Italian Ministry for Economic Development and the creditors committee of Italy’s troubled gears maker for the automotive sector Demm, gave their go ahead to German turnaround private equity specialist Certina holding to buy Demm, which has been run under an extraordinary management procedure since 2015.Â
Demm is a well known company headquartered in Porretta Terme (Bologna) producing gears for the automotive, agricultural machinery, forklifts and industrial machinery sectors. Certina has put forward its binding offer last March (see ahere a previous post by BeBeez) through its portfolio company Scv srl, based in Induno Olona (Varese) and focused on the production of industrial veichles. The price tag for Demm would be 3.1 million euros and Certina would maintain just 125 employees of Demm out of actual 191. di 3,1 milioni di euro. Quanto ai dipendenti di Demm, Certina avrebbe intenzione di mantenerne solo 125 rispetto agli attuali 191.
Certina holding is the same investor that in 2015 bought an 80% stake in Italy’s manufacturer of high-end bathroom furniture Teuco, part of the Guzzini group (with Fimag Guzzini still owning the remaining 20%). Teuco has been declared bankrupt just a few weeks ago by the Macerata Court.
In 2010, Certina bought from Sanitec Italy’s Domino srl, owner of the Albatros brand, another well known brand of whirlpool tubs and showers.
