Wise Equity exits Trime in SBO to 21 Invest

Georgina Barnard
16 November 2022

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European sponsor 21 Invest has agreed to acquire a majority stake in Trime from Wise Equity following a competitive process for the Italian lighting tower manufacturer.

The company's management team, led by Chairman Andrea Fontanella and CEO Paolo Tacconi, has reinvested and will maintain their current roles, according to a press release.

Italy-based Wise Equity launched a sale of its 90% stake in Trime, which designs light towers used in construction and events, in June, in a process led by DC Advisory, as reported by Unquote's sister publication Mergermarket. In October, Trime entered into exclusive negotiations with the target, which had an asking price of off more than 11x EBITDA, as reported. Trime posted EUR 8m EBITDA in 2020, the report added.

Wise Equity invested in the company via its WiseEquity IV in 2019. The fund has deployed around 92% of its EUR 215m subscribed capital on eight investments, according to a press release. In September 2021, Trime acquired FTG Equipment Solutions, a US distributor of light towers and generators with USD 20m sales, alongside BBG, a European generator manufacturer.

21 Invest plans to support Trime in its long-term growth strategy, which includes a significant increase in turnover on the back of international expansion, particularly in the US and Australian markets, according to the press release. The company will continue to focus on sustainability and ESG goals, particularly with the replacement of diesel-powered lighting towers with greener, energy-efficient models.

21 Invest invests in mid-market companies in Italy, Switzerland, France and Poland with enterprise values of EUR 50m to EUR 200m, according to Unquote data. The GP has completed over 100 investments and has a portfolio of 12 investment funds with EUR 2bn assets under management, according to its website. The firm opened its most recent fund, 21 Investimenti IV, in January 2022.

Company
Founded in 2017, Trime designs and manufactures high-tech light towers used in construction, events, road works and projects such as civil protection interventions. With four production sites across Italy, the company has a headcount of 200. Around 40% of its turnover is derived from products powered by renewable energy sources, with more than 90% of it generated overseas, including the UK, the Netherlands and the US.

People
Trime – Andrea Fontanella (president); Paolo Tacconi (CEO).
21 Invest – Alessandro Benetton (chairman and founder).