Italian group Rhiag, a European leader in the automotive aftermarket sector owned by Apax Partners (see a previous post by BeBeez), acquired 100% of Turin-based Era, a leading Italian distributor of electrical and electronic parts for automotive sector, MF-Milano Finanza writes today. Rhiag paid a 32 million euros price.
The sellers are Italian private equity fund Alcedo III managed by Alcedo sgr (owner of a 68% stake in Era’s shareholders capital) and the founding partners, who are chairman Roberto Turatti and sons, the Fogliatti family, Carole Tranchero Spinelli and Jaroslaw Gora, head of international business development.
Maurizio Tiveron and Michele Gallo, Alcedo’s partners who structured the deal together with their legal advisor Raynaud and Partners, said that “Alcedo III fund realizes a gross Irr of more than 40% in this deal. Alcedo invested 10 million euros of equity in Era in June 2012”.
Era reached 30 million euros in revenues in 2013 and an ebitda margin of more than 16%. Revenues are expected to be around 42 millions this year. Sales are splitted as follows: 40% in Italy, 33% in the rest of Europe and 27% in the rest of the World. Era distributes its product in about 90 countries and hase about 1800 customers.
This deal represents the third divestment by Alcedo II fund after the sales of Lafert and Pixartprinting (see a previous post by BeBeez). Alcedo III raised 173 million euros in 2008 and “today has just 30 million euros left for more investments”, said Tiveron and Gallo who expect to close the last two deal by the end of the year,
Tiveron and Gallo also said that “the fund gained 4x the invest capital thanks to the first three divestments and it already repaid its subscribers all the capital that has been called till now. Moreover the fund still have seven companies in its portfolio”.
Meanwhile “we are working at the launch of Alcedo IV fund”, Gallo announced, “with a 175 million euros target. We are supported in the fundraising by London-based placement agent Acanthus“. The aim of Alcedo’s team is to increase the stake of fundraising from international investors along with the subscribers in Alcedo III, who are Italian banks,international funds of funds, Italian entrepreneurs based in the Nord-East of Italy and the management.
