NB Aurora buys Dierre from Gradiente

NB Aurora bought a 46.1% stake from Gradiente and the remaining 3.8% from Rubbiani for €30.2m, which gives the company an enterprise value of €60.5m, equal to 7.5x its 2018 EBITDA, Unquote understands.

With NB Aurora's support, the company plans to consolidate its position in the Italian market, boost its international expansion, primarily in Germany and France, and pursue a buy-and-build strategy.

Gradiente acquired a stake in Dierre in February 2016 via its €76m Gradiente I fund, while the company's founder, Giuseppe Rubbiani, retained the remaining majority holding.

Company
Established in 1997 and based in Fiorano Modnese, Dierre designs and manufactures components and parts for machine automation used in the electric, automotive, pharmaceutical and food industries. The company employs 280 staff and generated revenues of €46m and EBITDA of €8m in 2018.

People
Neuberger Berman – Lorenzo Carù (partner).
Gradiente – Carlo Bortolozzo (founding partner).
Dierre Group – Giuseppe Rubbiani (founder, chair).

Advisers
Equity – Lincoln International (corporate finance); Dentons (legal); Spada&Partners (tax); EY (financial due diligence).
Company – Ethica Corporate Finance (corporate finance); NCTM (legal); Studio Pincelli & Associati (tax); PWC (financial due diligence).

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• Topics
• Buyouts
• Southern Europe
• Industrials
• Exits
• Italy
• Secondary buyout
• Lincoln International
• EY (Ernst & Young)
• PwC
• Dentons