Bologna-based FB Hydraulic srl is to be acquired by Hydro Holding spa, an holding company controlled by Italian-Chinese private equity firm Mandarin Capital Partners. The closing of the deal is expected by the end of September.
FB HYdraulic is a leading company in the production of hydraulic fittings, assembled hoses and rigid pipes. In December 2014 Hydro Holding announced the acquisition of Tieffe spa (see here a previous post by BeBeez), an Italian manufacturer of hydraulic hose fittings for fluid power applications.
So the FB Hydraulic deal is now going to build the biggest European pole in the sector (download here the press release) with about 40 million euros in revenues.
A preliminary agreement was signed at the end of last July. The seller if the founding family Facondini who will reinvest in Hydro Holding with a minority stake as well as the Vaghi and Calanchi families, Tieffe’s founders, did in the previous deal back in 2014. At the closing date also Atlante Private Equity, a private equity fund managed by Imi Fondi Chiusi sgr, will buy a 20% stake in Hydraulic Holding.
The whole group will be led by Tony Vaghi, Giovanni Vaghi and Davide Facondini and will keep on growing internationally also by m&a deals. This goal will be a specific task of Nicola Carminucci (a former manager in Interpump Hydraulics group) who also is investing in Hydraulic Holding personally and together with RCP Uno, an investment veichle owned by Route Capital Partners, a Milan-based investment company founded by Caminucci himself and by Marco Ferrara and Giuseppe Altieri.
Financial advisor for the deal was Deloitte Financial Advisor. Hydro Holding was supported by Studio LMCR on the legal issues, by Deloitte Transaction Services as for the due diligence and by Deloitte Studio Tributario on fiscal issues. The Facondini family was advised by Gianni Origoni Grippo Cappelli & Partners law firm and by CST Professionisti Associati as for the fiscal matters. Atlante Private equity was instead advised by Gitti Raynaud and Partners law firm.
