Finint & Partners buys CVS Ferrari

The all-equity transaction saw Finint acquire the targeted company via its NEIP III vehicle alongside Parma-based corporate BP Handling Technologies. According to a source familiar with the situation, the deal originated when BP and CVS started collaborating on a new product, an electric-diesel hybrid empty container handler.

As part of the partnership, CVS retained its product's exclusive distribution rights. When Manitex showed interest in divesting the asset following a business rationalisation programme, BP found in Finint the financial partner to support the acquisition and the merger between the two businesses.

Following the transaction, which is expected to close by the end of 2016, NEIP III will control a 60% stake in the merged group, while BP will own the remaining 40% stake.

According to a statement, the merged group will generate an aggregate turnover of €50m and employ a staff of 100. CVS's current CEO, Stefano Mercati, will continue to lead the business.

The deal marks the seventh investment for NEIP III, which held a final close on €75m in December 2011 and expects to be 70% invested by the end of 2016, the GP said in a statement.

The fund recently acquired a 75% stake in Italian bread producer Panificio San Franceso in June 2016 and divested Nuova Giungas, an isolation joints manufacturer, via a trade sale to CDP Equity's Valvitalia.

Company
Established in 1973 and headquartered in Roveleto, near Piacenza, CVS Ferrari produces container handling machinery for the industrial sector. Its products include tractors, straddle carriers, forklift trucks, reach stackers and empty handlers.

In 2015, the company generated €45m in revenues, according to a source.

People
Finint & Partners – Nicola Bordignon (partner).
Gruppo Battioni Pagani – Federico Zanotti (CEO).
CVS Ferrari – Stefano Mercati (CEO).

Advisers
Equity – Studio Simonazzi (M&A); King & Wood Mallesons (legal); PwC (financial due diligence, tax); Studio Ceccarelli (commercial due diligence).
Vendor – Orrick (legal).

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• Buyouts
• Industrials
• Southern Europe
• Italy