Schaltbau Holding, a leading supplier of components and systems in the field of transportation technology and the capital goods industry, will acquire 65% of SPII spa, an Italian specialist in railway and automation components.
The seller is Wisequity II fund, managed by Wise sgr an Italian mid market private equity operator which controls a 72.91% stake in the company. Wisequity II invested in SPII back in July 2006, after the company reached 12 million euros in revenues and 4.2 millions in ebitda in 2005. The leveraged buyout was then financed by Montepacshi and Ubi Banca.
The Foiadelli family, which founded the company in 1947, who owned the rest of SPII’s capital, will raise its stake to 35% and will continue to be represented in the company’s management (see here the press release).
Headquartered in Saronno (Varese, Northern Italy) and chaired by Roberto Foiadelli, SPII designs, manufactures and sells innovative systems and components for the railway sector, including driver desks, control panels as well as power disconnecting and earthing equipment, thus making an important contribution to mobility on rails. The company expects to generate sales of approximately 27 million euro this year with a workforce of 110 employees.
As a result of SPII’s first-time inclusion in the consolidated financial statements. total sales of the Schaltbau Group are now forecast to rise to approximately 485 million in 2015.
All the sellers were supported by Simmons & Simmons law firm, Studio Spadacini for accounting and fiscal issues and Ethica Corporate Finance for financial issues. The Foiadelli family has bees advised by NCTM law firm, while the lending banks have been supported by Greco Vitali Associati and Pedersoli e Associati law firms.
