Deutsche Beteiligungs buys PM Plastic Materials

DBAG Fund VII bought the majority of the company's shares from the founding family, while DBAG itself co-invested around €16m alongside the fund. PM's management team retained a minority stake in the company, ensuring continuity of the business strategy.

The GP intends to support the company by boosting its growth both organically and via new acquisitions in adjacent segments and across different geographies. 

This is the ninth investment made by DBAG Fund VII, which closed on €1bn in July 2016 and is now more than 75% deployed. The GP will now start investing from its eighth buyout fund, DBAG Fund VIII, which closed in May 2020 on €1.1bn, slightly above its target, following a first close in December 2019 on €1bn. The vehicle writes equity tickets of €40-100m for companies with enterprise values in the €75-250m range.

The acquisition of PM is the first buyout inked in Italy by DBAG, which typically targets mid-market companies based in Germany, and invests a minority of its capital in Austria and Switzerland. The GP expects to make additional investments in Italy in the coming years, and intends to deploy part of its new fund's capital across the Italian market.

Company
Established in 1907, PM is a manufacturer of pre-wired and empty cable conduits, primarily used for electrical installations.

It produces 320,000 kilometres of plastic pipes per year, 90% of which are manufactured from halogen-free polypropylene.

The company operates two production facilities located near Bergamo, in northern Italy, and has a subsidiary, PM Flex Nordic, based in Sweden.

The group employs 120 staff and sells its products in 50 countries worldwide, with a strong presence in the Swedish, Swiss and French markets. It generated revenues of €101m in 2019.

People
Deutsche Beteiligungs AG – Torsten Grede (spokesperson for the executive board).
PM Plastic Materials – Gianluigi Rapizza (CEO).

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• Topics
• Buyouts
• Southern Europe
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• Deutsche Beteiligungs AG
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