Apax-backed Rhiag acquires Alcedo's Era for €32m

The deal represents an IRR of 40% for Alcedo III, which acquired a 68% stake by investing €10m in June 2012.

Under Alcedo's stewardship, the company increased its product range, expanded internationally and added to its team.

Alcedo III held its final close in November 2008 on €178m, with LPs including the European Investment Fund and Cassa di Risparmio di Padova e Rovigno. Earlier this year, the vehicle sold web-to-print firm Pixartprinting to Vistaprint for €127m.

Company
Headquartered in Turin and founded in 1983, Era generated revenues of €40m in 2013 and anticipates an increase to €42m in 2014. The company has additional operations in the UK, Germany, Spain and Russia, with a customer base of 1,800 in total.

People
Maurizio Tiveron and Michele Gallo, both partners at Alcedo, worked on the deal. Roberto Turatti is president of Era.

Advisers
Vendor – Raynaud and Partners (Legal).

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