Augens, BMO buy Impresa San Siro

Unquote understands that Banco BPM and Banca Interprovinciale-Illimity provided a senior debt package of €14m.

The acquisition was made via a newco named Hofi, which wholly acquired Impresa San Siro. Hofi is 80% owned by Augens and BMO, while Andrea and Massimo Cerato, sons of the company's founder Alcide Cerato, reinvested alongside the GPs and retained the remaining 20%.

Following the deal, Andrea and Massimo Cerato will stay on with the company to ensure continuity of the business strategy and will be appointed as president and CEO, respectively.

Augens and BMO intend to pursue a buy-and-build strategy and support a process of consolidation within the Italian market aimed at creating a pool of companies with a leadership position in the funeral services sector.

Company
Founded in 1965 and headquartered in Milan, Impresa San Siro American Funeral specialises in providing funeral services in Italy. The company operates two funeral homes that served 3,500 families in 2018. It employs a staff of 80 people and generated EBITDA of €4m from revenues of €17m in 2017.

People
Augens Capital - Marco Mantica (partner, CEO).
Impresa San Siro American Funeral - Massimo Cerato (CEO); Andrea Cerato (president).

Advisers
Equity – LMS Studio Legale (legal); EY (financial due diligence, tax); Essentia Advisory (debt advisory); Arendt & Madernach (legal, tax).
Company - Vicari & Associati (legal); Alberto Sampietro (corporate finance).

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