Green Arrow's TFM bolts on Spiral Ingranaggi

To finance the acquisition, the GP deployed capital from its Green Arrow Private Equity 3 fund, a €220m vehicle that inherited the portfolio of Quadrivio Private Equity 3 after Quadrivio was wholly acquired by Green Arrow in November 2017. The fund invests in majority and minority stakes of Italian SMEs, and is currently around 40% deployed.

Quadrivio invested €20m to acquire a 60% stake in Italian mechanical parts producer TFM in October 2017, while existing shareholders retained the remaining 40% stake in the business. The GP drew down capital from its Quadrivio Private Equity 3 vehicle to finance the investment.

Following the acquisition, the GP plans to further strengthen TFM's market position, bolster its international expansion by entering new geographical areas, grow the business via a buy-and-build strategy, and support the development of new production technologies.

Company
Founded in 1994 and based in Pernumia, near Padua, Spiral specialises in the production of small and medium-sized gears, both cylindrical and conical, used for adaptors, machinery and transmissions. The company employs 40 staff and generated revenues of €9.3m in 2017.

People
Green Arrow Capital – Daniele Camponeschi (founding partner, CIO); Nicola Pietralunga (investment director); Roberto Giudici (senior investment manager).

Advisers
Equity – PwC (corporate finance); Legance (legal); Russo De Rosa Associati (tax).
Company – Gitti and Partners (legal).

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• Topics
• Expansion
• Southern Europe
• Industrials
• Quadrivio
• Italy
• Buy-and-build
• Build-up