Ceme Group spa, a leading manufacturer of highly engineered, precision fluid control solutions based in Trivolzio (Pavia), has been bought by Italian private equity firm Investindustrial (see here Investindustrial’s press release).
The seller is Investcorp, who had bought the company back in 2008 from Barclays Private Equity, after that Ceme had posted 113.1 million euros in revenues in 2007. Investcorp had then tried to sell the company in 2014 but the sale was suspended and the Bahrein private equity firm came back to arrange an auction just after last Summer (see here a previous post by BeBeez). Ceme has been valued 285 million euros by Investindustrial and the deal has been financed for just more than one third by equity while the rest has been financed by Unicredit (see here Investcopr’s press release).
More in detail, Investindustrial will buy a 97% stake in Ceme, while the remaining 3% will be owned by the management led by ceo Roberto Zecchi, who has been in charge since 2015.The company reached 148.9 million euros in revenues in 2016 (from 146.9 millions in 2015), with 18.9 millions in ebitda (from 19.2 millions) and a 83.9 million euros net financial debt (from 87.2 millions) (see here an analysis by Leanus, after free registration and login). In 2017 Ceme’s revenues are seen over 150 million euros.
Ceme is a leading manufacturer of high and low pressure pumps, brass and plastic valves, pressure switches and flow meters which enable controlling the passage of any type of fluid: water, gas, steam or air. The company serves critical niche applications in end-markets such as single serve coffee machines (which today account for the majority of revenues), beverage and vending machines, water dispensing and air conditioning units as well as medical devices.
In the deal Investindustrial was supported by Studio Legale Chiomenti law firm, by PwC as for accounting and fiscal issues, by the Boston Consulting Group as for the commercial due diligence and by Unicredit as unique financial advisor. Investcorp was instead advised by Robert W. Baird as for the finacial issues, while its legal advisor wasGattai, Minoli, Agostinelli & Partners law firm. Lek Consulting was the commercial advisor and PwC the fiscal advisor. Ceme’s management was finally advised by Gianni, Origoni, Grippo, Cappelli & Partners law firm.
