Arcadia acquires H-old in all-equity deal

The all-equity deal marks the third transaction for Arcadia Small Cap, a 2012 vintage vehicle which counts the European Investment Fund amongst its LPs.

H-old will use the fresh capital to expand its international operations and invest in new products.

Following completion of the deal, the business will appoint Francesco De Giglio – formerly managing partner of Advent International’s Italian activities – as president and Marco Toscano as CEO. Both new recruits will also take a minority stake in the business.

Arcadia was founded in 2009 by Guido Belli and Simone Arnaboldi, formerly of Bridgepoint.

Company
Founded in 1982 and headquartered in Biandrate, near Novara in northern Italy, H-old is a producer of adhesive tape for use in the automotive, construction, electromechanical and shipping industries. The business generated a turnover of around €21m in 2014 with an EBITDA margin of around 15%.

People
Guido Belli and Simone Arnaboldi are co-founders of Arcadia. Marco Toscano is CEO of H-old.

Advisers
Equity – NCTM, Matteo Trapani (Legal); Studio CBA, Giuseppe Galeano (Tax); EY (Financial due diligence); Long Term Partners (Operational due diligence).
Vendor – Banca Imi, Paolo Torriani (Corporate finance); Studio TDL, Gian Paolo Carnago (Corporate finance); R&P Legal, Paolo Grandi (Legal).

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• Topics
• Buyouts
• Industrials
• Southern Europe
• Italy