Alpha-backed AMF bolts on Mimest

Alessia Argentieri
08 June 2020

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Alpha Private Equity-backed AMF, an Italian company specialising in the production of accessories for the fashion industry, has acquired metal injection molding business Mimest.

The sellers are Mimest's founders, and holding company SND. The founders and the management team will reinvest in the business and continue to lead the company.

Alpha bought a stake of around 65% in AMF from Italglobal Partners, Simax (a vehicle controlled by the founding Faerber family) and minority shareholder HB 2.0 in July 2019. The deal gave the company an enterprise value of around €150m, equal to 11.5x its 2018 EBITDA.

The GP deployed capital from Alpha Private Equity Fund 7, which closed on €903m in June 2017, hitting its hard-cap and exceeding its €800m target.

Established in 1996 and based in Bassano del Grappa, near Vicenza, AMF specialises in manufacturing metallic and non-metallic accessories for clothing, leather goods and jewellery for international fashion houses.

The company employs 250 staff and operates production facilities located in Italy, as well as sales offices in Hong Kong and New York. It generates EBITDA of around €15m from annual revenues of approximately €55m.

This is the third bolt-on made by AMF, following the acquisitions of Figros, which specialises in the moulding of metal accessories; and Made Black, an expert in painting and surface treatments for fashion accessories.

Company
Established in 2005 and based in Avio, near Trento, Mimest specialises in metal injection moulding, injection moulding of thermoplastic polymeric materials and sintering of metallic powder.

The company serves numerous industries, including the medical, sport, automobiles, mechanical, defence, fashion and aeronautic sectors. It generates revenues of around €4.3m.

People
AMF – Carmen Faerber (co-founder, CEO).
Alpha Private Equity – Edoardo Lanzavecchia (managing partner).