Montana buys Italian private equity firm Nem

The deal is valued at about €50m, Unquote understands.

Montana has made the acquisition via its newco LRW and is currently investing through its Opportunity Secondary Program III, which held its final close in 2015 on its €406m hard-cap. The firm is also managing the portfolio of its €83m Annual Secondary Program I and €103m Annual Secondary Program II. In addition to these funds, in October 2017 Montana launched its fourth secondary vehicle with a €650m target and held its first close in January 2018, exceeding the target.

Unquote reported in June that Montana had entered into exclusivity for the acquisition of the GP, with Elm Capital running the process.

In June 2017, the Italian government issued a €17bn package to shield Banca Popolare di Vicenza and Veneto Banca, which collapsed after years of mismanagement, and transferred the banks' good assets to Italy's retail bank Intesa Sanpaolo.

Established in 2004, Nem is fully owned by Banca Popolare di Vicenza and manages three private equity funds, Nem Imprese II, with a capital of €115m, Industrial Opportunity Fund, which raised €131m, and a €30m vehicle named Nem Imprese, for an aggregate €276m of assets under management.

The GP has invested in 15 Italian SMEs active in different sectors, including energy distributor Energon, electronic security systems developer Metasystem, leather bags maker Braccialini and glass manufacturer Finvetro. According to Unquote Data, the firm's last investments were made in 2015.

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