EOS Investment buys Atex in MBO

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

Following the acquisition, Atex senior managers Max Castellani, Luca Di Benedetto and Mario Di Benedetto will stay on with the company and retain a minority stake in the business.

With the fresh capital, Atex plans to further bolster its industrial strategy, improve the development of its production plants, penetrate new markets and expand through new acquisitions.

This is the third acquisition for EOS following the recent purchases of Eurofiere and Poplast, while a fourth deal is on the horizon and will be closed in the short term, according to the firm.

EOS is deploying capital from its EOS Private Equity fund, 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 majority stakes in European SMEs with revenues between €20-70m. According to the firm, the fund is in the last stages of its closing process.

Company
Founded in 1993 and headquartered in Settala, near Milan, Atex specialises in in the production of non-woven polypropylene fabrics for the medical, hygiene and household sectors. The company has facilities in Italy and the US and employs 110 staff.

In 2016, Atex generated a turnover of €50m and recorded a 14% EBITDA margin.

People
EOS Investment Management – Ciro Mongillo (CEO, founder); Marco Giuseppini (head of PE).
Atex – Max Castellani, Luca Di Benedetto, Mario Di Benedetto (senior managers).

Advisers
Equity – McDermott Will & Emery (legal); Ludovici Piccone & Partners (tax); EY Transaction Advisory Services (financial due diligence).

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• Buyouts
• Southern Europe
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• EY (Ernst & Young)