sistemi di installazione dei cavi e delle antenne per telecomunicazione”.
Il Gruppo FIMO è stato assistito dall’advisor finanziario K Finance. Lo studio Nctm si è occupato degli aspetti legali dell’operazione.
Rollon and its controlling holding Linear Guides Invest (“LGI”) have been acquired by The Timken Company, a world-leader in engineered bearings and power transmission products.
Rollon is a specialist in linear motion solutions founded in 1975. With more than 600 employees across its headquarters in Italy, manufacturing operations in Italy, Germany and the United States and a global presence, Rollon is an international leader in the production and sales of linear and telescopic rails and actuators for many sectors, including industrial automation, railway, aeronautics, logistics, packaging and medical.
Pan-European private equity fund Chequers Capital acquired Rollon in 2013 through LGI, alongside minority shareholders IGI Private Equity and Rollon’s management.
“With the support and strong backing of Chequers and IGI, Rollon has invested to set up a global presence through a program of geographic expansion. At the same time, Rollon strengthened its production base and products range with the targeted acquisitions of TecnoCenter, Hegra, TMT and T-Race, allowing to offer one of the most complete range of linear motion solutions on the market. Constant investments into research and development has allowed to integrate them successfully, while achieving greater customization and functionality of products. Since the acquisition by Chequers and IGI, the Group doubled its revenues through a combination of strong organic and inorganic growth.
“Chequers and IGI are proud of the performance of the company, which has been delivered with the commitment of the entire organization, from employees to shareholders, under the strong leadership of Eraldo Bianchessi and Rudiger Knevels, Group Chairman and CEO” said Philippe Guerin and Bertrand Rabiller from Chequers and Matteo Cirla and Angelo Mastrandrea from IGI.
“We are convinced Rollon and its teams will expand further within Timken, thanks to the group strong international presence. For Rollon, this marks the beginning of a new era with important opportunities for strategic development and international market growth” said Philippe Guerin and Rudiger Knevels.
In the scope of the transaction, the Sellers (for Chequers: Bertrand Rabiller, Philippe Guerin, Vivien Le Nestour; for IGI: Matteo Cirla, Angelo Mastrandrea, Francesco Griffi) were assisted by Lazard (Michele Marocchino, Jim Conniff, Edoardo Schiavina) as Financial Advisor, by Simmons & Simmons (Andrea Accornero, Moira Gamba, Alessandro Bonazzi) and Loyens & Loeff (Imme Kam, Bastiaan Cornelisse) as Legal Advisors and by Fieldfisher (Luca Pangrazzi) as Tax Advisor. PricewaterhouseCoopers (Giovanni Tinuper, Alessandro Vitali), ERM (Giovanni Aquaro, Flavia Brusati) and DV Studio Legale (Robert Via) also advised the sellers in the transaction.
Bracchi, the transport and logistics company based in the province of Bergamo, has bought 100% of the share capital of Bas Group from a group of private shareholders.
Bracchi is the leader in the technical logistics for producers of elevators, escalators, agricultural and land moving machines as well as electromechanical components, pharmaceutical and cosmetic products. In 2017 its turnover was over € 90 million with a workforce of around 220 and 4 branches in Italy, Poland, Slovakia and Germany.
Bas Group is a logistics provider for the fashion and beverage industries through the companies Logistic net, Bas Sped, Bas Express and Il Corriere. In 2017 its turnover reached nearly € 30 million and its workforce numbered 150.
This acquisition, together with international expansion and continued growth of the client portfolio, means Bracchi can expect group turnover to reach € 130 million in 2018, strengthening its leadership in technical logistics and transport services in Europe.
Bracchi is controlled by IGI Private Equity through the funds IGI Investimenti Cinque and IGI Investimenti Cinque Parallel, together with the funds Siparex Mid Cap II and Siparex Investimenti 2, by the Annoni family and the company’s managers.
Matteo Cirla, Managing Director of IGI Private Equity and Chairman of Bracchi, says “We are proud to have contributed to the growth of Bracchi alongside the management team and the partners and we believe that the addition of Bas Group will generate even better results, thanks in particular to the excellent management team and their proven ability to provide their clients with an outstanding service. IGI Private Equity continues to invest in exceptional Italian companies and consolidate with targeted acquisitions. This strategy has guided investments of the fund IGI Investimenti Cinque and will continue with the new fund IGI Investimenti Sei currently being raised and with a € 150 million target.”
Bracchi was advised by the legal firm Chiomenti, represented by the attorneys Luca Liistro, Arnaldo Cremona and Andrea Ricci for the corporate aspects and by the attorneys Gregorio Consoli and Cosimo Paszkowski for the financial aspects.
Di Tanno e Associati were the fiscal advisors to Bracchi, represented by Ottavia Alfano, Marco Sandoli, Michele Babele and Mauro Pisano.
LABS Corporate Finance, led by Andrea Bruschi and Luca Spazzadeschi, and Gianesin, Canepari & Partners, with Nicola Gianesin and Fabio Mungai, were financial advisors to the sell side, while the law firm BM&A, represented by the attorneys Massimo Zappala, Alessandro Saran and Andrea Trabucco, provided legal advice.
The financing banks BPER and Banco BPM were advised by the law firm Dentons with a team led by Alessandro Fosco Fagotto with Counsel Edoardo Galeotti and trainee Giulia Caselli Maldonado.
KPMG, led by Matteo Contini, Goetze & Partners, represented by Giovanni Calia and Golder & Associati, represented by Guido Reyneri, together with Chiomenti and Di Tanno executed the due diligence surveys for the buy side.