BC Partners backs Ima in €3.6bn deal

Alessia Argentieri
29 July 2020

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BC Partners has invested in Milan-listed company Ima, a listed Italian manufacturer of packaging machinery, in a deal valuing the company at €3.6bn.

The company's €3.6bn EV includes equity of €2.93bn and net debt of €637m.

The GP has acquired a 20% stake in Societa Finanziaria Macchine Automatiche (Sofima), the holding company of the Vacchi family, which owns 51.6% of the share capital and approximately 67% of the voting rights of IMA.

Financing for the transaction was arranged by JP Morgan, BNP Paribas, Unicredit, Mediobanca and Morgan Stanley.

Following the closing of the transaction, Sofima will launch a mandatory tender offer to acquire all the remaining shares of Ima, with the goal of delisting the company from the Milan Stock Exchange.

The offer will be valued at €68 per share, equating to a 26.3% and 20.8% premium on the average trading price of Ima's shares on the Italian stock exchange over the past month and six months, respectively.

Should the transaction be successful, the Vacchi family will hold a 55% stake in Ima and BC Partners will secure a 45% stake.

The agreement follows six months of bilateral discussions between the controlling family and BC Partners. BC Partners will have a substantial board presence and governance rights and will work in close partnership with the family owners, who will continue to run the business, it said in a statement.

The new owners plans to drive the company's growth both organically and via international add-ons, with a particular focus on the North American market.

Company
Ima is a manufacturer of automatic packaging machinery for the pharmaceutical, cosmetic, and food and beverage industries.
The company employs 6,200 staff across 45 manufacturing sites located in Italy, Germany, France, Switzerland, Spain, the UK, the US, India, Malaysia, China and Argentina. It operates 29 sale branches and sells its products in 80 countries worldwide.

The company generated EBITDA of €200m from revenues of €1.6bn in 2019, of which around 90% came from outside Italy.

Ima was established in 1961 and was listed on the Milan stock exchange in 1995.

People
Ima – Alberto Vacchi (chair).
BC Partners – Stefano ferraresi (partner).

Advisers
Equity - White & Case (legal); PwC (financial due diligence); Facchini Rossi Michelutti (tax); Tremonti Romagnoli Piccardi e Associati (tax).
Company - Poggi & Associati (tax); NCTM (legal).