Mandarin Capital buys Sidam

Mandarin bought a stake of 68% in the company from Synopo, which is controlled by Berrier Capital, Carlo Bonomi's Marsupium, and Sidam CEO Annalisa Azzolini. They will reinvest in the business and retain the remaining minority stake.

A small debt package to support the acquisition was provided by Crédit Agricole Italia.

Mandarin intends to boost Sidam's growth both organically and via new add-ons, as well as bolster its international expansion. The company will become a platform for new acquisitions across the biomedical sector in Italy.

The GP deployed capital from Mandarin Capital III, which has raised €175m so far and plans to close in Q1 2021, Unquote understands.

The vehicle has a €250m target and a €300m hard-cap, and typically invests in companies with enterprise values in the €30-70m range and EBITDA of €3-7m, operating in a wide range of sectors, including mechanical engineering, chemicals, cosmetics and food. It deploys equity tickets of €15-20m and follows up with additional capital injections to finance a buy-and-build strategy up to €30m per portfolio company.

Company
Established in 1991 and headquartered in Mirandola, near Modena, Sidam produces biomedical consumables with a particular focus on contrast fluids, disposable medical devices, and electro-medical equipment for diagnostics, radiology, resuscitation and subcutaneous infusions.

Sidam holds 14 patents, employs 70 staff and has operations in 19 countries.

The company generated revenues of €15.7m in 2019, of which 80% came from outside Italy. It expects to increase its revenues by 10-20% and reach EBITDA of €3m in 2020, Unquote understands.

People
Sidam – Annalisa Azzolini (CEO).
Mandarin Capital Partners – Lorenzo Stanca, Alberto Camaggi (partners).

Advisers
Equity – LMCR (legal); Deloitte (financial due diligence, tax).
Vendor – Studio Laghi Leo Spangaro e Associati (legal); Studio Greenberg Traurig Santa Maria (legal).

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