Xenon buys Emmeti, Sipac, Mectra, Logik to create EMS Group

Alessia Argentieri
28 November 2018

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Xenon Private Equity has acquired Emmeti, Sipac, Mectra and Logik, four Italian companies specialising in manufacturing palletiser and depalletiser machines for the glass industry.

Unquote understands that Xenon bought the companies from minority shareholders and Emmeti, which controlled a majority stake in the other three companies.

Following the acquisition, the four companies will be merged in a new entity called EMS, with a staff of 290 people and a combined turnover of €130m, of which 75% comes from outside Italy. The group plans to make additional bolt-ons in Italy and abroad to further strengthen its market position.

Unquote understands that Xenon will control a majority stake in the group, while Mectra and EMS CEO Giovanni Ronconi, Sipac CEO Corrado Azzali and EMS sales director Paolo Biondi will co-invest in the business alongside the GP and acquire a minority stake of around 5%.

According to a statement, the four companies will continue to operate under their brand names.

The GP deployed capital from Xenon Private Equity Fund VI, which held a final close in July 2014 on its €184m hard-cap, exceeding its €150m target.

In addition, financing for the acquisition was provided by a pool of banks composed of Banco BPM as lead bank, Banca IFIS, Banca IMI and MPS Capital Services.

Company
Emmeti, Sipac, Mectra and Logik specialise in manufacturing palletisers and depalletiser machines for the glass industry with a focus on the food and beverage and packaging sectors.

Emmeti and Mectra are headquartered in Montecchio Emilia, near Reggio Emilia, while Sipac and Logik are based in Fontevivi, near Parma. The combined group generates revenues of €130m and employs 290 staff.

Advisers
Equity – Pavia & Ansaldo (legal); Dentons (legal); Deloitte (financial due diligence); Studio Camagni (financial due diligence); PA Consulting (operational due diligence); Fineurop Soditic (acquisition finance).

Companies – Piroloa Corporate Finance (corporate finance); Freshfields Bruckhaus Deringer (legal); Studio Pirola Pennuto Zei (legal, tax); Studio Losi & Cavazzini (tax).