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UNQUOTE
  • Exits

Investindustrial invites six advisers to pitch for CEME auction

  • Micaela Osella and Valentina Caiazzo
  • 15 November 2021
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Investindustrial has narrowed the pool of prospective advisers to handle the sale of portfolio company CEME down to six, according to five sources familiar with the situation.

The advisory firms that have been invited to pitch are UBS, Rothschild, Lazard, CITI, Goldman Sachs and Mediobanca, the GP said.

The sale of CEME, a manufacturer of fluid-control systems, is expected to start in the first quarter of 2022, as its management intends to finalise a couple of acquisitions before launching the auction, three of the sources said.

CEME's M&A pipeline was put on hold a few months ago amid market uncertainty caused by Covid-19, these three sources said. It restarted talks with two takeover candidates recently and, since the talks are proceeding smoothly and the deals are likely to be completed by year-end, these have been prioritised over the sale, they said.

CEME generated EBITDA of EUR 36m in 2020 from turnover of EUR 175m, as previously reported. Its debt stands at EUR 113m following the acquisition of domestic peer ODE earlier this year, as reported.

The acquisition was expected to allow CEME to expand into the professional segment of the market, an area in which it was not yet present, according to a company statement.

Investindustrial acquired CEME from Investcorp for an enterprise value of EUR 285m in December 2017.

Established in 1974, CEME manufactures fluid-control systems serving critical functions in a diverse range of niche consumer and industrial applications, including single-serve coffee, steam cleaning and ironing systems, air conditioning, medical applications, and water dispensing.

Headquartered in Trivolzio, the company sells its products in more than 70 countries worldwide and has a strong presence in emerging markets.

Investindustrial, CEME, Goldman Sachs, Rothschild, UBS and CITI declined to comment. Lazard did not return requests for comment.

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