KPS buys aluminium specialist Metra

Alessia Argentieri
07 May 2021

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US-headquartered private equity firm KPS Capital Partners has acquired Metra, an Italian manufacturer of extruded aluminium.

The GP bought a 75% stake in the company, while the founding Bertoli, Giacomelli, Marinelli and Zanetti families retained the remaining 25% holding.

KPS has invested in the business via KPS Special Situations Mid-Cap Fund, which closed on $1bn in October 2019, surpassing its $750m target. The vehicle focuses on investments in the lower end of the mid-market that require up to $100m of initial equity. Metra is the fourth deal inked by the fund and its first acquisition in the EMEA region.

Metra launched its sale in September 2020, when it hired Lazard to find a buyer for a stake of around 70-80%, according to Unquote sister publication Mergermarket. Private equity firms KPS and OpenGate Capital were the two frontrunners in the auction, but in February 2021 KPS was the only remaining suitor in the sale, according to Mergermarket.

KPS plans to accelerate Metra's growth with substantial investment in the company's assets and operations. It also intends to expand the business both organically and through a global acquisition strategy.

Headquartered in New York, with further offices in Frankfurt and Amsterdam, KPS is a private equity firm dedicated to investments in manufacturing and industrial companies. The firm manages assets of around $12.3bn.

Company
Established in 1962 and based in Rodengo-Saiano, Metra is a vertically integrated manufacturer of extruded aluminum for the industrial and construction industries across Europe and North America.

The company also provides related services, including painting, oxidation, machining, welding and assembly.

Employing 880 staff, Metra generates annual revenues of around €250m.

People
KPS Mid-Cap – Pierre de Villeméjane (partner).
Metra – Enrico Zampedri (CEO).

Advisers
Equity – Intesa Sanpaolo (corporate finance); Paul Weiss Rifkind Wharton & Garrison (legal).
Company – Lazard (corporate finance); Allen & Overy (legal); EY (financial due diligence).