Gradiente buys three companies, creates Argos Surface

The three companies will be merged into a new group, Argos Surface Technologies, with the aim of creating an aggregation platform across the Italian surface treatment market, with EBITDA of at least €10m.

The GP deployed capital from Gradiente II, which held a final close on its €135m hard-cap, surpassing its €120m initial target, in February 2019. This is the third investment made by the fund, following the purchase of metal components producer HPF and the acquisition of an 80% stake in fridges manufacturer Cold Line, which was sold to Nice Group in May 2019.

Aalberts Surface Treatment Italy was carved out from Netherlands-based listed industrial group Aalberts Industries. Argos and Impreglon's vendors and managers, Andrea Siano, Luca Garone, Paolo Grimaldi and Vittorio Sacchi, will reinvest in the combined group and will stay on with the business, working alongside newly appointed CEO Marco Winkler.

"We are confident that Argos Surface Technologies will thrive despite the coronavirus emergency," Gradiente founding partner Carlo Bortolozzo told Unquote. "This company serves a wide array of industries, from automotive to mechanical engineering and medical technology, and has high-growth potential. We plan to boost its growth via an intensive buy-and-build strategy and already a strong pipeline of possible add-ons across the Italian market. This will allow us to create a powerful platform in the coating surface industry, while consolidating a market still quite fragmented."

Company
Argos, Aalberts Surface Treatment Italy and Impreglon Italia specialise in surface coating, including electroless nickel plating, hard anodising and polymer and zinc flake coating.

They serve clients across the automotive, mechanical engineering, aerospace, oil and gas industry, medical technology, electrics and electronics industries.

The three companies generate combined revenues of around €15m.

People
Gradiente – Carlo Bortolozzo (founding partner).

Advisers
Equity – Grimaldi Studio Legale (legal); Russo De Rosa Associati (tax); New Deal Advisors (financial due diligence); Epyon Consulting (corporate finance); Golder Associates (financial due diligence).
Company – Dentons (legal);  Gattai Minoli Agostinelli & Partners (legal).

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