One Equity Partners backs Nexion

A debt package was provided by a pool of banks to support OEP's acquisition.

The GP intends to accelerate the company's organic growth, further boost its international expansion via new acquisitions and enlarge its portfolio of products in both its traditional garage equipment range and its new advanced driver-assistance systems (ADAS) offering.

OEP is a mid-market private equity firm with $6bn in assets under management. It focuses on companies operating in the industrial, healthcare and technology sectors, based across North America and Europe, that generate EBITDA of $10-70m from revenues of $100-800m.

The firm was founded in 2001, as the in-house private equity arm of Bank One, and in 2005 transitioned to JP Morgan in the same capacity. In January 2015, it span out from JP Morgan to establish an independent management firm, continuing its investment strategy across mid-market opportunities. The GP is currently investing One Equity Partners VII fund, which held a final close on $1.75bn in October 2019. 

Company
Established in 1954, Nexion specialises in supplying wheel and tire servicing equipment, including tire changers, wheel balancers, aligners, lifts, diagnostics and ADAS solutions.

The company sells its products through distributors and its own subsidiaries in 75 countries globally. Its portfolio of brands includes Corghi, Sice, HPA-Faip, Mondolfo Ferro, Teco, Tecnomotor, Orlandini, Bright, Stenhoj, Sherpa and Autopstenhoj. 

Nexion is headquartered in Correggio, near Reggio Emilia, with seven subsidiaries and 14 manufacturing facilities located in Italy, Denmark, Croatia, Germany and China. It employs approximately 2,000 staff and generates revenues of around €220m, of which 75% comes from outside Italy.

People
One Equity Partners – Steve Lunau (director).
Nexion – Cinzia Gorghi (CEO); Giulio Corghi (chair).

Advisers
Equity – Freshfields Bruckhaus Deringer (legal); Facchini Rossi Michelutti (tax); Eidos Partners (corporate finance); Banca Akros (corporate finance).
Company – Chiomenti (legal); Studio Morandi (tax); Kaleidos Corporate Finance (corporate finance).

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• Topics
• Expansion
• Southern Europe
• Consumer
• One Equity Partners
• Italy
• Freshfields Bruckhaus Deringer