Armonia buys Estendo

Unquote understands that Armonia bought a 68.5% stake in the business in a deal valued at around €50m.

Following the acquisition, the vendors – the Storti family – will retain a 30% holding in the company.

The GP deployed capital from its Armonia Italy Fund, which held a first close on €200m in June 2016 and has recently reduced its target from €700m to €250m. The vehicle invests equity tickets of between €25-75m in Italian SMEs operating in the food, luxuries, pharmaceuticals, lifestyle and services sectors. It is now around 50% deployed.

Company
Based in Miasino, near Novara, Estendo specialises in providing warranty extensions for various products, including computers, televisions, cameras, smartphones and domestic appliances. In 2017, Estendo generated revenues of €25m and in the last three years has seen annual turnover growth of 20%.

People
Armonia – Sigeri Diaz della Vittoria Pallavicini (founder, chair).

Advisers
Equity – Roland Berger (commercial due diligence); KPMG (financial due diligence); Gatti Pavesi Bianchi (legal); ACP Tax (tax).

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