Alcedo backs Agrimaster SBO

The GP acquired a majority stake in the business for €13.3m from Rome-based buyout house B4 Investimenti. Following the deal, the GP aims to support the company's expansion internationally. The company's CEO Luciano Paiola will remain in his role and retain a minorty stake.

Italian lender BPER Banca acted as bookrunner, mandated lead arranger and agent bank, while Banca IFIS acted as mandated lead arranger to support the transaction.

The deal is the fifth transaction for Alcedo's fourth fund, which hit a €195m final close in May 2016, and is the first divestment for B4 Investimenti, which reaped €30m of committments for its maiden vehicle B4 Investimenti I.

Previous funding
B4 Investimenti acquired an 80% stake in Agrimaster for a reported €10m in November 2014. At the time of the acquisition, the company posted a €12m turnover.

In March 2016, B4 provided a round of growth funding to the business to support the acquisition of Breviglieri, a Nogara-based competitor.

Company
Founded in 1984 and headquartered in Molinella, near Bologna, Agrimaster designs and manufactures industrial machinery and equipment for the agricultural sector, focusing mainly on shredders, power harrows, rotary tillers and bush cutters. Its sister company Breviglieri has two production plants in Molinella and Nogara.

According to a statement, the company has a €27m turnover and generates 80% of its sales from exports.

People
Alcedo – Maurizio Tiveron (managing partner); Michele Gallo (partner); Alessandro Zanet (senior investment analyst); Gioia Ronchin (investment analyst).
B4 Investimenti – Fabrizio Baroni (founder, managing partner); Beniamino Viscogliosi (principal); Luca Amedeo Masobello (associate); Tristano Pinter (analyst).
Agrimaster – Luciano Paiola (CEO).

Advisers
Equity – Bird & Bird, Alberto Salvadè, Andrea Angelillis, Francesco Barbieri, Riccardo Corbani, Marco Muscettola (legal); KPMG, Alberto Galliani, Massimo Agnello (financial due diligence, tax); Studio Russo De Rosa, Leo De Rosa, Federica Paiella (legal); Bain & Company, Francesco Scorza (commercial due diligence).
Vendor – Alantra, Lorenzo Astolfi, Marcello Rizzo, Vincenzo Cuccorese, Marzia Cormun (M&A); Lombardi Segni e Associati, Ruggero Gambarota, Adele Zito (legal); PwC, Federico Mussi, Luciana Sist, Emma Giorgi (financial due diligence, tax); Studio Gusmitta & Associati, Paolo Gusmitta, Cristina Gusmitta, Alberto De Marchi, Silvana Lungo (tax).
Debt – NCTM, Eugenio Siragusa (legal).

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