One Equity Partners buys minority stake in Usco

The deal saw the GP acquire a minority stake in the business, which local magazine EmmeWeb reported to stand at 49%. The management team aims to use the fresh capital injection to boost the company's presence globally. Other financial details remain undisclosed.

The US-based GP recently held a $1.65bn final close for One Equity Partners VI, the first fund it has raised since spinning out from JP Morgan as One Equity Partners in February 2017.

Company
Headquartered in Modena, Usco produces components and repair parts for the earth-moving machinery industry via its flagship brand, ITR. The business has six manufacturing centres in Italy, Spain, South Korea and China, and 40 distribution and service centres globally.

The business was founded in 1989 and currently employs 1,350 people. Usco posted a turnover of €400m in 2016, according to the EmmeWeb press report.

People
Usco – Massimo Galassini (CEO).

Advisers
Equity – Chiomenti (legal).
Company – Simmons & Simmons (legal); Eidos Partner (corporate finance).

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• Topics
• Buyouts
• Industrials
• Southern Europe
• Minority investing
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• One Equity Partners