Ardian sells Novotema to Idex for €57m

Idex wholly acquired the business, in which Ardian held a 96.5% stake.

Ardian stated that under its tenure, Novotema diversified its client base, bolstered its sales team and expanded its presence in emerging markets.

Idex stated the acquisition forms part of the US company's strategy to build its sealing solutions group internationally.

The sale marks an exit for Ardian Expansion Fund III, which closed in March 2014 on €450m with €50m in co-investments.

Previous funding
Ardian (then Axa Private Equity) acquired Novotema in a secondary buyout from 3i in June 2012.

3i had acquired the business in 2003 from Novotema's founding family, in a deal that gave the company an enterprise value of €24m.

Company
Founded in 1973 and headquartered in Villongo, Novotema provides rubber seals to the automotive, medical, gas control and industrial sectors. The business has a headcount of 160.

Idex stated Novotema currently generates revenues of €30m. In the year prior to Ardian’s acquisition, it posted revenues of €28m and a headcount of 178.

People
Dominique Gaillard is CEO of Ardian and head of the GP's expansion team. Paolo Bergonzini, Marco Molteni, Michela Peigottu and Luca Sigismondi worked on the investment for the GP. Botto Micca is CEO of Novotema.

Advisers
Vendor – Lincoln International, Patrick von Herz, Riccardo Bariola Bon, Leticia Rial, Matteo Cupello (M&A); Gattai Minoli Agostinelli & Partners, Stefano Catenacci, Michele Ventura, Maria Persichetti (Legal); CBA, Diego De Francesco, Francesca Marchiori (Tax); Geotechnical Engineering, Mario Manassero (Environmental due diligence).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Industrials
• Southern Europe
• Ardian (formerly Axa PE)
• Italy