Wise's Biolchim purchases 70% stake in Matécsa

Backed by the Italian buyout house Wise, Biolchim has acquired a 70% stake in the targeted company aiming to expand its business across eastern Europe. According to a source close to the matter, the Italian company supported the acquisition exclusively with balance sheet cash.

The transaction marks the third bolt-on acquisition for Bologna-based biostimulants producer Biolchim since the Wise's initial investment in 2013. In 2014, the company fully acquired Cifo and in 2015 took a controlling stake in West Coast Marine Bio Processing. The company posted €85m in revenues in 2016 and is understood to generate €14.2m EBITDA and have €15.5m net debt.

In January 2013, the GP backed the company's MBO for approximately €21m from San Paolo Imi and Assietta through its 2010-vintage vehicle Wisequity III, which held a final close on €180m in September 2011. Currently, the vehicle has six businesses in its portfolio: Alpitour World, Biolchim, Colcom Group, Primat, NTC-PH&T and Controls Group.

More recently, Wise closed the fundraising for its fourth vehicle, Wisequity IV, on its €215m hard-cap in March 2016. To date, the fund has closed three deals: Corob, KBC Fashion and Guarisco.

Company
Founded in 1988 and headquartered in Kecel, Matécsa produces potting soil, fertilisers and substrate through its brand Florimo. The company currently manages a peat mine, from which it extracts the main source for its products, and exports to Slovakia, Slovenia, Croatia, Bosnia Herzegovina, Romania and Bulgaria.

According to a statement, the company has 35 employees and generated €4m in revenues with €1.4m EBITDA.

People
Biolchim – Leonardo Valenti (CEO).
Matécsa – Zoltán Matécsa (founder, managing director).

Advisers
Acquirer – Simmons & Simmons (legal); Unicredit (M&A).
Company – Invescom Corporate Finance (corporate finance); Jalsovszky (legal).

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