Charme Capital buys Atop

According to a statement, the buyers consortium acquired an 84% stake in the business, while the company's founding partners, Luciano Santandrea, Fabrizio Cresti and Massimo Ponzio, will retain the remaining 16% stake.

As part of the deal, Charme acquired a controlling stake in the business, while IMA purchased a 25% stake for €15.8m, as reported on Borsa Italiana's website.

Charme provided fresh capital through its Charme III fund, while Unicredit supported the acquisition with an undisclosed credit facility. Launched in September 2014, Charme III held a first close on €400m in January 2015.

In December 2009, Italian-Chinese private equity firm Mandarin Capital Partners acquired a stake of close to 7% in IMA, in a deal valued at a little over €33m. More recently, the GP sold the asset for €53m, reaping a 2.2x multiple and an IRR of 27% on its original investment, according to unquote" data.

Company
Founded in 1993 and headquartered in Barberino Val D'Elsa, Atop produces rotors and stators for electric motors, focusing mainly on the e-mobility, automotive, household appliances sectors and power tools for use in the industrial sector. It currently employs 180 people.

The company's management projects 2017 revenues in the region of €60m, up from €48m posted in 2016. The business generates 79% of its sales in Europe and 14% in the Asian market, while the remaining 7% comes from the Americas.

People
IMA Group – Alberto Vacchi (chair, CEO).
Atop – Luciano Santandrea, Fabrizio Cresti, Massimo Ponzio (founders).

Advisers
Equity – Poggi & Associati (legal); Legance (legal); EY (financial due diligence); Alix Partners (corporate finance).
Company – K Finance (corporate finance); Deloitte (commercial due diligence); Studio Legale Gattai Minoli Agostinelli & Partners (legal).

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• Topics
• Buyouts
• Industrials
• Southern Europe
• Italy