Italian private equity firms Progressio sgr e Idea Capital Funds sgr signed yesterday the acquisition of the whole capital of Italchimici spa, a Rome-based company specialized in distribution of ethical drags and integrators for respiratory systems, for gastrics and pediatric uses (download here the press release).
The deal, promoted by Riccardo Zagaria (a manager who used to work for Sanofi, Nycomed and Zambon), who will be appointed new ceo of the company, has been led by Progressio sgr which is going to invest through its Progressio II fund for a 71.9% stake in Italcimici’s shareholders capital, while Idea Capital will own a 26.8% stake and the manager the remaining 1.3%.
Sellers are some private entrepreneurs who will retain ownership of the production plant in Pomezia (Rome) which is going to produce for the new entity and other third parties, Actually the deal is relative to the commercial and distribution activites of Italchimici.
The value of the deal has not been disclosed but MF-Milano Finanza writes today that the two funds have partly financed the acquisition by means of a set of 50 million euros of credit lines issued by IMps Capital Services (lead arranger), Bpm, Banco Popolare, Ubi Banca and Cariparma.
Founded in1960, Italchimici reached 59 million euros in revenues in 2014 with 11 millions of ebtida and distributes well known products such as Reuflor, Aircort and Peridon.
The company will be led by a new management team which counts, besides Mr. Zagaria, also Emanuele Loiacono (who used to work for Sanofi, Warner Lambert, Parke Davis and Chiesi) who will be appointed head of commercial operations; and Roberto Rettani (who used to work for Bracco, Zambon, Antibioticos andMontedison and who is now chairman of Fiera Milano spa) who will be appointed chairman of the company.
Zagaria said that Italchimici will launch soon new neutraceuticals products while Filippo Gaggini, Progressio’s ceo, said that the compny will grow both by organic and external growth.
