Neuberger Berman, NB Aurora exit Mesgo

Unquote understands that NB Aurora sold its 14.3% stake in the business for €17.2m.

In addition to NB Aurora and Neuberger Berman's stakes, Hexpol also acquired a majority stake from the company's founder and CEO, Francesco Caldara, reaching a total ownership of 80% in the business, while the Caldara family retained a minority holding.

The acquisition price amounts to €168m excluding debt, and is funded by a combination of bank facilities and cash.

According to the deal, Hexpol has the option to acquire the remaining shares in the business, and the Caldara family has the option to sell them to the new majority shareholder.

Previous funding
Fondo Italiano d'Investimento (FII) bought a minority stake in Mesgo in January 2013 for €8m. The entire FII portfolio was bought by Neuberger Berman in December 2017 in a deal that marked the second major direct secondary investment made by the firm in Italy, following the 2015 spin-out of Intesa Sanpaolo's private equity division.

NB Aurora acquired 44.55% of the FII portfolio owned by Neuberger Berman in May 2018. The stake acquired by NB Aurora comprised minority holdings in 17 Italian SMEs, including Mesgo's 14.3% stake, valued at €6.9m.

Company
Estabished in 1996 and based in Gorlago, near Bergamo, Mesgo specialises in producing elastomers, fluorocarbons, silicone and rubber compounds and thermoplastics for the industrial, transportation and automotive sectors. Mesgo employs 180 people, has six production facilities located in Italy, Poland and Turkey, and generated revenues of €90m in 2017.

People
Mesgo – Francesco Caldara (CEO).
Hexpol – Mikael Fryklund (CEO).

Advisers
Vendors – GCA Altium (corporate finance); EY (financial due diligence); Gatti Pavesi Bianchi Studio Legale (legal); Studio Associato Salerno Rho (tax).

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• Exits
• Southern Europe
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• Italy
• Trade sale