Clearlake's Sage buys Apollo

Following the transaction, US-based Sage will expand its business into the European market, in particular across eastern Europe, given Apollo's presence in Romania.

The deal marks the second acquisition for Sage in the Italian market. In April 2015, the company acquired Miko, an automotive interior fabrics producer headquartered in Gorizia.

Previous finding
Clearlake acquired a majority stake in Sage in October 2014.

Company
Founded in 1969 and headquartered in Florence, Apollo produces interior fabrics and velvets for the transportation sector, including for cars, coaches, trains, aeroplanes and ships. The company also has a presence in Bucharest, Romania.

People
Clearlake Capital Group – José Feliciano (founding partner).
Sage Automotive Interiors – Dirk Pieper (CEO).

Advisers
Equity – Gianni Origoni Frippo Cappelli (financial due diligence, tax, ESG).
Vendor – Pedersoli Studio Legale (legal); Gobbi e Associati (M&A).

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• Topics
• Portfolio management
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• Southern Europe
• Italy
• Build-up