Itago buys Teknoice

The vendors are Teknoice founders Luigi Ferrarini, Santino Conte and Giancarlo Maganza. They will reinvest in the company and retain a minority stake in the business.

Banco BPM has provided a debt package to support the acquisition.

This is the second deal inked by Itago IV, following the acquisition of SR-Mecatronic, a manufacturer of satellite systems and air conditioning units for caravans and campervans.

Itago IV held a €60m first close in February 2021. The fund has a €100m target and €120m hard-cap and expects to reach a final close by the end of 2021. The fund is currently working on its third investment, which it plans to close in the coming months.

The vehicle invests in Italian SMEs generating revenues of €10-50m and EBITDA in the €3-6m range, operating primarily in the manufacturing, machinery, services and food sectors. 

Itago plans to boost Teknoice’s growth and international expansion, while further investing in the innovation and technology advancement of its production processes.

Company
Based in Buccinasco, near Milan, Teknoice specialises in  manufacturing machinery for the refrigeration, mixing, extrusion, hardening and packaging of ice cream in cones, bars, sticks and trays.

The company generates annual revenue of around €23m.

People
Itago – Nicola Bordignon, Domenico Tonussi (managing partners).
Teknoice – Luigi Ferrarini, Santino Conte, Giancarlo Maganza (founders).

Advisers
Equity – EY (financial due diligence); ERM (ESG due diligence); GEA Consulenti di Direzione (commercial due diligence); Studio Tributario Deiure (tax); Eversheds Sutherland (legal).
Company – Pirola Corporate Finance (corporate finance); Studio Pirola Pennuto Zei e Associati (tax).

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