Aksìa, Alcedo sell Gimi to German corporate Freudenberg

Amedeo Goria
29 July 2016

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Italian private equity houses Aksìa Group and Alcedo have sold their stake in home care goods manufacturer Gimi to German corporate Freudenberg.

The company owns several brands operating in the home care sector, including Vileda, Wettex and Marigold.

The sale represents the sixth divestment for Aksìa's third vehicle, Aksìa Capital III. To date, the fund retains three companies in its portfolio: Mep Group, Novation and Turbosol. The GP is currently managing its fourth vehicle, Aksìa Capital IV, which has already invested in Visiant-Contacta and Lameplast.

Alcedo was invested in Gimi through its 2008-vintage Alcedo III fund, which held a final closing on €178m in November 2008. More recently, the GP held a final close on €195m for its fourth fund, Alcedo IV.

Previous funding
In 2008, the GPs acquired an 80% stake in the business by investing a combined €28m equity ticket, according to unquote" data. Italian lender Banca Monte dei Paschi di Siena provided debt financing to facilitate the transaction, which valued the company at between €100-110m.

Company
Headquartered in Padua, Gimi focuses on the home care sector and produces several accessories, including clothes drying racks, ironing boards and shopping trolleys. The company has a production plant in Italy and three logistics platforms in Spain, Germany and Poland. According to a statement, the business distributes across 80 countries.

Founded in 1970, the company generated a turnover of €80m in 2015 and employs 320 people. According to press reports, the business posted EBITDA of €13m in 2015 and has €11m of net debt.

People
Aksìa Group - Stefano Guidotti (CEO).
Alcedo - Franco Valvasori (partner).
Gimi - Claudio Rosso (CEO).

Advisers
Equity - RW Baird (corporate finance); Chiomenti (legal); Studio Russo De Rosa (tax); PwC (financial due diligence).