Permasteelisa

Investors

21 Invest and Holding Bau, a company owned by the management of Permasteelisa, have reached an agreement for the joint management of a 29.9% stake in Permasteelisa, a company listed on the Milan Stock Exchange. These stakes will be syndicated and represent the relative majority of Permasteelisa share capital. Following this agreement, 21 Invest will acquire approximately 15% of Permasteelisa in return for an investment ofEUR81.8m (with 21 Invest providing EUR54.5m) from a company owned by management, which currently holds 29.9% of the company’s equity. Both parties have agreed to enter into a shareholders’ agreement that will cover certain areas such as corporate governance, lock-ups and exit strategies. On the basis of a valuation of 100% of Permasteelisa equal to EUR520m, 21 Invest will pay Holding Bau EUR18.8 per share, of which EUR17 is to be paid at closing and EUR1.8 as deferred consideration. Completion of the transaction is subject to the approval of the relevant antitrust authorities. Debt facilities of EUR27.3m were provided by Banca Popolare di Milano.

Company

Permasteelisa is the global leader in the engineering, manufacturing and installation of curtain walls and cladding for buildings. Among the buildings clad by the group are: the Sydney Opera House, the European Parliament in Brussels and Strasbourg, Deutsche Bank and European Central bank headquarters in Frankfurt, Channel 4, Lloyds, HSBC, France Television headquarters in Paris, ABN AMRO headquarters in Amsterdam, Capital Tower and the Stock Exchange in Singapore, the Guggenheim Museum in Bilbao and the Times Square tower in New York. The company operates through a network of more than 60 companies located in more than 25 countries across four continents. Permasteelisa generated revenues of EUR791m in 2001 and EUR860m of backlog by 31 December 2001. The company is headquartered in the US and has holdings in Singapore, Sydney, the Netherlands and Treviso in Italy. Commenting on 21 Invest’s strategy, Andrea C. Bonomi, chairman of 21 Invest, said: ‘Permasteelisa makes an excellent platform for a buy-and-build strategy in a sector of the market where attractive opportunities are becoming available at this point of the economic cycle. Although the main initial driver for the transaction is a buy-and-build, we will consider a public-to-private at a later stage if both stock market and industrial market conditions warrant it.

People

Andrea C. Bonomi, John Mowinckel, Salvatore Catapano and Roberto Maestroni coordinated the deal for 21 Invest. The Holding Bau team was led by Giancarlo Iovino, Enzo Pavan and Lucio Mafessanti.

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• Buyouts
• Southern Europe
• Industrials