Siparex backs Saip

A debt package was provided by Mediocredito Italiano, part of the Intesa Sanpaolo group, to support the deal with a medium-term line of credit.

The GP deployed capital from two funds: Siparex Investimenti 2, a €50m vehicle raised in partnership with Fondo Italiano di Investimento to target Italian SMEs; and Siparex MidCap 3, a €170m fund closed in November 2018.

Following the deal, Saip CEO Giovanni Zanardi will continue to lead the business and will be joined by Siparex partners Tomaso Barbini and Andrea Gianola as members of the company's board.

Saip plans to use the fresh capital to expand internationally and boost its growth both organically and through additional acquisitions, according to a statement.

Company
Established in 1977 and based in Opera, near Milan, Saip specialises in manufacturing hydropneumatic accumulators and pulsation dampers, bellows and piston accumulators for the oil & gas, energy, industrial machinery and automotive industries. The company employs a staff of 40 people and generated revenues of around €9m in 2018.

People
Siparex – Tomaso Barbini, Andrea Gianola (partners).
Saip – Giovanni Zanardi (CEO).

Advisers
Equity – Studio Legale Ruccellai & Raffaelli (legal); EY (tax); GoetzPartners (corporate finance).

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• Topics
• Buyouts
• Southern Europe
• Industrials
• Siparex
• Italy
• EY (Ernst & Young)