Cobepa buys majority stake in Salice

Ero Partsakoulaki
29 June 2022

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Belgian private equity firm Cobepa has acquired a majority stake in Italian furniture hinges manufacturer Salice Group, investing alongside the third-generation family shareholders.

The investment will help unlock further growth opportunities, in terms of both geographical expansion and penetration of new market segments, according to a press release.

Cobepa emerged as a frontrunner in the EQUITA K Finance-led sale of Salice, which received preliminary offers from sponsor bidders including Hig and Charme, Mergermarket reported in April. The company was originally marketed off EUR 60m in projected 2022 EBITDA, but management changed this figure to EUR 70m, thanks to the company's large order backlog.

Shareholders Francesca, Massimo and Sergio Salice, grew the almost 100-year-old business reaching a consolidated revenue of more than EUR 200m in 2021. The company recorded net sales of approximately EUR 216m the same year, according to the press release.

The transaction was financed by a syndicate of banks consisting of UniCredit, Natixis, Credit Agricole, Intesa Sanpaolo and Deutsche Bank, according to the press release.

Company
Salice is an Italian manufacturer of opening systems and functional components for the furniture industry, founded in 1926 by Arturo Salice. The group has three production sites in Italy (Novedrate, Belluno and Colli al Metauro) and is present in ten countries with 12 foreign subsidiaries and exports to more than 90 countries.

People
Cobepa − Jean-Marie Laurent Josi (CEO); Charles-Henri Chaliac (group managing director); Andrea Sartori (principal).
Salice − Francesca, Massimo and Sergio Salice (owners and directors).

Advisers
Salice − Equita K Finance, Clairfield Italy (corporate finance); Studio Legale Sarzi Sartori, Studio Legale Cenna, Studio Tributario Ronda e Associati (legal and tax); KPMG (accounting and tax vendor DD); TAUW Italia (EHS vendor DD).
Equity − Pedersoli Studio Legale (legal, tax and labour); New Deal Advisors (accounting DD); Roland Berger (business DD); Marsh, ERM (EHS DD); White & Case, Houlihan Lokey (financing structure); Gattai, Minoli, Partners (banking pool).