A&M buys surveillance specialist La Patria in SBO

The La Patria management team will reinvest in the company and retain a minority stake.

The vendors are NB Aurora, which owned 14.4% in the business; Neuberger Berman, with an 18% stake; and PM & Partners, which controlled a 32.4% holding.

A&M, a US-based mid-market private equity investor affiliated with advisory firm Alvarez & Marsal, is investing in the company via its fund A&M Capital Europe. The vehicle, which raised around $600m, typically deploys between $20-75m in businesses with enterprise values in the $50-750m range and EBITDA between $10-75m.

This is the second deal made by the fund, following the acquisition in July 2018 of French eyewear businesses Bollé, Cébé and Serengeti, and their merger in a new holding company named Bollé Brands. 

Previous funding
Fondo Italiano d'Investimento (FII) and PM & Partners acquired a 32.4% stake each in La Patria in December 2011.

The entire FII portfolio was bought by Neuberger Berman in December 2017.

Subsequently, Neuberger Berman's subsidiary, NB Aurora, acquired 44.55% of the FII portfolio owned by Neuberger Berman in May 2018. The stake bought by NB Aurora comprised minority holdings in 17 Italian SMEs, including a 14.4% stake in La Patria.

Company
Established in 1950 and based in Bologna, Gruppo La Patria provides surveillance installations, security cameras, alarms, motion sensors and detection systems connected with an operation centre, and security patrolling guards for commercial, industrial and domestic clients. The company employs 270 staff and generated EBITDA of €7.4m from revenues of around €30m in 2017.

Advisers
Equity – Alvarez & Marsal (operational, commercial and financial due diligence).

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