French heating fireplaces producer Invicta announced the acquisition of Italian Caminetti Montegrappa from Alto Capital II, a private equity fund managed by Alto Partners sgr. The deal was supported by Qualium Investissement, the French private equity operator focused on small and medium enterprises sponsored by French Government investment veichle Caisse des Depots. Qualium Investissement controls Invicta since July 2013 (download here the French press release).
As far as BeBeez is concerned, Caminetti Montegrappa was valued 40 million euros and the acquisition has been financed with a 20 million euros facility by Crédit Agricole Nord Est.
Founded in 1976 and headquartered in Pove Del Grappa (Vicenza), Caminetti Montegrappa started producing traditional woodburning open fires and marble fireplace designs and then significantly widened its product range with the introduction of heating closed fireplaces, inserts, wood and pellet stoves. The company now counts 100 employees and in 2013 reached revenues of 34,5 millions (of which 40 pct abroad, above all in France, Belgium and Germany) up from 28 millions in 2012, with a 6 millions ebitda (up from 3.7 millions in 2012) and one million euros of positive net financial position,
Founded in 1924, Invicta group counts 280 employees and in 2013 had 75 million euros in revenues (about one third abroad). Thanks to Caminetti Montegrappa’s acquisition, Invicta estimates 116 million euros in revenues in 2014.
Alto Partners was advised by Fineurop Soditic in the sale, On the legal side, Alto Partners was supported by Pedersoli&associali law firm. The latter advised Crédit Agricole Nord Est too. Qualium Investissement was instead advised by Pirola Pennuto Zei&associati òaz&fiscal firm.