EOS Investment backs Eurofiere in MBO

Alessia Argentieri
14 February 2018

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UK-based asset manager EOS Investment Management has acquired approximately 90% of Italian exhibition stands provider Eurofiere, while the company's management team will retain a minority stake.

The deal included an undisclosed debt package provided to support the transaction.

Following the acquisition, Eurofiere general manager Giorgio Falzone and deputy general manager Cristina Bergese, who are co-investing along with five other top managers in the MBO, will stay on with the company and take up the role of co-CEOs of the group.

EOS is deploying capital from its fund EOS Private Equity, which was launched in 2016 with a €150m target and held a first close on €55m in November 2016. The Luxembourg-based vehicle is structured as a SICAV-SIF fund and aims to acquire minority and majority stakes in Italian SMEs, with a possible extension to other European countries. According to the firm, the fund is in the last stages of its closing process.

The deal follows EOS's acquisition in November 2016 of an 86.5% stake in Poplast, an Italian manufacturing company that specialises in flexible packaging for the food, pharmaceutical and industrial sectors.

Company
Founded in 1961 and based in Turin, Eurofiere specialises in designing and manufacturing exhibition stands and showrooms. The company's clients include Italian and international brands such as Versace, Fendi, Oakley, Fiat and Yamaha Marine.

In 2017, the company generated an EBITDA of more than €4m from a turnover in excess of €30m, reaching a 10% growth rate compared with the previous year.

People
EOS Investment Management – Ciro Mongillo (CEO, founder).
Eurofiere – Giorgio Falzone (general manager); Cristina Bergese (deputy general manager).

Advisers
Equity – Lombardi Segni e Associati (legal); Russo De Rosa e Associati (tax); PwC (financial due diligence); LTP (operational die diligence); KPMG (ESG due diligence).
Company – Vitale & Co (legal); Gattai Minoli Agostinelli & Partners (legal); EY (tax, financial due diligence); Bain & Co (commercial due diligence).