Igi, Finint sell Vimec via trade sale

Amedeo Goria
22 May 2017

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Italian investors Igi and Finint & Partners have sold their stakes in stairs and lifts producer Vimec to Swedish listed holding company Latour Industries.

The deal saw the Stockholm-based listed company fully acquire the business from Igi and NEIP III, the investment vehicle managed by Finint & Partners. Following the acquisition, the management team will continue to lead the business.

According to a source familiar with the situation, Finint reaped a 2x multiple through its vehicle NEIP III, after a two-year holding period.

The deal is the first divestment for the €73m Igi Investimenti 5 fund and the €20m Igi Investimenti 5 Parallel vehicle, formerly known as Arca Impresa 3 and Arca Impresa 3 Parallel. Igi started managing the funds when it acquired Arca Impresa Gestione in 2013. To date, the vehicles have invested 70% of the capital committed.

According to a statement, Igi expects to launch its sixth vehicle, Igi Sei, in the next few months.

The deal is the third divestment for NEIP III, which is currently 80% deployed and has four companies in its portfolio. Finint is expecting to launch its new vehicle in 2018 with the same investment strategy as its predecessor, according to a statement.

Previous funding
Siparex Italia, a French closed-ended fund managed by Sigefi Private Equity, and PM & Partners together wholly acquired Vimec for an undisclosed amount in May 2006. The company was purchased from the four founding partners. According to unquote" data, PM & Partners acquired a 90% stake in the business, while Sigefi purchased an 8% stake.

In 2015, Igi acquired 67% of the company, while NEIP III secured 32% and the management team 1%.

Company
Established in 1980, Vimec is based in Luzzara, near Reggio Emilia. The company produces stair lifts, home lifts, platforms and mobile stair climbers for elderly and disabled people and has a presence in Spain, France, the UK and Poland.

According to a statement, the business generated €44m in revenues in 2016 and employs a staff of 166.

People
Finint & Partners – Nicola Bordignon (partner).
Igi – Angelo Mastrandrea (partner); Matteo Cirla (managing director).
Latour Industries – Björn Lenander (CEO).
Vimec – Giuseppe Lupo (CEO).