Manutencoop buys out PE backers

The deal saw Private Equity Partners (PEP), 21 Investimenti, Value Italy (formerly MP Venture), Sviluppo Imprese Centro Italia (Sici), NEIP II and DeA Capital Alternative Funds fully exit the business, alongside financial investors Cooperare Sviluppo, Unipol Banca and Mediobanca.

Following the deal, the firm's parent company Manutencoop Facility Management will remain the sole shareholder.

The company financed the deal with a €360m senior secured loan due in 2022. JP Morgan and Unicredit acted as joint bookrunners for the company's note.

Furthermore, six members of the company's management board will step back, while Giuliano Di Bernardo will become chairperson and Aldo Chiarini will remain CEO.

Previous funding
The company's private equity tenure started in December 2003, as 21 Centrale Partners and Value Italy acquired a minority stake in the business. Subsequently, NEIP II bought a 4.75% stake in May 2005.

In December 2008, Value Italy, Sici, PEP, 21 Partners, DeA Capital, Nem, Finint & Partners, Unipol Merchant and Cooperare Sviluppo provided expansion capital of €180m to Manutencoop in exchange for a minority stake of 28.57% in the company.

In October 2016, the investor consortium increased its stake to 33.2% and was expecting to float the business in 2018, according to local press reports.

Company
Manutencoop manages and provides integrated services for both public and private properties, focusing on environment and healthcare support services. Its services include cleaning, maintenance services, lighting, heat management and specialised services for hospitals, including laundering, sterilisation, document management, fire prevention systems and video surveillance.

Founded in 1938 and based in Bologna, the company employs 20,284 people and posted €929.1m in revenues with €95.9m in EBITDA in 2016.

Advisers
Acquirer – Vitale & Co (corporate finance); Gatti Pavesi Bianchi (legal); Latham & Watkins (legal); Maisto e Associati (tax).

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• Topics
• Exits
• Southern Europe
• Support services
• Italy
• Private Equity Partners SGR Spa
• DeA Capital