Axa PE sells Duplomatic Oleodinamica to Progressio

Axa PE divested its 88% stake in Duplomatic Oleodinamica to Progressio's fund Progressio Investimenti II. The company's management, led by CEO Roberto Maddalon, also invested for a stake of around 14%.

Progressio plans to expand the company further, particularly in Northern Europe, China and the US, while increasing its product portfolio and services, the GP said in a statement.

The deal was initiated by Axa PE, which mandated UBS to find a buyer for the business.

Previous funding
Axa PE acquired the majority of the Duplomatic Group in 2008. Following the acquisition, the GP refocused the company's core business in order to strengthen its market position. It appointed a new general manager to assist the company with the reorganisation and splitting of central business functions.

Shortly after the initial buyout, the GP sold Duplomatic's Automazione business in an SBO to Cimino & Associati Private Equity (Cape) for €3.5m, a deal supported by a €7.73m senior debt package.

It then embarked on a growth strategy based on international expansion. In line with this, in 2011 Axa PE helped Duplomatic acquire Continental Hydraulics, a US-based company with headquarters in Savage, Minnesota.

By 2012, Duplomatic Group had achieved a turnover of approximately €46m, 70% of which was generated outside of Italy. The company's website states a turnover of €31m for 2008 and 125 employees. Its 2007 EBITDA was €4m, which increased to approximately €6.8m in 2012. The business now employs 190 people.

Company
Duplomatic Group is a producer of hydraulic valves, pumps and oil pressure-activated systems which are utilised in industrial applications. The business mainly caters for the energy, machine tools, construction machinery, rubber and wood, naval and agricultural industries. Duplomatic Group is based in Parabiago, Milan. It was established in Busto Arsizio in 1952.

People
Paolo Bergonzini worked on the deal as managing director and head of Axa Private Equity's Italian Small Market Enterprise Capital team, alongside Filippo Gaggini, CEO and senior partner at Progressio SGR.

Axa PE's Marco Molteni and Michela Peigottu, as well as Progressio's Stefania Petruccioli, Alessandro d'Arco and Vincenzo Barbiero, also worked on the transaction.

Advisers
Equity - Pirola, Pennuto, Zei & Associati, Maurizio Bernardi, Francesca De Fraja (Legal); Ernst & Young, Marco Mazzucchelli, Roberto Lazzarone (Financial due diligence, tax); Long Term Partners, Luca Bettale (Commercial due diligence); Studio Salom, Riccardi, Tedeschi, Maurizio Salom (Corporate finance); Insurance Lab, Roberto Santoro (Insurance due diligence); Greenwich, Mario Pinoli (Environmental due diligence).
Vendor - UBS Italia, Franco Cappiello (M&A); Studio Legale Gattai, Minoli & Partners, Stefano Catenacci (Legal); CBA Studio Legale e Tributario, Diego De Francesco (Tax); KPMG, Matteo Contini (Financial due diligence); Cristina Giordano (Environmental due diligence).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Exits
• Southern Europe
• Industrials
• Italy
• Axa Private Equity
• Progressio SGR
• Secondary buyout