Star Capital exits CastFutura

In addition to Star Capital's stake, Robertshaw also acquired the remaining holding in CastFutura from other minority shareholders, and became the solo owner of the business. Following the acquisition, the US-based company plans to extend its presence in Europe, South America and the Middle East, while CastFutura expects to expand its market penetration and product range with Robertshaw's support.

The sale ends a five-year holding period for Star Capital, which acquired an 82% stake in the company from Synergo for €25m via its fund Star III. The vehicle, which held a final close in 2013 on €87.7m, is now fully deployed.

Previous funding
BS Private Equity, through the fund BS Investimenti IV, acquired a controlling stake in CastFutura in September 2005. The leveraged finance team of MPS Banca Impresa, the merchant-banking arm of Montepaschi di Siena, arranged the debt facilities required to finance the transaction. Subsequently, Synergo took over the portfolio of BS in 2011, including its majority holding in CastFutura.

Company
Founded in 1969 and headquartered in Terno D'Isola, near Bergamo, CastFutura manufactures combustion, safety and ignition components for cooking and heating applications, including burners, thermocouples and spark plugs. The company employs 750 staff and operates six manufacturing facilities.

People
Robertshaw – Mark L. Balcunas (CEO).
CastFutura – Marco Bonfigli (CEO).

Advisers
Acquirer – Hogan Lovells (legal).
Company – William Blair (corporate finance); Accinni Cartolano & Associati (legal).

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• Topics
• Exits
• Southern Europe
• Industrials
• Italy
• Trade sale
• William Blair