PAI acquires Scrigno from Clessidra

Greg Gille
03 August 2021

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PAI Partners has agreed to acquire Italy-based door frames manufacturer Scrigno from Clessidra.

The deal is expected to close in October. It is the fourth investment inked by PAI's new Mid-Market Fund. The GP held a final close for PAI MMF on EUR 920m in March this year.

The fund was launched in January 2020 to complement PAI's existing large-cap strategy, and held a EUR 500m first close in October 2020. It surpassed its original EUR 700m target and EUR 800m hard-cap.

The vehicle invests in companies with enterprise values in the EUR 100-300m range that operate in the business services, consumer, healthcare and industrial sectors in Italy, Spain, Germany, France and the Benelux region. It deploys tickets of EUR 50-150m and pursues buy-and-build strategies aiming at supporting its portfolio companies' market consolidation and international expansion.

The other investments made from the fund include Paris-listed orthopaedic implant specialist Amplitude Surgical; Spanish seafood producer Angulas Aguinaga; and French online flowers and gifts retailer MyFlower (Interflora).

PAI said it will support Scrigno growth plans, which include further consolidating the fragmented opening components market through acquisitions, diversifying the company's product offering, and increasing international expansion.

Clessidra wholly acquired Scrigno in 2018. The deal, which was entirely financed by equity, valued the company at around EUR 100m, Unquote reported at the time. The GP expected the business to expand considerably in subsequent years, supported by increasing sales in Italy and abroad, and potential new acquisitions, the firm said at the time. Since then, Scrigno acquired CCE in 2019 and half of its sales are now generated abroad.

The GP deployed capital from its Clessidra Capital Partners 3 fund, which held a final close on EUR 607m in December 2016. Scrigno marked the fourth investment made by the fund, following Italian fashion house Roberto Cavalli, credit card and payment services provider Nexi, and ABM.

Company
Founded in 1989 and based near Rimini, Scrigno is a manufacturer and distributor of counter frames for doors and windows. Scrigno has a presence in 20 countries worldwide and has subsidiaries in France, Spain, Germany and the Czech Republic.

Scrigno employs 300 people and operates fives manufacturing sites in Italy.

People
Clessidra – Mario Fera (CEO).
Scrigno – Giuseppe Berardi (founder).

Advisers
Equity - Pedersoli Studio Legale (legal); Latham & Watkins (legal); Advancy (commercial due diligence); New Deal Advisors (financial due diligence); ERM (ESG due diligence); Deloitte (tax); Chiaravalli Reali e Associati (legal).
Vendor - Rothschild (M&A); NCTM (legal); Linklaters (legal); Studio Alonzo Committeri (tax).
Management - Studio Legale Gattai Minoli (legal).