French private equity operator Ardian announced the acquisition of the whole capital of italian chemical company Italmatch Chemicals, from Sino-italian fund Mandarin Capital Partners (who held 67.6pct) and from the Italian Malacalza family, while the management led by ceo Sergio Iorio is retaining a 12pct stake (download here the press release).
Italmatch produces additives for lubricant oils, flame retardants and other phosphorous products. The company counts 5 prductive plants in Europe (two in italy and the others in germany, UK and Spain. Moreover Italmatch has production sites and joint ventures in China and Japan.
The company has been growing at a high rate in the last few years and is going to close year 2014 with revenues of 250 million euros and an ebitda of more than 30 millions. The group has been valued (enterprise value) around 220 million euros.
Mandarin and the Malacalza family acquired the control in Italmatch in December 2010 from Investindustrial for an enterprise value of 100 million euro, when the company closed the year with 90 million euros of revenues and 22 millions of ebitda.
Investindustrial, together with local investment veichle Iniziativa Piemonte, financed a management buyout of Saffa group in 1997, which was then renamed Italmatch Chemicals. Investindustrial sold the control of the group to Argos Soditic and Iniziativa Piemonte in 2000. In 2004, Investindustrial re-invested in Italmach buying the control of the group from the other two funds.
