Neuberger Berman, NB Aurora exit Elco

NB Aurora controlled a 13.3% stake in Elco and Neuberger a 16.5% holding. The combined stake of 29.8% was sold for €1m.

Fondo Italiano d'Investimento (FII) acquired a 29.8% stake in Elco in December 2011 by investing €5m in the company.

The entire FII portfolio was bought by Neuberger Berman in December 2017. Subsequently, NB Aurora acquired 44.55% of the FII portfolio owned by the investment firm's parent company, Neuberger Berman, for €75.4m in May 2018. The stake acquired by NB Aurora was made up of minority holdings in 17 Italian SMEs, including Elco.

Under the ownership of FII, Neuberger Berman and NB Aurora, Elco increased its revenues from around €26m in 2011 to €42m in 2018 and expanded internationally.

Company
Established in 1970 and based in Carsoli, Elco produces printed circuit boards (PBC) for electronic systems, including double-sided, homogeneous, composite and rigid multilayer PCBs.

The company has plants in Italy, Belgium, the Netherlands and China. It employs 500 staff and generates EBITDA of €1.2m from revenues of €42m.

People
NB Aurora – Patrizia Micucci (managing director).
Elco Group – Carlo Guidetti (CEO).

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