Vimec designs and manufactures homelifts, chairlifts, platform stair lifts and mobile stair climbers for the elimination of architectural barriers and the improvement of accessibility to private and public buildings and ensuring domestic mobility.
Based in Emilia Romagna, the company has its main operations in Italy with over 160 employees, while generating 60% of its revenues abroad through 4 commercial subsidiaries (France, Poland, Spain and the UK) and a broad network of more than 300 distributors.
Origination
Sale auction launched by a financial sponsor.
Transaction Structure
IGI and Finint (NEIP III) acquired Vimec through a newco in an LBO led by the current CEO
IGI invested approximately €10 million through the funds IGI Investimenti Cinque (€7.7 million) and IGI Investimenti Cinque Parallel (€2.3 million)
Investment Rationale
Leading market position and well-known brand for quality products
Market supported by long-term trend of ageing population, elderly people’s well-being needs and home hospitalization
Broad product portfolio
Strong cash flow generation with a light capital business model
Experienced management team
Significant upside potential from the new chairlift launch and the development of after-sales market
Value Creation Strategy
Widen the existing product portfolio (chairlift and platform) through capex and R&D.
Increase production capacity to support new product pipeline
Strengthening of the after-sales market through the opening of two branches in highly concentrated customer areas
Upgrading of the internal reporting system to IGI standards.
Value Realization
Exited in May 2017 through the sale to a Swedish investment company.