Bain Capital, through its Europe IV fund, bought the entire capital of Fintyre, Fintyre, the largest distributor of aftermarket tyres in Italy, which was controlled by BlueGem Capital Partners. At the same time, GSO Capital Partners (Blackstone Group), who has been a Fintyre’s lender for a couple of years, will support the group in its business development through a unitranche debt instrument (see here the press release).
Advisors to Bain Capital for the deal were Gattai Minoli Agostinelli & Partners law firm, Kirkland & Ellis, Pirola Pennuto Zei & Associati and PwC; while advisors to Bluegem were Rothschild, Deloitte and Gianni Origoni Grippo Capelli & Partners law firm.
Managed by ceo Mauro Pessi, Fintyre oeprates both on the whplesale and retail markets through 11 depositx all over Italy and 36 shops. After a series of acquisitions (see here a previous post by BeBeez), in 2016 Fintyre reached about 400 million euros in revenues with more 15k clients. The group closed FY 2015 with 258.8 million euros in revenues (from 253.6 millions in 2014), a 14.2 million euros ebitda (+21%from 11.7 millions) and a 15.2 million euros positve net financial position.
Bluegem first invested in Fintyre in 2009 when it acquired a 32.7% stake to support the acquisition of the Bergamo-based All Pneus, joining Sofipa Equity Fund and Sofipa Equity Fund II in Fintyre’s capital, which together owned a 38.6% stake, with the remaining capital owned by the previous shereholders of the companies that Fintyre has been buying in the previous years. The major shareholder of them being Orobica Investimenti srl. Some years after Synergo sgr bought Sofipa sgr from Unicredit and became the asset manager of Sofipa sgr’s funds. Finally in H1 2015 Bluegem bought stakes in Fintyre from Synergo sgr and previous shareholders reaching a 90% stake, with the reamining 10% still in the hands of Orobica (about 7%) and of the Saioni family.
In September 2015, GSO Capital Partners, joined by Intesa Sanpaolo, issued a 55 million euros financing to Fintyre’s parent company (Ambretta) to back Fintyre’s business development (see here a previous post by BeBeez).
