Faster, a leading global manufacturer of quick-release hydraulic coupling solutions based in Rivolta d’Adda/Italy, will be acquired by Swiss private equity operator Capvis. The announcement was madea couple of weeks ago (see here the press release). Faster’s current ceo, Roberto Zecchi, and the senior management team will remain with the company and will invest alongside Capvis.
The seller isvArgan Capital (see here the press release), the former private equity division of Bank of America. The latter invested in Faster in 2007, acquiring the company from Star Social Responsible Fund, managed by Italian private equity operator Efibanca Palladio Finanziaria sgr. Faster was valued 135 million euros then and the deal had was financed by Unicredit with a 100 million euros credit facility.
Since Argan entered the company’s capital, Faster developed its busines in US and in the emerging markets (China, India and Brazil). The company reached 83 million euros in consolidated revenues in 2013 (up from 79 millions in 2012), with 32.2 millions of ebitda (from 16.5 millions), a net profit of 7 millions (from 4.1 millions) and a net financial debt of 69.5 millions (from 79.6 millions). The deal value has not been revelead but as far as BeBeez is concerned Faster’s enterprise value Is about 7.5x-8x ebitda and the deal was financed with a 3.5x-4x ebitda credit facility.
In the deal Argan was supported by Robert W. Baird Ltd as a financial advisor and by Gianni, Origoni, Grippo, Cappelli & Partnerslaw firm. Capvis was advised by Latham & Watkins law firm.
In Italia Capvis controlla anche Arena, il produttore di costumi da nuoto sportivo acquisito lo scorso gennaio dal portafoglio di Riverside (si veda altro articolo di BeBeez).
