HIG acquires screws and bolts distributor Berardi Bullonerie

The GP will hold a majority stake in the business, while CEO and shareholder Giovanni Berardi and family members will reinvest. Financial terms of the deal were not disclosed.

The investment will support the company's growth plans which include organic growth and targeted acquisitions, according to a press release. HIG plans to take advantage of the high fragmentation in the market and adopt an aggressive acquisition strategy.

In December 2018, Mergermarket listed Berardi as a company to follow for growth plans and M&A activity. According to the report, Berardi was expected to post a turnover of EUR 70m in 2018.

HIG has over USD 47bn of equity capital under management and provides both debt and equity capital to smack and mid-sized companies, according to its website. The GP invests in the US and Europe and manages debt and real estate funds as well as private equity.

The GP has a range of buyout funds. HIG Middle Market I was registered in February 2020. The fund held a final close in September 2021 on USD 2bn. It targets underperforming Europe-based mid-market companies valued up to EUR 1bn, with a focus on Western European companies; with a holding period of six years per portfolio company, according to Unquote Data. Investments made from the fund include France-based Quick restaurant, in August 2021; and Travis Perkins, a UK-based buildings material supplier, in May 2021.

HIG held a final close for HIG Europe LBO III on EUR 1.1bn in November 2020, surpassing its target of EUR 1bn. The vehicle targets underperforming and profitable mid-market manufacturing and services companies based across Europe, with a focus on southern Europe and the DACH region, as reported. Businesses the fund targets generate an EBITDA of around EUR 10-35m, as reported.

Company

Berardi was founded in 1919 and is headquartered in Italy, Bologna. The business operates in the distribution and logistics sector and has 14 warehouses across Italy. The company's goal is to enable its customers to reduce procurement and management costs by offering a wide range of industrial products thereby reducing the number of suppliers required.

According to the company's website, it had a turnover of over EUR 77m in 2021 and sold a total of 130,000 items.

People
Berardi Bullonerie – Giovanni Berardi (CEO)
HIG Capital, Italy – Raffaele Legnani (managing director)

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• Southern Europe
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