Ambienta buys Phoenix Group

Alessia Argentieri
14 March 2019

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Italian mid-market GP Ambienta has acquired a majority stake in Italy-based Phoenix Group from Chequers Capital, seeing off competition from several private equity peers.

A source told Unquote that Ambienta acquired a 65% stake in Phoenix Group from Chequers Capital and the company's management, which both reinvested in the business and retained a 25% and a 10% holding, respectively.

Unquote understands that the deal gives the company an enterprise value of €200-250m, which equates to around 9-11x its €22m 2018 EBITDA.

Ambienta saw off competition from PE firms Portobello Capital and Platinum Equity, according to Unquote sister publication Mergermarket.

Ambienta financed the deal via its third fund, which held a final close in May 2018, hitting its €635m hard-cap. In addition, a debt package of an undisclosed amount was provided by a pool of banks.

Previous funding
Cape Natixis, via its €120m Cape Natixis Private Equity Fund, acquired Phoenix in a €45m management buyout from the company's founding families, which retained minority stakes in the business. Banca Monte dei Paschi di Siena provided a €10m senior loan as well as additional credit lines.

Following the Bank of Italy's decision to put Cape Natixis under administration for irregularities in April 2011, Italian GP Opera acquired the fund's portfolio, including a 46% stake in Phoenix. Quadrivio and other private investors retained the remaining minority stake in the company.

Chequers bought a majority stake in Phoenix from Opera, Quadrivio and other minority shareholders in January 2016. The deal was supported by a €40m debt package provided by Unicredit. The management team, led by Roberto Rusticelli, reinvested in the company in return for a minority stake.

Company
Established in 1972 and headquartered in Brescia, Phoenix specialises in producing dies and tools for aluminium extrusion. Unquote understands that the company generated EBITDA of €22m from revenues of €100m in 2018. Phoenix employs around 400 staff.

People
Phoenix Group – Roberto Rusticelli (CEO).

Advisers
Equity – Fineurop Soditic (corporate finance); Gattai Minoli Agostinelli & Partners (legal).