Quadrivio and Aksìa score 1.3x on Emmeci trade sale
Italian buyout houses Quadrivio and Aksìa have reaped 1.3x money on the trade sale of luxury packaging producer Emmeci to competitor Coesia.
Following the transaction, the fresh capital will be earmarked to bolster the company's international presence and its proprietary technology. As part of the deal, the management team will continue to lead the business.
According to a source close to the situation, the GPs mandated advisory firm William Blair to run an auction process. The final bid was made by the Bologna-based Coesia group, which fully acquired the business. The company specialises in automated machinery production and generated €1.5bn of revenues in 2015.
Previous funding
Aksìa and Quadrivio acquired a combined 90% stake in the business on equal terms in October 2007 from Europe Capital Partners IV, a fund managed by LBO Italia. As part of the deal, the management team and the founders' family re-invested to retain the remaining 10% stake in the business.
The deal was inked at an enterprise value of €57.5m, with the company generating €23m in revenues and €7.8m EBITDA in 2006. According to unquote" data, the deal valued the company at 7x its forecast 2007 EBITDA.
The GPs invested a €20m equity ticket alongside debt facilities provided by MPS Capital Services and Interbanca.
As part of the deal, Quadrivio CEO Walter Ricciotti and Aksìa CEO Stefano Guidotti joined the management board. In addition, the GPs nominated the company's CEO, Mauro Mazzinghi.
Company
Established in 1974 and headquartered near Florence, Emmeci manufactures automatic machinery for packaging products for the cosmetics, electronics and fashion accessories industries.
The company controls two subsidiaries in France and the US. It employs 90 people and generated a turnover of €27m in 2015.
People
Quadrivio – Alessandron Biniello (chair); Walter Ricciotti (CEO).
Aksìa – Stefano Guidotti (CEO).
Coesia – Isabella Seragnoli (chair).
Advisers
Acquirer – Mediobanca (M&A).
Vendors – William Blair (corporate finance); Accinni Cartolano e Associati (legal); Studio Russo De Rosa Associati (tax).
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