Mid Industry Capital, an Italian investment holding listed at the Italian Stock Exchange, will sell its 56,1% stake in Nadella srl to 21 Investimenti fund, Mid Industry announced few days ago (click here for the Italian press release) . Nadella is an Italian leading maufacturer of linear rails, needle bearings, combined bearings and linear actuators for used in many industrial sectors.
21 Investimenti, managed by 21 Investimenti sgr, controlled by Alessandro Benetton, will conduct the deal by a newco called Linear srl. The newco is going to buy 100% of Nadella capital, included the stake still owned by previous shareholder Overseas Industries spa, an Italian investment company founded and led by Federico Nordio e da Emanuele Costa. The group has an enterprise value of 56 million euros, which means than Mid Industry’s equity stake has been valued 20 millions.
Mid Industry acquired a 60 pct stake in Nadella’s capital in January 2008 for around 9 million euros. The fund sold then a 3.9 pct stake of Nadella to its managers for around 0.6 million euros. Mid Industry is now making 2.3x the invested capital.
Nadella reached 38.4 million euros in revenues in 2013 (from 39.6 millions in 2012), with a 8.1 millions ebitda (from 8.8 millions) and 4.2 millions net profit (from 4.4 millions), after some extraordinary expenses for new commercial initiatives. Last February Nadella bought Durbal group, a German manufaturer of high quality plain bearing and antifriction bearing rod ends and spherical plain bearings for the mechanical engineering, packaging and food industries. Durbal reached a 1.1 millions ebitda in 2013 so Nadella’s aggregated ebitda, Durbal included, is over 9 millions.
