Fondo Italiano d’Investimento exits Emarc via trade sale

Following a five-year holding, FII sold its 31% stake alongside the company's chairperson Pietro Passone. Baosteel acquired a 75% stake, while Passone retained the remaining stake in the business. The deal followed a partnership agreement that the two companies signed in 2014 with the aim of boosting their research departments and to develop new products targeting the Chinese market.

Previous funding
FII acquired its minority stake in the business in July 2012 for €10m. According to local press reports, the GP's stake depreciated by €1.6m in 2014 and subsequently by €1.4m in 2015; according to a company statement, it was valued at €7m in 2016.

In November 2014, the GP provided a €1m convertible bond to support the company's expansion.

Company
Established in 1978 and headquartered in Vinovo, near Turin, Emarc produces metal parts for the automobile industry. The firm's product range includes doors, hatches, sliding door systems, components and modules for motor vehicles in both steel and aluminium.

The company claims a broad client base that includes Renault Group and FCA. According to press reports, the company posted revenues of €141.8m in 2015, with €8.5m EBITDA and €9.6m in net debt. Prior to that, the business reportedly posted a €4.8m loss in 2014 and a €3m loss in 2013.

People
Emarc – Pietro Passone (chair).

Advisers
Vendor – Gitti and Partners (legal).
Acquirer – R&P Legal (legal).
Company – KPMG (legal).

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• Topics
• Exits
• Industrials
• Southern Europe
• Italy
• Fondo Italiano di Investimento
• Trade sale