US private equity giant The Carlyle Group announced that it has agreed to acquire a majority interest in Sematic Group, an Italian company which is a leading supplier in the world of elevator components.
Equity for the transaction will come from Carlyle Europe Partners IV fund and this will be the fund’s third investment. The transaction is expected to close in the first quarter of 2015, subject to customary closing requirements and regulatory approvals (download here the press release).
The incoming deal was revealed by MF-Milano FInanza last December 18th. Carlyle will buy a 70% stake in Sematic’s shareholders capital the newspaper said, while the founder Zappa family will retain a 30% stake. The deal has been signed on an enterprise value basis for the company of about 150 million euros which is the same figure for the 2014 expected revenues or 7-7.5x 2014 expected ebitda (20-21 millions).
Founded in 1959 by Francesco Zappa, Sematic is today run by his three sons Roberto (ceo), Marco and Paolo Zappa, With about 1,000 employees, Sematic has headquarters in Osio Sotto (Italy), manufacturing facilities and commercial offices in Italy, UK, Hungary, Germany, Turkey, India, China, Singapore, Mexico and Usa.
Carlule has been advised by Latham & Watkins law firm, while Sematic has been supported by Banca Imi as a financial advisor and by Chiomenti Studio Legale on legal issues.
New cash from the fund will help Sematic to grow internationally with particular focus on Asia, starting from India and China. Growth might mean m&a transantions too both in Italy and abroad.
