Fondo Italiano d’Investimento, the Italian Government promoted fund sponsored by the major Italian banks, is preparing its first two divestments, MF-Milano FInanza writes today. A sale process has been put forward on the 14.13 pct stake in share capital of Megadyne with Rotschild as the mandated advisor. While negotiations are still open for the 32.73 pct stake in Arioli‘s share capital which might be bought back by its founder.
Megadyne group produces belts and pulleys afor industrial uses and is valued around 400 million euros. Megadyne closed year 2013 with a growth in revenues and ebitda up from 192.7 millions of consolidated revenues in 2012 and 79.4 millions in ebitda. Fondo Italiano invested a total of 22 millions euro in equity between 2012 and 2013 in the company.
Arioli produces machinery for textile finishing and closed year 2013 with growing revenues up to 47 milions from 44.4 millions in 2012 (when ebitda was 12.2 millions). Fondo Italiano invested a total of 5.7 millions between 2010 and 2012 in the company.
These will be the first two true divestments for Fondo Italiano. Actually Last November 2013 Fondo Italiano sold its 32.9 pct stake in aerosol producer Farmol for 4.5 millions, received and extra-dividend of 1.75 millions and subscribed instead a 3 million euros convertible bond in Farmol’s ordinary shares. Fondo Italiano invested 6.25 millions in May 2012 in the company. Farmol had growing revenues in 2013 of more than 40 milions (from 31,6 millions in 2012) and growing ebitda too (from 6 millions an year earlier).
Fondo Italiano yesterday announced a 20 million euros investment in the new expansion capital fund by Ardian (see a previous post of BeBeez). Ardian’s Expansion Fund III focuses on SMEs in France, Germany and Italy and allocation to Italy is 25 pct of total commitement,