Alberto Bertolini, co-founder of Italy’s Isoclima group, a world leader in the production of high-performance glass led a management buyout deal on the company together with Bill O’Gara, a very well experienced manager in the sector, with the support Stirling Square Capital Partners who bought a majority stake in the company.
Foounded in 1977 by Augusto Gasparetto and Mr. Bertolini and headquartered in Este (Padova), Isoclima counts more than 700 employees in Italia, Croatia and Mexico and reached 74 million euros in revenues in 2016 with 15 millions in ebitda.
The deal also involved the structuring of adell’operazione fondi gestiti da 75 million euros bond which has been entirely subscribed by funds managed by Pemberton Asset Management, while Crédit Agricole FriulAdria issued a revolving credit line.
Stirling Square will support Isoclima’s international development, Mr. O’Gara will be appointed ceo, while Mr. Bertolini will remain one of the most significative shareholders and will be an executive director in the company, in charge of the R&D team and of strategic clients.
Isoclima senior management will be joined by Chip Lennon (executive vice president global operations), Steve Ratterman (executive vice president international) and Mirko Prato (executive vice president finance). The headquarter and the major plants of the company will remain in Italy as well as the R&D center.
This is the seventh deal for Stirling Square’s third private equity fund. Stirling Square was supported by Canaccord (m&a), Fineurop Sodicit (debt), Roland Berger (commercial issues), Pavia e Ansaldo (legal m&a), Gattai Minoli Agostinelli & Partners (legal debt) and Kpmg (financial and fiscal issues). Isoclima’s founders were advised by Legalitax law firm, while White & Case law firm advised Pemberton am and Credit Agricole.