Mandarin-backed Hydro Holding acquires FB Hydraulic

The vendors, the Facondini family, reinvested for a minority stake in Hydro Holding.

San Paolo IMI has also taken a 20% stake in the newco with capital drawn from Fondo Atlante Private Equity, a vehicle that held a €150m first close in January 2011.

Mandarin created the Hydro Holding newco in December 2014, in order to complete the SBO of Pavia-based Tieffe from Opera. The GP's capital for the Tieffe acquisition was drawn from its second fund, which reached a first close on €110.5m in September 2013.

The Sino-Italian investor stated it is in the process of completing two further investments via Mandarin Capital Partners II.

Company
Founded in 1968 and headquartered in Castello D'Argile, near Bologna, FB Hydraulic manufactures hydraulic fittings, assembled hoses and rigid pipes. It supplies a variety of sectors including the agricultural, mining and marine sectors.

The resulting group will have a turnover of €40m.

People
Alberto Forchielli is a founding partner at Mandarin.

Advisers
Equity – Studio LMCR, Roberto Rio, Elmar Zwick, Leopoldo Giannini (Legal); Deloitte, Andrea Casella, Marco Loda (Financial due diligence); Gitti Raynaud and Partners, Vincenzo Giannantonio, Giacomo Pansolli (Legal).
Vendor – Deloitte, Lorenzo Parrini, Lorenzo Flamini, Francesco Saltarelli, Valentina Santini (Corporate finance, tax); Studio Gianni Origoni Grippo Cappelli & Partners, Federico Dettori, Matteo Canonico (Legal); CST Professionisti Associati, Carlo Stanzani (Tax).

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• Topics
• Expansion
• Southern Europe
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• Italy
• Mandarin Capital Management SA