IGI holds €140m second close for sixth fund

The fund was launched with a €150m target and held a €100m first close in November 2018. The GP expects to hit its target by the end of the year.

The vehicle is larger than its predecessor, IGI Investimenti Cinque, a buyout vehicle formerly known as Arca Impresa Tre and inherited from Arca Impresa Gestioni when IGI acquired the GP in September 2012. IGI Investimenti Cinque held a final close on €93m in March 2013.

According to a statement, the GP has the strategic objective of achieving a return between 2.5-3x on the capital invested through a combination of EBITDA increments, targeted M&A operations, deleveraging and consolidation of the portfolio companies.

Investors
The fund's LP base is mainly composed of Italian and international institutional investors, including several pension funds and insurance companies.

Investments
IGI Investimenti Sei acquires majority or controlling stakes in Italian companies with a presence in niche markets and export-driven business models, operating in industrial B2B and automation.

The fund bought a majority stake in pre-form plastics manufacturer Nuovaplast in January 2019. The transaction was made via a newco called Clio, which bought 74.7% of Nuovaplast, while entrepreneur Roberto Tomasoni retained the remaining 25.3% in the business. In addition, Banca IFIS, Crédit Agricole and BPER Banca provided a debt package to support the deal.

More recently, the vehicle acquired a 42% stake in Italian test stands specialist Test Industry, while previous backer Route Capital Partners reduced its stake from 32% to 23% and investment company Equilybra from around 30% to 18%. The company's founders also reinvested in the business and retained a 17% stake.

People
IGI Private Equity – Angelo Mastrandrea (partner).

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