Wise exits Colcom to trade

Alessia Argentieri
15 March 2019

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Italian GP Wise has sold Italy-based hinges and locks manufacturer Colcom Group to German hinges supplier Simonswerk.

Colcom's management team will stay on with the business with CEO Gabriele Basile at the helm.

This is the second acquisition inked by Simonswerk in Italy, following the purchase of a majority stake in Anselmi, a producer of concealed hinges for lightweight doors, bought in 2017. Employing 600 staff, Simonswerk generated revenues of €122m in 2018. With this new acquisition, the group expects to further expand in the Italian market, boost its growth and enlarge its product offering.

Wise acquired Colcom in May 2014 from the founding Colli family, alongside the company's management, who reinvested in the business in return for a minority stake. The GP deployed capital from its €180m Wisequity III fund, which is now mostly divested and has only two companies in its portfolio: NTC and Controls.

The GP is currently investing via its fourth fund, Wisequity IV, which held a final close in 2016 on its €215m hard-cap. The vehicle is 50% deployed across five companies: Corob, Imprima, Tapì, Tatuus Racing and Aleph.

Under Wise's ownership, Colcom expanded its product portfolio and increased its turnover from €13m in 2013 to €27m in 2018. In addition to this, the company acquired French business Sadev, a manufacturer of fixing systems for glass façades, parapets and balustrades. The bolt-on saw the GP provide capital alongside the management team to support the merger.

Company
Founded in 1961 by Ezio and Sergio Collio and based in Nave, near Brescia, Colcom specialises in designing, manufacturing and distributing hydraulic hinges and fittings for doors. Employing 135 staff and selling its products in 50 countries worldwide, Colcom generated EBITDA of around €2m from revenues of €27m in 2018.

People
Wise – Luigi Vagnozzi (partner); Alessio Riccioni (investment manager).
Simonswerk – Michael Meier (managing director).
Colcom Group – Gabriele Basile (CEO).

Advisers
Vendor – Simmons & Simmons (legal); Spada Partners (tax).
Acquirer – One to One Corporate Finance (corporate finance); Linklaters (legal); EY (financial due diligence).