Italian private equity operator Ambienta sgr acquired 100% of IP Cleaning, an Italian leading manufacturer of professional machines and equipment for the professional cleaning sector (download here the press release). Ambienta sgr is the largest European private equity fund specialised in the environmental sector.
The agreement has been signed following exclusive negotiations that also involved current lenders
(UniCredit, Intesa, Ubi, Banca Popolare dell’Emilia Romagna, Banco Popolare, IKB, Montepaschi), who agreed to a rescheduling of outstanding debt.
The deal, wrote MF-Milano Finanza yesterday, saw Ambienta sgr investing a total of 50 million euros of which three thirds represent a capital increase and around 13 millions are the price paid to actual shareholder Synergo sgr through some its funds.
IP Cleaning ranks as the number 3 player in the European professional cleaning market. The company
manufactures its products in six plants located in the North of Italy and employs c. 1,000 people. It is a
truly global company with c. 90% of sales recorded outside Italy, of which a significant portion outside
Europe. In 2013 the company reached 170 million euros of revenues with a 27 millions ebitda. Following the acquisition, Federico De Angelis will be appointed as ceo and chairman.
The transaction was managed by Ambienta’s chief investment officer, Mauro Roversi, and investment manager, Francesco Lodrini. Ambienta was advised by Linklaters (legal M&A), Studio Bonelli Erede Pappalardo (banking), Vitale & Associati (financial advice), CBA (structuring), Roland Berger (business due diligence) and EY (tax and accounting due diligence). Synergo sgr was assisted throughout the deal by Legance as legal advisor and Lazard and Banca Imi as financial advisors.