US global diversfied manufacturer Dover Corp, trading on the Nwe York Stock Exchange, announced the acquisition of the 100% of Italy’s JK Group, based in Novedrate (Como) and global leader in production and distribution of innovative inks and consumables serving the fast-growing digital textile printing market. The sellers are Italian private equity funds managed by Wise sgr and Alcedo sgr (72%) and JK Group’s manager (download here the press release and a previous announcement by Dover).
With annual revenues of approximately 7 billion dollars, Dover delivers innovative equipment and components, specialty systems and support services through four major operating segments: energy, engineered systems, fluids, and refrigeration & food equipment. JK’s digital inks will complement Dover’s MS Solutions equipment business (an Italian company too) and will join the engineered systems segment.
Born from the integration between Kiian Digital, J-Teck3 and Sawgrass Industrial, JK Group has been valued 346,5 million euros or 10.3x its 2015’s pro-forma expected ebitda which means the two private equity funds had back more than 6x the capital they had invested.
Alcedo and Wise acquired Kiian together with its managers Dennis Wilby, Fabio Festorazzi and Giovanni Lorato in December 2012 when the company counted 49million euros in revenues with 8.6 millions of ebitda.
In May 2014 the company, back then called Kiian Digital, acquired US distributor TW Graphics and in August took control of J-Teck3, another Italian company based near Como, with J-Teck3’s founders Italo Mariani and Enrico Grasselli, whoin turn joined JK Group.
Finally in July this year JK Group has acquired the industrial business of Sawgrass Technologies, a US company having its European operations based in Switzerland and active in the same industrial segment as JK Group. In the last few months Alberto De Matthaeis has been appointed JK Group’s ceo after Dennis Wilby stepped back.
Alcedo and Wise had been supported by Ethica Corporate Finance as financial advisor, by Simmons & Simmons law firm as legal advisor and by Studio Spadacini as fiscal advisor. Dover was advised by Shearman & Sterling law firm, while Gianni Origoni Grippo Cappelli & Partners law firm supported the company as for JK Group’s manager contractual issues. Finally JK Group’s manager have been supported by Latham & Watkins law firm.
