FII-backed Seco to list on the Italian stock exchange

Seco has hired Value Track as financial adviser, and Mediobanca and Goldman Sachs as global coordinators. Studio Gatti Pavesi Bianchi and White & Case will act as legal advisers. Deloitte will be in charge of the financial audits and KPMG will support the company's business plan.

FII invested €10m for a minority stake in Seco in April 2018. As part of the deal, former Eurotech vice-president Massimo Mauri took a seat on the Seco board and adopted an operational role at the company.

The firm drew capital for the transaction from FII Tech Growth, a venture fund dedicated to later-stage deals that has raised €110m. The vehicle typically acquires majority and minority stakes in small and medium-sized Italian companies operating in the technology, media and telecommunications sectors, with a turnover of €5-70m. It deploys equity tickets in the €5-20m range.

Founded in 1979 and headquartered in Arezzo, Seco designs and produces embedded electronics, including single-board computers, carrier boards and development kits. The business has additional operations in the US, Germany and Taiwan.

The company generated EBITDA of €11.5m from revenues of €66.5m in 2019, 22% up on 2018. Its clients include Cimbali, Esaote, Technogym and Vimar. It also has partnerships with universities including the National University of Singapore, the Politecnico di Milano and University of San Diego, as well as technology businesses including Intel, Microsoft, Google and AMD.

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