IGI SGR and the Chiarva Group have sold a stake in Gruppo Fabbri Vignola (“GFV”) to Lincolnshire Equity Fund IV, managed by Lincolnshire Management Inc., thus reinforcing the current shareholders structure.
This is the first operation in Italy for the American fund Lincolnshire which, following the acquisition, now holds a significant stake in the company.
IGI, through the fund IGI Investimenti Quattro, and the Chiarva Group had bought 100% of GFV from the Fabbri family in 2011; they remain shareholders in the company.
GFV is an international leader in the production of machines and film for the food packaging industry with a consolidated turnover in 2013 of nearly € 100 million. The company has 500 employees and holds 150 international patents; it is present in over 70 countries and has three production sites in Italy and Switzerland and four foreign branches (France, Germany, the UK and Switzerland).
Elisabetta Oliveri, Managing Director of GFV commented “We are pleased with this operation which moves GFV onto the next phase of development with the help of Lincolnshire. We foresee growth principally in foreign markets such as the USA and Eastern Europe. GFV is managed in an increasingly professional and business-like manner, and this approach will enable us to accelerate the technological development which will ensure that GFV remains the market leader.”
This is the third operation by IGI in only 5 months after the acquisition of the Rollon Group last November together with Chequers Capital and the sale of the stake in Valvitalia to Fondo Strategico Italiano in January 2014.
Matteo Cirla, Managing Director of IGI said “We invested in Fabbri to oversee its transformation into a management-led business and support its international expansion, objectives reached in three years during which the company improved profitability substantially. We remain shareholders alongside an international partner of the calibre of Lincolnshire because we believe in the managers and in the possibility to expand in the international markets together with Lincolnshire.”
Ottavio Serena di Lapigio, Managing Director of Lincolnshire Management Inc. commented “We have been looking at various opportunities in Italy in the last few years and now we have managed to invest with partners with an excellent reputation. We are sure of further developing a company with a great past track record and with a future will certainly be even better. The management team led by Elisabetta Oliveri is one of the best that we have seen and we are fully confident of their ability to support the further development and growth of Gruppo Fabbri”.
The operation was financed by the Banca Popolare dell’Emilia Romagna, Cariparma Crédit Agricole and GE Capital Interbanca.

IGI SGR, Chequers Capital and Synergo SGR have sold their 50.5% stake in Valvitalia, acquired in 2007, to Fondo Strategico Italiano (49.5%) and Finvalv (4.3%).  Finvalv is the holding company of the family of the founder of Valvitalia, Salvatore Ruggeri.
In 2013 Valvitalia achieved a turnover of € 413 million and an Ebitda of € 72 million, a significant rise compared to 2012.  The company manufactures almost all its products in Italy, has over 1000 employees and exports more than 90% of its production to 104 countries throughout the world.  It is one of the main manufacturers of flow control components for the oil and gas industry, as well as components for electricity generation, desalination equipment and shipbuilding.
Matteo Cirla, Managing Director of IGI said “The investment in Valvitalia is emblematic of IGI’s strategy with which we intend to continue , that is working alongside entrepreneurs pursuing growth and international expansion.  I personally followed the investment when I was in Synergo from 2007 to 2010 and continued to do so when I moved to IGI.  We are also very pleased for Chequers, who entered the investment in 2010, proving the vocation of IGI to be a local partner capable of originating and actively following buyout operations alongside big international funds.  With the sale of Valvitalia and the recent acquisition of Rollon, IGI and Chequers have invested € 100 million together.

IGI SGR and Chequers Capital, the French private equity firm, have acquired control of the Rollon Group, previously held by Ardian and Consilium SR.
Based in Vimercate (Italy), Rollon is a leading Italian manufacturer of medium-precision linear bearings and actuators.  80% of its revenues are generated abroad through its branches in Germany, France and the United States.  Among the company’s strong points are its high standards of customer service and pre-sales assistance as well as the manufacture of custom-made products.  In 2013 turnover reached € 55 million.
The new shareholders intend to support Rollon in further growth and expansion into new markets, in particular in the Far East.
The operation involved a management buyout led by the current Managing Director of the Group, Eraldo Bianchessi who commented that “Rollon is a great Italian company with a broad international reach and is the world leader in linear motion.  The management team has invested in a substantial minority stake together with IGI and Chequers to meet the challenges of the market and our customers.”
Matteo Cirla, Managing Director of IGI, said “We’ve known Eraldo Bianchessi for some time having already had the pleasure to invest with him and we also knew the firm as we made a bid for it previously.  We are very happy to have closed this investment with Chequers, consolidating our vocation as a local partner alongside a major player in international buyouts.