Industrie Chimiche Forestali floats following EPS acquisition

Listed as ICF Group on the AIM segment of Borsa Italiana, the company closed its first day of negotiations at a price of 990 cents per share, for a total market capitalisation of around €72m.

EPS, which is a special purpose acquisition vehicle (SPAC) launched as a joint venture between Equita Group and Private Equity Partners, acquired ICF in January for a consideration of €69m.

As it floated on the AIM segment of the Milan stock exchange in July 2017, the vehicle exceeded its initial €100m target and raised €150m from both domestic and international investors, including asset managers, banks and family offices.

Last week, EPS launched EPS Equita PEP Spac 2, which will collect the remaining capital after the ICF acquisition is completed.

According to a statement, Guido Cami will stay on with the business as CEO and president, and will lead the company with the support of Private Equity Partners CEO Giovanni Campolo, who will direct ICF's business development. The management team intends to consolidate ICF's market position and bolster its expansion both organically and through new acquisitions.

Company
Founded in 1918, ICF produces fabrics for toe puffs and adhesives for the footwear, leather goods, automotive and furniture industries. The company exports approximately 70% of its production outside Italy and employs 125 people. In 2017, ICF reported EBITDA of €9.1m from revenues of €78.7m and net debt of €13.8m.

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