Xenon's Tecnopool bolts on Logiudice Forni, Mimac Italia

Unquote understands that the deal was financed by equity deployed by the GP via Xenon Private Equity VI, and a debt package provided by a pool of banks composed of Banco BPM as lead arranger, Crédit Agricole, Banca IFIS and Monte dei Paschi di Siena.

The management of the two companies will stay on with the business and reinvest in the transaction to acquire a minority stake in Tecnopool.

These acquisitions are part of the GP's buy-and-build strategy aimed at creating a pool of Italian companies with a leading position in the baking machinery market.

In addition to Tecnopool, Logiudice and Mimac, the new entity also includes Slovenia-based Gostol-Gopan, acquired by Tecnopool in 2016; and Mecateck, controlled by Logiudice and Mimac. The combined group will generate revenues of €100m and employ a staff of 500 people, according to a statement.

Xenon bought a majority stake in Tecnopool in April 2018 via its €184m sixth fund, while the company's founders, the Lago family, retained a minority holding in the business.

Tecnopool is headquartered in San Giorgio in Bosco, and specialises in producing machinery for the food industry. The company generated revenues of €64m in 2017, of which 80% came from outside Italy, primarily from South America, the US, Russia and south-east Asia.

Company
Headquartered in Arcole, Logiudice Forni specialises in manufacturing professional ovens and baking machinery. The company employs a staff of 48 people and generated revenues of €21.9m in 2017, up 4.1% on 2016.

Mimac Italia is based in Piovene Rocchette and manufactures pastry maker machines. The company employs 25 staff and recorded revenues of €8.9m in 2017, with a 3.7% increase on the previous year.

People
Tecnopool – Michela Lago (CEO); Leopoldo Lago (founder, president).
Logiudice Forni – Silvano Maggio (president).
Mimac Italia – Adelio Mioni (CEO, president).

Advisers
Equity – Fineurop Soditic (corporate finance); Pavia e Ansaldo (legal); Legalitax Padova (legal); Deloitte (tax).

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