Test Industry was founded in 2017 with the aim of integrating Bimal S.r.l. and Leonardo S.r.l., two operators in the industrial testing sector, with the aim of laying the foundations with further integrations to become an international player in its sector.

The company offers a wide range of products which includes not only test benches for leak, resistance and dimensional control tests for a wide range of mechanical components, in particular wheels and tyres for the automotive industry, but also benches for impulse, burst, functional and endurance tests primarily for the heavy-duty automotive sector, agricultural and earth-moving machines as well as the construction and aerospace industries.

The group, with a headcount of 122, operates from two rented sites, the first in Maclodio (near Brescia) where the offices, warehouse and production of Leonardo occupy an area of 5,000 m2, while the second is in Perugia where the facilities of Bimal cover an area of 4,000 m2.


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Transaction Structure

IGI, GMN S.r.l. and Equilybra S.p.A. acquired Test Industry through an investment vehicle in an LBO led by IGI, with the reinvestment of the management of Leonardo and Bimal.

Investment Rationale

Technological and product leadership with the Leonardo and Bimal brands recognized in the sector as among the best-in-class.

Scalable business and ideal platform for a buy & build operation with the purpose of consolidating a highly fragmented market to achieve a greater global presence.

Supportive long-term trends relating to an increasingly reliable product, real and perceived quality and performance required for any industrial product making laboratory and production testing indispensable.

Qualified and experienced management team.

Business with good profitability and high capacity for cash generation.

Value Creation Strategy

Appointment of a new CFO and strengthening of the commercial structure to advance process of group consolidation and expected growth.

Support of the M&A activity from the analysis of potential add-ons to the execution of deals and post-acquisition integration.

Upgrading of the internal reporting system to IGI standards.

Development of the group’s footprint through the penetration of new or less-served geographies.

Value Realization

Exit through trade sale or secondary buyout.