PHI Industrial launches €50m third fund

The vehicle will be the same size as its predecessor, PHI Industrial II, which closed on €50m in 2014.

The predecessor fund is currently deployed across seven companies, four of which are based in Spain. The Spanish portfolio companies are air conditioning systems provider Hitecsa, purchased in 2012; industrial kitchen manufacturer Adisa Cooking, bought in 2014; household and cleaning products manufacturer Blue Sun, acquired in 2016; and porcelain specialist Lladró, acquired in 2017.

In addition, the fund is invested in three businesses located in Italy: textile specialist Mascioni, bought in 2015; menswear designer Boglioli, backed in 2017; and child safety seats producer Brevi, acquired in 2018.

Investors
PHI Industrial III expects to build a diverse investor base composed of Spanish and international institutional investors.

Investments
The fund will invest in distressed companies based in Europe that require substantial investments, structural and management changes and a restructuring strategy in order to return to profitability. It will also target carve-outs in profitable companies with significant growth potential across all industrial sectors.

Target companies will generate revenues in the €20-250m range, with EBITDA from negative to positive, based primarily in Spain and Italy, but also the rest of Europe.

People
PHI Industrial – Alexander Wit, Jordi Bricio (managing partners).

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