Alcedo backs €11m MBO for Exa Group

Amedeo Goria
19 February 2016

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Italian private equity firm Alcedo has backed an €11m MBO for Exa Group, a general contractor operating in the luxury and fashion retail sector.

The Alcedo IV fund acquired a 51% stake in Exa, in what marks its first transaction. Exa's management team also took part in the deal, acquiring 45% of the company's shares.

The fresh capital will allow the company to make acquisitions and expand in the hotel and restaurant sectors. As part of the deal, Alcedo's partners Marco Guidolin, Franco Valvasori and Michele Gallo will join the management board.

According to Alcedo, the Alcedo IV fund had raised €176m at the time of publication, exceeding its €175m target. The GP expects to close the fund on €190-195m, below the €200m hard-cap, in March 2016.

Launched in September 2015, the vehicle reached a first closing on €151m in January 2016.

Debt
Banca IMI acted as agent bank and arranger for the debt package provided by Carifirenze and Ubi Banca.

Company
Established in 2005, Exa is a general contractor operating in the luxury and fashion retail sector. It is headquartered in Arezzo, with offices in Milan, New York, Moscow and Bogotá. The company generated €55m of revenues in 2015 and employs around 60-70 people across its sites.

People
Alcedo – Maurizio Masetti (chair, managing partner); Franco Valvasori (partner); Marco Guidolin (partner)
Exa – Giuseppe Polvani, Gianrico Specchio, Paola Pratesi (co-founders).

Advisers
Equity – Fineurop (corporate finance); NCTM (legal); KPMG (financial due diligence, tax); Studio De Rosa e Associati (financial due diligence, tax).
Company – Bain & Company (M&A).
Management – Studio Legale Bonelli Erede (legal); Studio di Consulenza Aziendale Luca Benvenuti (legal).
Debt – Simmons & Simmons (legal).