Alcedo buys Friulair

The GP bought the business from its majority shareholders Luigi Vaccaro and Rita Micheli. Luigi Vaccaro, founder and CEO of Friulair, will retain a 20% stake and maintain his role as CEO.

The transaction was financed by Gruppo Banca Finint, via its PMI Italia II debt fund, and Anthilia Capital Partners, via Anthilia BIT III and Anthilia BIT IV.

This is the ninth investment made by Alcedo IV, which closed on €195m in May 2016, exceeding its €175m target. The GP has recently started the fundraising of its fifth buyout fund, which has a target of €215m and is expected to close by June 2021. The fund will deploy equity tickets of around €15-20m to acquire majority stakes in Italian companies with revenues of at least €15m.

Alcedo intends to boost Friulair's growth in Italy and abroad, both organically and through additional acquisitions. The company plans to consolidate its position in the dryers market, which represents its core business, while further expanding its penetration of the chillers segment.

Company
Founded in 1989 and based in Cervignano del Friuli, near Udine, Friulair manufactures and distributes dryers, filters, chillers and accessories for the treatment of compressed air, as well as industrial water refrigeration systems.

The company established a subsidiary in Thailand in 1999, to consolidate and expand its presence in south-east Asia.

Friulair sells its products in 70 countries worldwide. It generated a turnover of around €40m in 2019, of which 75% came from outside Italy.

People
Alcedo – Maurizio Tiveron, Marco Guidolin, Filippo Nalon (partners).
Friulair – Luigi Vaccaro (CEO).

Advisers
Equity – NCTM (legal); KPMG (financial due diligence); Goetzpartners (commercial due diligence); Tauw (ESG due diligence); PwC (debt advisory).
Company – Giovanni Battista Campeis (legal); APC Partners (corporate finance).

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• Topics
• Buyouts
• Southern Europe
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• Alcedo SGR
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