Equinox buys Migal

The founding Mingotti family will stay on with the business and retain a 40% stake.

The GP intends to support the company in boosting its growth, both organically and via new acquisitions, while further expanding internationally, primarily across the UK and North America.

Equinox invested in the business via its Equinox III fund, which closed on €360m in July 2020. The vehicle targets Italian companies operating in the food, retail, technology and healthcare sectors, generating EBITDA of €4-20m and revenues in the €20-200m bracket.

Company
Established in 1983 and based in Marcheno, near Brescia, Migal specialises in the design and manufacturing of non-ferrous metal components for meter cases, high-pressure pumps, valves, switches and connectors used by the hydraulics, oil and gas, electrical and automotive industries.

Employing 270 staff, the company operates three production facilities across Italy.

Migal generates a 15% EBITDA margin from annual revenues of €100m, of which around 60% comes from outside Italy.

People
Equinox – Angelo Facchinetti (partner).
Migal – Luca Mingotti (CEO).
Equity – Shearman & Sterling (legal); Gatti Pavesi Bianchi Ludovici (tax); Roland Berger (commercial due diligence); PwC (financial due diligence); ERM (ESG due diligence).
Company – Studio Pedersoli (legal); CP Advisors (M&A); KPMG (tax).

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• Topics
• Buyouts
• Southern Europe
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• Roland Berger & Partners
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