Tamini, the world leading Italian company for the design and production of industrial, power and special transformers, controlled by Milan-listed utility company Terna, is to buy control of Tes (Transformer Electro Service srl), a producer of energy transformers for industrial offering after-sales assistance to customers too. Tes is now owned by Italian mid-market private equity firm Xenon Private Equity and entrepreneurs Riccardo Reboldi and Giorgio Gussago (download here the press release).
The agreement provides that the process concerning the integration of Tes in Tamini will be carried out by means of an exchange of shares, i.e. the incorporation of a newco, fully owned by Tes shareholders, which will contribute the Tes’ entire corporate capital in favour of Tamini against of the capital increase. Consequently, by the completion of all the relevant instrumental activities and the subscription of the above capital increase, Terna Plus will hold approximately a 70% stake of Tamini’s corporate capital and the newco will hold approximately a 30% stake of Tamini’s corporate capital.
Terna Group is assisted by Bonelli Erede as legal advisor, Mediobanca as financial advisor and Bain & Company in relation to the industrial aspects of the operation (joint mandate along with the Tes Shareholders). Xenon Private Equity, Reboldi and Gussago are assisted by Osborne Clarke as legal advisor.
Founded in 1998 through a spin-off of Aso Siderurgica srl, Tes is headquartered in Ospitaletto (Brescia) and in 2014 reached 29.5 million euros in revenues and 2.8 millions in ebitda. Xenon Private Equity backed Aso’s spin-off in 2011 supported by a loan issued by BnpParibas.
With 350 highly qualified employees, customers in more than 90 countries around the world and more than 8,300 installed transformers, Tamini recorded revenues of 106,3 million euros in 2014.
Tamini was acquired by Terna in May 2014, after a long sale process that at the end of 2013 seemed to end with an agreement with a fund managed by Hanson asset management. However the deal was never finalized and in Febraury 2014 Terna signed a new agreement with Tamini’s shareholders and closed the deal a couple of months after that date.
