Star Capital exits Gia

Ethica Global Investments, the investment arm of Ethica Group – a firm specialising in corporate finance transactions, direct investments in private companies and portfolio management – also bought additional minority stakes from other shareholders.

Gia CEO Fabrizio Pasquini, who will continue to lead the business, retained his minority holding and reinvested in the company.

Star Capital bought a 68.2% stake in Gia from the company's founder and owner Alma Invernizzi in 2012 by deploying capital from its €70m Star Bridge Social Responsible Fund. The GP invested €44m while Alma Invernizzi reinvested in the business and retained a minority stake. The company raised a term loan of €10-11m and a bridge loan of €20m.

Company
Founded in 1978 and headquartered in Trecate, Gia is a producer of fixing systems for radiators, pipes, industrial applications, plugs and solar panels. According to press reports, the business generated EBITDA of €3m from revenues of €8m in 2017.

People
Gia – Fabrizio Pasquini (CEO).

Advisers
Acquirer – Pavia e Ansaldo (legal); Deloitte (financial due diligence); Terrin (financial due diligence); Inside Partners (operational due diligence).
Vendor – Accinni Cartolano e Associati (legal); K Finance (corporate finance); Russo De Rosa (tax).

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