Quadrivio acquires Somacis for €100m

Amedeo Goria
11 February 2016

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Italian GP Quadrivio has acquired printed circuit board producer Somacis for €100m.

Quadrivio bought the business from IMI Fondi Chiusi, which previously held 79% of the shares, and six family offices, which held onto a 21% stake. BPER, Cariparma and MPS provided debt amounting to €57.50m in order to finance the transaction. As part of the deal, Somacis plans to acquire an English company that operates in the same sector.

Somacis generated €110m of revenue in 2015, of which 90% came from outside Italy, and claims to have a 15% EBITDA margin.

The deal was financed through Quadrivio Private Equity Fund 3, a vehicle launched in September 2015 targeting €250m focused on Italian SMEs in the €30m-100m EV range.

Quadrivio recently announced the vehicle's first closing on €110m. At the time of publication, the fund had secured commitments of €130m with strong support by existing and new institutional investors. Investors include pension funds, funds-of-funds, banks, insurance companies and private investors in Italy and internationally.

Company
Somacis is headquartered in Castelfiardo, Ancona, Italy. Established in 1972, the company employs 800 people, producing printed circuit boards across Italy, the US and China.

The company's products are supplied mainly to the aerospace, medical and infrastructure sectors, such as radio and satellite communication. The fresh capital will reinforce the company's main production plants in California and Dongguan, China.

People
Quadrivio – Walter Ricciotti (CEO); Alessandro Binello (chair).

Adviser
Equity – Studio Legale Accini Cartolano e Associati (legal); Russo de Rosa e Associati (tax); PwC (commercal and financial due diligence); Alkemy (corporate finance).
Vendor – EY (financial due diligence); Studio Legale Gattai Minoli Agostinelli & Partners (legal); STLex (legal).