Star Capital buys Gamma

The deal was made via a newco, Typos Holding, which has wholly acquired Gamma. Star Capital intends to pursue a buy-and-build strategy to transform Typos into a solid aggregation platform across the managed print services sector. The GP has already selected some possible add-ons, and will start negotiations in the coming months.

The GP invested via Star IV Private Equity Fund, which closed in May 2020 on its €140m hard-cap, exceeding the initial €120m target. The vehicle targets Italian companies generating EBITDA in the €3-8m range with revenues of €10-50m, and an enterprise value in the €15-35m bracket. It deploys equity tickets of €10-15m to acquire large majority stakes and uses moderate leverage of less than 3x EBITDA.

The fund's portfolio includes tailored clothing manufacturers International Promo Studio (IPS) and Moda Italia, acquired from the Marzioni and Santini families in October 2018. Star Capital deployed €17m in equity, while an €18.3m debt package was provided by Mediocredito Italiano and MPS. The two businesses are now wholly owned by a newco, Holding Star Regeneration, 70% controlled by Star Capital and 30% by the Marzioni family.

Company
Established in 1985 and based Verona, Gamma specialises in digital printing and managed print services.

The company develops software for the management and digitalisation of printing services for the healthcare, automotive, logistics, agri-food, manufacturing and business services sectors.

Gamma employs 92 staff across five offices. It generated EBITDA of around €3m from revenues of €9m in 2019.

People
Star Capital – Marco Gazzaniga (managing director); Marco Baratti, Carlo Arteria, Carlo Cangialosi, Alessandro Colombo (directors).
Gamma – Massimo Elampini (chair).

Advisers
Equity – Studio Giliberti Triscornia e Associati (legal); Russo De Rosa Associati (tax); Deloitte (financial due diligence); Long Term Partners (financial due diligence). 
Company – Moscardo Luca & Associati (corporate finance); Nunziante Magrone (legal).

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