PHI Industrial acquires Brevi

According to a source familiar with the situation, the Spanish GP acquired around €1m of the company's bank debt while signing a debt restructuring agreement with the lenders for the remaining portion of the debt.

The acquisition was conducted via a newco called Brevi Milano, which is wholly owned by PHI.

According to a source, the company's management team will stay on with the business alongside a new manager appointed by PHI, who will join the board and support the company in this restructuring phase.

PHI targets distressed companies based in southern Europe that require substantial investments, structural and management changes and a restructuring strategy in order to return to profitability. The GP invested in Brevi via its PHI Fund II, which was launched in 2014.

Company
Founded in 1954 and based in Telgate, near Bergamo, Brevi specialises in manufacturing and distributing baby pushchairs, prams and buggies. The company, which employs 70 staff, generated revenues of €20m in 2017, according to press reports.

Advisers
Acquirer – Studio CMS Adonnino Ascoli & Cavasola Scamoni (legal).
Vendor – Facchinetti Taverna e Associati (financial due diligence, legal, M&A); CMA Caffi Maroncelli e Associati (restructuring and debt advisory); Studio Berta Nembrini Colombini e Associati (corporate finance).
Banks – Studio Gattai Minoli Agostinelli Partners (legal).

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• Topics
• Buyouts
• Southern Europe
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