The fund IGI Investimenti Cinque, managed by IGI SGR, has acquired a majority stake in Bracchi, the European leader in high added value and specialist logistics.

Following the operation, IGI owns 64% of the share capital of Bracchi, while the Annoni family together with other managers retain a 10% stake.  The remaining 26% of the capital is held by SI2 S.p.A. and Siparex Mid Cap II FCPI.

With its company headquarters in Fara Gera D’Adda (Bergamo), and branches in Poland, Slovakia and Germany, Bracchi registered a total turnover of over € 80 million in 2015 and an EBITDA of more than € 8 million.  The company employs 160 people and provides services for firms producing lifts and elevators, agricultural machinery and electromechanical components, as well as the pharmaceutical and cosmetic industries.

IGI is investing in Bracchi to support its plans for further international development and growth, for additional acquisitions, as well as accelerating the development of high added value logistics for new specialized industrial niches.  With the deal, Matteo Cirla becomes Chairman of Bracchi S.r.l.

This is the fourth buyout carried out by IGI through the fund IGI Investimenti Cinque, following the investments in Rollon, Fimotec and Vimec.  With the acquisition of Bracchi, the Fund is now 65% invested.

Matteo Cirla, Managing Director of IGI SGR, says, “We are extremely pleased to announce this new investment in Bracchi, a strong group which has built up a solid reputation over time, an undisputable leadership in certain market niches in Europe and an excellent level of service which is widely recognized by international clients.  We intend to support the management in the jointly agreed business plan.  Bracchi is IGI’s fourth buyout in less than 3 years and demonstrates our ability to create value for our investors.”

Matteo Carlotti, outgoing company Chairman, representing the fund APE and the other sellers, has said, “After 9 years alongside the Annoni family, during which Bracchi has increased its annual turnover from € 60 million to the current € 80 million, we are pleased to be joined by two investors of undisputed ability and we are sure they will help Bracchi consolidate and continue the growth of the last few years.”

The fund IGI Investimenti Cinque was advised by PWC, Simmons & Simmons, Di Tanno e Associati, Golder and Marsh for the due diligence processes and by Goetze & Partners for the business analysis.  Siparex was advised by Rucellai & Raffaelli Studio Legale.

The shareholders of Bracchi were assisted by Lincoln International as financial advisors and by Gatti Pavesi Bianchi and Pavia & Ansaldo as legal advisors.