Palladio backs Uni Gasket

The deal is valued at approximately €60m, which would equate to 7.5x the company's 2017 EBITDA.

In addition to the €30m raised by Palladio, a debt package of an undisclosed amount was provided by Ubi Banca and Banco BPM to support the transaction, Unquote understands.

Following the acquisition, Vittorio Calissi will continue to lead the company as president and CEO, and will acquire a 25% stake in the business.

Palladio told Unquote that the firm intends to support Uni Gasket's expansion organically and through new acquisitions. It is already in advanced sale talks with some Italian SMEs operating in the same sector and geographic area.

The transaction represents the second investment made by Palladio through its balance sheet, after the acquisition of a minority stake in RCF Group, an Italian audio amplification business, bought alongside Amundi Private Equity in 2017. The firm has also fully deployed the capital raised by its private equity fund Venice European Investments, which held a second close in May 2011 on more than €500m. Palladio is now looking for a target company for its €100m SPAC VEI1, which listed on the Italian stock exchange's AIM segment in February.

Company
Founded in 1987 and based in Villongo, near Bergamo, Uni Gasket specialises in manufacturing rubber and silicone parts for cars and domestic appliances. The company employs 300 staff and has facilities in Italy, Poland and Romania. In 2017, Uni Gasket generated an EBITDA of more than €8m from revenues of €50m, of which more than half come from outside Italy.

People
Palladio Finanziaria Holding – Sergio Ravagli (managing partner).
Uni Gasket – Vittorio Calissi (CEO, president).

Advisers
Equity – Palladio Corporate Finance (corporate finance); White & Case (legal); EY (financial due diligence); Alix Partners (commercial due diligence); Studio Russo De Rosa Associati (tax).
Company – Euromerger (corporate finance); Withers (legal).

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• Buyouts
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• Palladio Finanziaria
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• EY (Ernst & Young)