FII-backed Seco to list in Q2

The company intends to launch a placement of ordinary shares reserved for qualified investors.

The offer will comprise a maximum of 37,773,000 shares. Of those, up to 27,000,000 are newly issued shares resulting from a capital increase, and up to 10,773,000 are existing ordinary shares, provided by the company's shareholders.

Sellers include FII, which owns a stake in Seco via its FITEC fund; the company's founders Daniele Conti and Luciano Secciani through their investment vehicles DSA, HSE and HCS; and Lomarini & Lomarini Consultant.

As a result of the offer, the free float is expected to amount to  approximately 40-45% of Seco's share capital.

The company intends to use the proceeds from the capital increase to support the implementation of its three-year strategic plan by consolidating its market position and boosting its international expansion.

It also plans to pursue a buy-and-build strategy aimed at entering new geographies and markets, increasing its customer base and expanding its product offering.

Goldman Sachs International and Mediobanca will act as joint global coordinators and joint bookrunners. Mediobanca will also act as sponsor for the purposes of the listing.

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 that have turnover of €5-70m. It deploys equity tickets in the €5-20m range.

Founded in 1979, Seco designs and produces embedded electronics, including single-board computers, carrier boards and development kits.

Its clients include Cimbali, Esaote, Technogym and Vimar. It also has partnerships with universities including the National University of Singapore, Politecnico di Milano and University of San Diego, as well as technology businesses including Intel, Microsoft, Google and AMD.

The business is headquartered in Arezzo, Italy, with additional operations in the US, Germany and Taiwan. Employing 450 staff, Seco generated revenues of €76m in 2020. 

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Southern Europe
• Technology
• Fondo Italiano di Investimento
• IPO
• Italy