Aksia reaps 35% IRR on Robuschi exit

Aksia has reaped a 35% IRR and a money multiple of 4.1x on its original investment.

Buyer Gardner Denver is a global manufacturer of products including compressors, liquid ring pumps and blowers for industrial, environmental, transportation and process applications. In 2010, the company reported revenues of approximately $1.9bn.

Previous funding
In 2007, Aksia invested €30m through the vehicle Aksia Capital III in exchange for a 61.2% stake. The founding family and management team re-invested for a minority stake. The transaction was leveraged at 4x EBITDA by a package comprising three tranches of senior debt and an eight- and nine-year bullet facility provided by Interbanca and BNL. Aksia planned to grow the company organically and through acquisitions.

Company
Founded by the eponymous family in 1941, Robuschi is a European producer of blowers, pumps and associated packages for a variety of markets including wastewater, mining and power generation. Robsuchi has facilities in Parma and Noceto, San Paolo and Shanghai, and sells to a largely international customer base of more than 3,000. The company employs around 330 staff and has forecast a €70m turnover for 2011.

People
Nicola Emanuele is managing partner of Aksia, working alongside investment managers Andrea Traverso and Marco Albanesi. Antonio Robuschi is chairman of Robuschi and nephew of the founder.

Advisers
Vendor – RW Baird, Nick Sealy (Corporate finance); Dewey & LeBoeuf, Francesco Cartolano (Legal); Deloitte Financial Advisory Services, Jim Noble (Financial due diligence).

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