Gradiente buys Coldline

Alessia Argentieri
03 July 2018

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Gradiente has acquired an 80% stake in Italian fridges manufacturer Coldline, while the remaining 20% was retained by the company's shareholders and managers Alessandro and Gianluca Bagante.

Following the deal, Alessandro Bagante will take up the new role of CEO and Gianluca Bagante will become COO.

The acquisition was financed with a debt package provided by Mediocredito Italiano, which is owned by Intesa Sanpaolo.

The company will use the fresh capital to expand its product offering, consolidate its international position, and bolster its growth both organically and through new acquisitions.

The GP deployed capital from its Gradiente II fund, which was launched with a €120m target and held a first close on €60m in November 2017, after two months on the road. Gradiente told Unquote that the fund has raised €100m and expects to hit its €135m hard-cap in the coming months.

This is the second investment made by the fund, which acquired metal components manufacturer HPF in March.

Company
Founded in 1995 and based in Torreglia, near Padua, Coldline specialises in manufacturing fridges and refrigerated cabinets. The company sells its products in 60 countries worldwide and generated revenues of €20m in 2017.

People
Gradiente – Carlo Bortolozzo (founding partner).
Coldline – Alessandro Bagante (CEO); Gianluca Bagante (COO).

Advisers
Equity – NCTM (legal); Studio Russo De Rosa Associati (tax); Deloitte (corporate finance); GEA Consulenti di Direzione (business due diligence); Safety Working (ESG due diligence).
Company – Studio legale Macchi di Cellere Gangemi (legal).