Gradiente exits Coldline

Nice Group, an Italian holding company that controls Milan-listed doors and gates automation specialist Nice, acquired the business via its subsidiary The Nice Kitchen.

Finance for the acquisition was provided by a pool of banks composed of Iccrea BancaImpresa, Mediocredito del FVG and Gruppo Bancario Cooperativo Iccrea.

Coldline's minority shareholders, Alessandro and Gianluca Bagante, reinvested in the company to retain a minority stake.

The sale ends a holding period of only one year for Gradiente, which bought an 80% stake in Coldline in February 2018 via its second fund. The vehicle held a final close on its €135m hard-cap in February 2019, surpassing its €120m initial target.

In addition, the acquisition was financed with a debt package provided by Mediocredito Italiano, which is owned by Intesa Sanpaolo.

Company
Established in 1995 and based in Torreglia, near Padua, Coldline specialises in manufacturing catering refrigerators. The company sells its products in 60 countries worldwide and generated EBITDA of €4m from revenues of €21.5m, Unquote understands.

People
Gradiente – Carlo Bortolozzo (founding partner).
Coldline – Alessandro Bagante (CEO); Gianluca Bagante (chief operations officer).
Nice Group – Lauro Buoro (president).

Advisers
Vendor – NCTM (legal).
Company – Cavour Corporate Finance (corporate finance); Portolano Cavallo (legal); Russo De Rosa (tax); Deloitte (financial due diligence).

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