Alpha Private Equity buys accessories specialist AMF

Unquote understands that the GP acquired a stake of around 65% from Italglobal Partners, Simax (a vehicle controlled by the founding Faerber family) and minority shareholder HB 2.0.

The Faerber family and the current management team led by CEO Carmen Faerber reinvested in the business with Alpha and will continue to lead the company.

The deal gives the company an enterprise value of around €150m, which equates to 11.5x its 2018 EBITDA.

The GP deployed capital from its Alpha Private Equity Fund 7, which closed on €903m in June 2017, hitting its hard-cap and exceeding its €800m target. Unquote understands that following the acquisition of AMF the fund will be more than 50% deployed.

Alpha intends to further strengthen AMF's market position, further boost its growth both organically and via new acquisitions.

Italglobal Partners bought a stake in AMF in 2015 from Cn2, a fund initially managed by Cape Natixis and subsequently bought by Opera. Under Italglobal's ownership, the company acquired Figros, which specialises in the molding of metal accessories; and Made Black, an expert in painting and surface treatments for fashion accessories.

Company
Established in 1996 and based in Bassano del Grappa, near Vicenza, AMF specialises in manufacturing metallic and non-metallic accessories for clothing, leather goods and jewellery for international fashion houses. The company employs 250 staff and operates production facilities located in Italy, as well as sales offices in Hong Kong and New York. It generated EBITDA of €13m from revenues of €51m in 2018, up 10% on 2017.

People
AMF – Carmen Faerber (co-founder, CEO).
Alpha Private Equity – Edoardo Lanzavecchia (managing partner).

Advisers
Equity – Pedersoli Law Firm (legal); Deloitte (financial due diligence); Boston Consulting Group (financial due diligence); Fineurop (corporate finance).
Vendors – Gattai Minoli Agostinelli & Partners (legal); Mediobanca (corporate finance); Bain & Co (corporate finance); PwC (financial due diligence).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Alpha Private Equity
• Italy
• Deloitte
• PwC
• Mediobanca