Alto Partners et al. buy 42% stake in R&D for €7m

As part of the deal, Alto acquired a minority stake via its vehicle Alto Capital III. Reportedly, the GP provided a €6m capital increase and acquired a minority stake from the company's founder, Alberto Fassi, for €1m.

Following the transaction, Alto is reported to have acquired a 39% stake in the business and will nominate a representative to the company's board, while Rancilio Cube will retain a 3% stake. Fassi will retain the controlling stake in the business.

The company aims to use the fresh capital to boost its international expansion through strategic acquisitions.

The 2011-vintage Alto Capital III fund is now 70% invested and aims to have fully invested its committed capital in six months' time, while the GP is expected to launch its fourth vehicle in Q2 2017.

Company
R&D was founded in 2003 and is headquartered in Azzano, in northern Italy. The company manufactures stationery products and posted €12m in revenues in 2015 with EBITDA of €1.4m. The business expects a 30% increase in turnover for 2016.

People
Alto Partners – Stefano Scarpis (founding partner, chiar); Raffaele De Courten (founding partner); Marco Pellegrino (director); Ilenia Corbelli (investment manager).
R&D – Alberto Fassi (founder).

Advisers
Equity – Pedersoli & Associati (legal); Goetzpartners (financial due diligence); Deloitte (commercial due diligence, tax); Sopabroker (insurance due diligence).
Vendor – Studio Artina (legal).

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• Topics
• Expansion
• Consumer
• Southern Europe
• Italy