Augens-, BMO-backed Impresa San Siro bolts on Bertini

Unquote understands that the deal was financed with fresh equity (for a third of the purchase price) and with a €4m credit line provided by Banco BPM and Illimity last December to support the GPs' buy-and-build project, which has included three add-ons so far. The equity was provided by Augens, BMO and minority shareholders and managers of San Siro Massimo and Andrea Cerato.

The company will be integrated within the Impresa San Siro group, but will continue to operate under its own brand.

Bertini's managers and majority shareholders Massimo and Raffaele Bertini will retain a 10% stake each in the company. Raffaele Bertini will be appointed as president and will work alongside Impresa San Siro's management team.

Following this acquisition, Impresa San Siro expects to reach EBITDA of €4.6m from revenues of €22m in 2020, providing 4,150 funeral services per year.

This is the third bolt-on inked by the company, following the acquisition of a 70% stake in Onoranze Funebri Serpi Fabio (Serpi) in January 2020 and the purchase of Cellini from the founding Cacciola-Martelli family in April 2020.

Augens and BMO will continue to pursue an intense buy-and-build strategy and support a process of consolidation within the Italian market, aimed at creating a pool of companies with a leadership position in the funeral services sector. 

Augens and BMO acquired Italian funeral specialist Impresa San Siro in February 2019. Banco BPM and Illimity provided a senior debt package of €14m.

The acquisition was made via a newco named Hofi, which wholly acquired Impresa San Siro. Hofi is 80% owned by Augens and BMO. Andrea and Massimo Cerato – sons of the company's founder, Alcide Cerato – reinvested alongside the GPs and retained the remaining 20%.

Company
Based in Cernusco sul Naviglio, near Milan, Bertini provides funeral services. The company generated revenues of around €1.5m in 2019.

People
Augens Capital – Marco Mantica (partner, CEO).
Impresa San Siro American Funeral – Andrea Cerato (president).

Advisers
Equity – LMS Studio Legale (legal).
Company – Studio Legale Malimpensa (legal); Studio Sergei (financial due diligence, tax).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Italy
• Build-up
• Buy-and-build