Augens, BMO-backed Impresa San Siro bolts on Serpi

Unquote understands that the deal was financed with fresh equity from the GPs and a credit line provided by Banco BPM and Illimity.

Following this acquisition, Impresa San Siro is expected to reach EBITDA of €4.5m and revenues of €20m in 2020.

Augens and BMO intend to pursue an intense buy-and-build strategy and support a process of consolidation within the Italian market, aimed at creating a pool of companies with a leadership position in the funeral services sector. The GPs plan to ink three more add-ons in the coming months, Unquote understands.

Augens and BMO acquired Italian funeral specialist Impresa San Siro in February 2019. Banco BPM and Illimity provided a senior debt package of €14m.

The acquisition was made via a newco named Hofi, which wholly acquired Impresa San Siro. Hofi is 80% owned by Augens and BMO. Andrea and Massimo Cerato, sons of the company's founder, Alcide Cerato, reinvested alongside the GPs and retained the remaining 20%.

Founded in 1965 and headquartered in Milan, Impresa San Siro operates two funeral homes, employs a staff of 80 people and generates EBITDA of €4m from revenues of €18m.

Company
Established in 1958 and based in Besnate, near Varese, Serpi provides funeral services. The company generated revenues of around €2m in 2019.

People
Augens Capital – Marco Mantica (partner, CEO).
Impresa San Siro American Funeral – Andrea Cerato (president).
Serpi – Giorgio Serpi, Aldo Serpi (co-CEOs).

Advisers
Equity – LMS Studio Legale (legal).
Company – Studio Mastrorosa Associato (legal).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Italy
• Build-up
• Buy-and-build