Neuberger Berman, NB Aurora exit General Medical Merate

Half of the 28.85% stake was acquired by the company's founders and majority shareholders, the Sordi family, which controls the business via the holding GMM Italia, while the other half was bought by Chinese company Kangda Medical Equipment Group, which specialises in manufacturing medical devices.

Previous funding
Fondo Italiano d'Investimento (FII) bought a minority stake in GMM for €13m in June 2012, while the Sordi family retained the majority holding.

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.

Neuberger Berman's subsidiary, 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 General Medical Merate's 14.3% stake, valued at €6.9m.

Company
Founded in 1952 and based in Seriate, near Bergamo, General Medical Merate produces traditional and digital radiology and fluoroscopy diagnostic equipment, including remote-controlled radiographic units, mobile x-ray machines and c-arm digital radiology devices. The firm employs 300 staff and generated revenues of €83.6m in 2017.

People
Neuberger Berman – Francesco Sogaro (managing director).
General Medical Merate – Massimo Sordi (president).

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• Topics
• Exits
• Southern Europe
• Healthcare
• Italy
• Trade sale