Global asset management giant Blackrock bets for the first time on an Italian not listed company. BlackRock actually subscribed a bond issued by Sit Technologies spa, the parent company of Padua based Sit La Precisa spa. The latter is a 60 years’ old group which develops and manufactures systems designed for the safety, comfort and performance of gas equipment. The company is present in over 30 countries with 1,400 employees (download here the Italian press release).
The bond has a 5 year maturity and has been issued for 60 million euros, MF-Milano Finanza writes today. The deal is part of a shareholders’ capital reorganization consisting in chairman and ceo Federico de’ Stefani, who controlled a 40 pct stake in the company, acquiring the 60 pct stake owned by his sisters Chiara and Cristina.
The deal has been completely debt financed both by the bond and by senior credit lines by BnpParibas. The latter being also the placement agent for the bond which is going to be listwed on the Third Market on the Vienna Stock Exchange.
L’aquirente è stato assistito da Chiomenti Studio Legale e da Credit Suisse, mentre BnpParibas e BlackRock sono stati assistiti rispettivamente da Linklaters e Paul Hastings. Sit La Precisa punta quest’anno a 250 milioni di ricavi e ha chiuso il 2013 con un fatturato di 235 milioni e un ebitda di 35 milioni. Il gruppo è stato valutato a un multiplo di circa 7 volte l’ebitda.
Tempo fa Banca Imi (gruppo Intesa Sanpaolo) ha ricevuto mandato dagli azionisti per la vendita del 100% del capitale e aveva sul tavolo un’offerta del fondo Ergon Capital. Tuttavia Federico de Stefani aveva appunto tentato la strada alternativa di farsi finanziare l’acquisizione delle quote delle sorelle.
