• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Exits

Itago exits Altanova to Esco

  • Alessia Argentieri
  • Alessia Argentieri
  • 21 May 2021
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

Italian private equity firm Itago has sold electrical testing business ISA Altanova Group to US-based company Esco Technologies.

The deal gives Altanova an enterprise value of €110m, a source close to the situation told Unquote. This would equate to almost 14x the company's 2020 EBITDA. 

With this exit, the GP has reaped a return of 4.5x on its initial investment.

Altanova

  • DEAL:

    Exit

  • VALUE:

    €110m

  • LOCATION:

    Taino

  • SECTOR:

    Electronic equipment

  • FOUNDED:

    2017

  • TURNOVER:

    €32m (2020)

  • EBITDA:

    €8m (2020)

  • STAFF:

    100

  • VENDOR:

    Itago

  • RETURNS:

    4.5x

Following the deal, Altanova founder and CEO Gino Amadi will stay on with the business.

Altanova was a portfolio company of NEIP III, a fund managed by Itago that is now fully deployed. The vehicle acquired Varese-headquartered ISA Advance Test and Monitoring and Bologna-based Techimp in 2017, establishing a newco named Altanova, 60% controlled by the fund and 40% by CEO Gino Amadi and the management. NEIP III invested around €15m in equity in the deal.

Under Itago's ownership, the company increased its turnover from around €9m in 2016 to €32m in 2020 by boosting its organic growth and pursuing a buy-and-build strategy. The company acquired US business IntelliSAW in November 2019.

With the acquisition of Altanova, Esco expects to capture additional growth on a global scale, while creating new opportunities to secure recurring revenue and expand its operations.

Esco is a manufacturer of filtration and fluid control products for the aviation, navy and aerospace industries. It generated revenues of $733m with an adjusted EBITDA of $137m in 2020.

Company
Headquartered in Taino, Altanova specialises in electrical monitoring and testing, including partial discharge (PD) measurement and analysis, as well as test instruments for electrical assets.

The company offers a range of diagnostic products, monitoring systems and services for power generation, renewable energy, storage, transmission and distribution networks in more than 100 countries worldwide.

Employing 100 staff, Altanova generated EBITDA of €8m from revenues of €32m in 2020.

People
Itago – Domenico Tonussi (managing partner); Piergiorgio Fantin (partner).
Esco Technologies – Vic Richey (chair, CEO).
Altanova – Gino Amadi (founder).

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Exits
  • Southern Europe
  • Industrials
  • Italy
  • United States

More on Exits

Public sector software
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • Exits
  • 04 September 2023
Lender taking the keys from a sponsor
Ares Management handed keys to two-thirds of UK sponsor’s portfolio

Lender provided GBP 500m for three of the GP's deals between 2016 and 2019, Debtwire reported

  • Financing
  • 30 August 2023
Luggage and airport services
Actera Group explores strategic options for Celebi Ground Handling

Several investors placed bids for the company in 2022 but mismatch in pricing didn't lead to a deal

  • Exits
  • 30 August 2023
HR software solutions providers
Main Capital’s Assessio to be sold to Pollen Street

Recruitment software company tripled in revenue under Main Capital’s ownership

  • Buyouts
  • 25 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013