Chequers Capital buys air conditioning specialist MTA

The management team, led by CEO Marco Motton, reinvested alongside Chequers and retained a minority stake in the business.

The GP drew capital from Chequers Crescita Italia 1 fund, a vehicle dedicated to investments in the Italian mid-market.

Chequers intends to support MTA's product development, consolidate its market position in Italy, and boost its international expansion.

Company
Founded in 1982 and headquartered in Tribano, near Padua, MTA specialises in manufacturing industrial heating ventilation, air conditioning and refrigeration equipment, as well as compressed air and gas treatment systems for the automotive, chemicals, pharmaceutical, food and beverage industries.

The company operates three production facilities across Italy and has subsidiaries in Germany, France, Spain, the US, Australia and Romania. It sells its products in 80 countries worldwide and generates EBITDA of €10.5m from revenues of €83.2m, 80% of which comes from outside Italy.

People
Chequers Capital – Philippe Guérin (managing director).
MTA – Marco Motton (CEO).

Advisers
Equity – Banca Akros (corporate finance); NCTM (legal); Goetzpartners (legal); ForStrategies (commercial due diligence); EY (financial due diligence).
Company – Jefferies (corporate finance); Chiomenti (legal); Deloitte (financial due diligence).

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• Topics
• Buyouts
• Southern Europe
• Industrials
• Chequers Capital
• Italy
• Deloitte
• EY (Ernst & Young)