Quantum-backed Gianetti Ruote carves out Fad Wheels from GKN

The acquisition was made via Gianetti Ruote Holding, the German holding company of Italy-based Gianetti Ruote. 

With this deal, Quantum expects to strengthen Gianetti's position in the steel wheel production market, especially within the agriculture, construction and industrial vehicles segments.

In addition, it plans to expand the company's production capacities and add technical and operational expertise in the agriculture and forklift market.

The new combined group will have a total capacity of 2 million wheels per annum and will operate two plants located in Carpenedolo, near Brescia, and Ceriano Laghetto, near Monza.

Gianetti CEO Goran Mihajlovic will be appointed the new CEO of Fad Wheels and chair to support the current management team, led by Massimo Limonta.

Quantum Capital acquired Gianetti Ruote from Accuride Corporation, a portfolio company of Crestview Partners, in August 2018 via its Quantum Opportunity Fund II. The fund held a final close on its €77.5m hard-cap in February 2018.

Quantum Opportunity Fund II invests in complex carve-out situations, spinouts and distressed companies with potential for improvement. It deploys equity tickets of up to €15m in corporate divisions and subsidiaries across continental Europe that have annual revenues of between €20-500m and an EBITDA margin from negative to 10%.

Company
Established in 1953 and headquartered in Carpenedolo, near Brescia, Fad Wheels is a manufacturer of steel wheels for commercial vehicles. The company specialises in producing steel wheels with a diameter of between 8-34" for agriculture and construction vehicles, and forklift trucks. It generates revenues of around €40m.

People
Quantum Capital Partners – Francesco Rigamonti (senior partner).
Gianetti Ruote – Goran Mihajlovic (CEO).

Advisers
Acquirer – K&L Gates (legal).
Vendor –  Giovannelli e Associati (legal).

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• Topics
• Expansion
• Southern Europe
• Industrials
• Italy
• Build-up
• Buy-and-build