Wise sells chemicals producer Primat

Hat Orizzonte invested via its Hat Sicaf vehicle. The consortium also included Irish asset management firm Tendercapital Alternative and Luxembourg-based investment holding Compagnie Financiere Saint Exupéry Sicav-Sif.

Financial details surrounding the transaction remain undisclosed. However, Italian publication Milano Finanza reported a deal value of €100m.

Following the deal, CEO Camillo Rumi will retain a minority stake in the business. Italian lender Banco BPM provided an undisclosed credit facility to support the transaction.

Previous funding
In 2014, Wise acquired an undisclosed stake in the business via its Wisequity III fund. A €15m bond was issued to support the deal, underwritten by Muzinich Italian Private Debt Fund.

The GP boosted the company's expansion through the purchase of a new production plant in Lecco and the bolt-on acquisitions of Zincatura Reggiana and Industria Elettrochimica Bergamasca (IEB).

Company
Founded in 1972 and based in Olginate, Primat produces protective treatments for mechanical parts including screws, bolts and fasteners. The business's anti-corrosive zinc treatments coat mechanical components for the automotive sector.

According to a statement, the business generated €30m in revenues in 2016 and expects to reach a €40m turnover this year.

People
Wise – Fabrizio Medea (partner); Luigi Vagnozzi (director).
Hat Orizzonte – Ignazio Castiglioni (CEO).
Primat – Camillo Rumi (CEO).

Advisers
Acquirers – Cassiopea Partners (corporate finance); Orrick (legal); Long Term Partners (commercial due diligence); Deloitte (financial due diligence); Montana (ESG due diligence).
Vendor – Simmons & Simmons (legal); Studio Spada Partners (tax).
Debt – Legance Avvocati Associati (legal).

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