FVS exits Exor, buys stake in Holdex

According to the deal, electronics expert Panasonic acquired a 25% in Exor. The remainder is controlled by holding company Holdex, which owns a 57% stake, and minority shareholders.

With a different deal, FVS acquired a 16% stake in Holdex, with the aim of continuing to support Exor in its expansion phase. In addition to Exor, Holdex plans to invest in two more businesses operating in the Internet-of-Things (IoT) and cloud services sectors.

Equity for the minority investment in Holdex amounted to €1.5m, which was drawn from Sviluppo PMI I fund. The vehicle raised €50m in 2015 and is now 80% deployed.

The GP has recently launched a new vehicle, Fondo Sviluppo PMI II, with a €75m target and an €85m hard-cap.

FVS acquired a 27% stake in Exor via its Sviluppo PMI I fund in 2017. The investment amounted to €3.5m, which comprises €2m in equity from the fund and a debt package of €1.5m.

Under FVS's ownership, the company increased its revenues from €21m in 2016 to €45m in 2019 and its EBITDA from €2.6m to €5.5m in 2019.

The GP reaped an IRR of 43% with this investment, Unquote understands.

Company
Established in 1971, Exor is a human-machine interface designer and a developer of industrial IoT software. The company is headquartered in San Giovanni Lupatoto, near Verona, with subsidiaries in Germany, Australia, India and the US. It generated EBITDA of €5.5m from revenues of €45m in 2019.

People
Friulia Veneto Sviluppo – Gianmarco Russo (managing director).
Exor – Giuseppe Pace (CEO).

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