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Neuberger Berman exits Surgital, Brugola

Alessia Argentieri
11 May 2018

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Neuberger Berman has sold its minority stakes in frozen pasta producer Surgital and bolts manufacturer Brugola OEB Industriale to the companies' respective founders and managers.

Neuberger Berman sold its 16% stake in Surgital to the company's founders and majority shareholders, the Bacchini family, for €18m, generating a return on investment of around 70% and an annualised rate of return of approximately 36%.

Following the deal, the Bacchini family will control the entire shareholding in the company.

Simultaneously, Neuberger Berman sold its 15.8% stake in Italian bolts manufacturer Brugola to the company's CEO, Egidio Stefano Brugola, for €11.2m, generating a return on investment of 124% and an annualised rate of return of around 64%. After completion of the deal, CEO Brugola will own a 76% stake in the business.

In December 2017, Neuberger Berman acquired the private equity portfolio of Italian state-backed Fondo Italiano d'Investimento, which included the Surgital minority stake (valued at €10.6m) and the Brugola minority holding (€5m).

Fondo Italiano d'Investimento had bought a 16% stake in Surgital for around €11m in January 2013 and a 15.8% stake in Brugola for €7.5m in March 2015.

Founded in 1980, Surgital is based in Lavezzola, near Ravenna, and specialises in the production of frozen pasta, sauces and ready meals for hotels, restaurants and catering. The company sells its products in 50 countries worldwide, has two offices outside Italy, in Germany and the UK, and two subsidiaries abroad: Surgital France and Surgital America. The company employs 329 staff and in 2017 generated revenues of €75m.

Founded in 1926 and based in Lissone, Brugola specialises in the production of hexagonal socket head bolts with a spiral shank, commonly known as "brugola", after the company's founder Egidio Brugola patented it with his name. The company manufactures bolts primarily for the automotive industry, especially for the assembly of motors and the fastening of auto components. Brugola employs 450 people and operates in Italy and in the US. In 2016, the company generated €10.8m in EBITDA from revenues of €120.9m, and recorded a net debt of €19.5m.