Alcedo could launch Agrimaster sale in late 2022

The fund is conducting internal valuations on the asset, which could come to market later this year, the sources said.

No mandate for the deal has been awarded yet, the sources said, adding that Alcedo has been busy in recent months, selling Duplomatic to Daikin Industries for EUR 220m (USD 232m), as reported first by Unquote sister publication Mergermarket.

A formal sale process is unlikely to start before the second half of 2022 at the earliest, one of the sources suggested, noting that Alcedo's investment in Agrimaster has reached maturity. Huge liquidity in the markets and intense ongoing M&A activity are encouraging the exit, the other source said.

Alcedo acquired Agrimaster, an Italian manufacturer of agricultural machinery, in August 2017, from B4 Investimenti. At the time the deal value was reported to be in the region of EUR 30m. Alantra, Lombardi Segni and Bird & Bird acted as advisers.

Agrimaster's chairman and CEO, Luciano Paiola, told Mergermarket in 2019 that once the company reached a size of EUR 50m or above, it could be appealing for an exit.

The business has grown well in the past few years, one of the sources said. Agrimaster was looking to grow via acquisitions under Alcedo's guidance, as reported, but it has not completed any deals to date, one of the sources said.

Agrimaster's EBITDA is around EUR 4m, both sources said, although one source said that it could be up to EUR 6m next year.

The company – also called Demetra Agrimaster – generated EUR 25m revenues in 2019, as reported by Mergermarket.

Bologna-headquartered Agrimaster was founded by the Martoni family. It manufactures equipment including flail mowers, sprayers and shredders.

Agrimaster and Alcedo declined to comment.

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