The Massa-based company is active in the design and construction of plants for the filtration of wastewater from industrial processes
Milan, 4 August 2022 – IGI Private Equity, with a co-investment by Private Equity funds managed by Unigestion SA, has acquired a majority stake in Matec Industries (“Macchine Tecnologiche”), a company founded in 2004 by Matteo Goich and Massimo Bertolucci, and active in the design and construction of plants for the filtration of wastewater used in industrial processes in various sectors, such as mining, aggregates, construction, concrete, marble and granite, ceramics, glass, plastics, and in the chemical and pharmaceutical industries.
Over the years Matec has grown to become a group of 16 companies, including production and sales companies, employing about 185 people, of which about 60 in production at the Massa plant, and can count on a network of about 120 distributors and 150 agents around the world.
The group is one of the leading operators in the world of industrial process water filtration systems, with more than 4,000 installations worldwide and an export share of over 80%, thanks to a consolidated presence in almost all continents, with subsidiaries in the USA and Brazil and sales offices in India, Australia, UK, France, Turkey, Germany, Scandinavia and Morocco.
“IGI Private Equity has invested in Matec for two very good reasons. Firstly because the company is a leading player in the application of principles of sustainability and reuse of natural resources, through the recovery and reuse of waste materials and the recycling of water used in industrial processes. Secondly because of the ambitious growth and development project shared with Matteo Goich and Massimo Bertolucci,” said Angelo Mastrandrea, partner of IGI Private Equity and Chairman of Matec Industries. “After studying the reference sector, joining Matec represents the best way to realise our investment strategy concretely, which is increasingly attentive to environmental protection, sustainability and the efficient use of natural resources, but always combined with the search for Italian industrial excellences eager to realise ambitious growth plans.”
“We chose IGI because of its professionalism, its experience in this type of transaction on industrial assets, and the entrepreneurial approach of its partners and the team as a whole. The partnership we have created aims to strengthen the company from an organisational and managerial point of view while improving its financial and balance sheet results. The commitment is to guarantee the group an increasingly global future, increasing brand awareness and market share, and expanding its geographical presence by opening new branches and expanding its distribution network,” said Matteo Goich.
“The prospect of an ambitious project with an even stronger Made in Italy focus, which Matec has always proudly presented around the world, got us involved right from the start. The presence and support of IGI Private Equity will allow the group to further accelerate the industrialisation process, with a lean perspective, increasing efficiency, production capacity, innovation in terms of research and development, and above all competitiveness,” said Massimo Bertolucci.
The group closed the 2021 financial year with consolidated revenue of approximately € 50 million, more than double compared to 2020. As of June 2022, Matec realised an aggregate turnover of € 31 million, an increase of 60% compared to June 2021.
On the basis of the development trends described above, the new commercial opportunities envisaged, and the economic and equity consolidation achieved with this operation, the Matec Group has laid the foundations for an ambitious industrial plan that will see turnover exceeding € 60 million in 2022 and the achievement of the € 100 million milestone in the coming years. This important milestone will be realised by maintaining the operational headquarters in Massa and the coming on stream of the new 20,000 m2 production site at Mulazzo, in the province of Massa Carrara. This important development of the production set-up is essential to realising the important orders already booked and more to be acquired from major international customers.
In the transaction, the company and the sellers were assisted by the Azimut Group‘s investment banking team as financial advisors, by Studio Legale Craia for legal due diligence and contractual support, and by Studio Sacco & Partners for accounting and tax due diligence support.
The IGI Investimenti Sei fund managed by IGI Private Equity was assisted by KPMG for financial due diligence, by Goetzpartners for business due diligence, by Chiomenti Studio Legale for legal due diligence support and for the sponsor-side banking, by Molinari Agostinelli for the tax aspects of the acquisition and financial structure of the transaction as well as for tax due diligence, by Ramboll for environmental due diligence and by Prometeia for ESG due diligence.
The financing banks in the pool formed by BNL BNP Paribas S.p.A., BPER Banca S.p.A., Intesa Sanpaolo S.p.A. and Crédit Agricole Italia S.p.A. were assisted by Simmons & Simmons.