PE-backed Argenta buys Somed for €30.4m

As part of the deal, Argenta will follow up the €30.4m capital injection with an additional €90,000 and will retain a 96.7% stake in the newco, alongside the management team, which will acquire a 3.3% stake.

Argenta backers Motion and KKR provided funding to support the transaction through the holding company Settembre 2007, which owns the business.

According to press reports, Argenta submitted a waiver option to its debt providers Unicredit and Mediobanca with regard to their senior facility. The option aims to provide additional capital to support the transaction.

Argenta generated a turnover of €191m with €43.6m of EBITDA and €211m of net debt in 2014. The company claims to manage 150,000 vending machines across Italy.

Company
Established in headquartered in Bari, Italy, Somed also operates in the automatic food and drink retail sector, providing design and production services for vending stations.

People
Motion Equity Partners – Maurizio Bianco, Giovanna Voltolina (partners).

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• Topics
• Expansion
• Consumer
• Southern Europe
• Italy
• KKR
• Motion Equity Partners
• Acquisition finance
• Build-up