Fondo Italiano invests €10m in IMT SpA

The Bologna-based private equity firm Paritel Holding, which focuses on turnarounds of industrial manufacturing companies, has co-invested in a joint venture with a total value of €21m.

The machine tools sector suffered a downturn in 2008/09 but increased demand from emerging countries prompted the sector's recovery in the second half of 2010. Fondo Italiano's investment will support IMT's plans for further consolidation of the drilling rigs market during the recovery. Capital will also underpin the firm's internal development and integration of previous acquisitions, allowing it to expand the range of products it offers.

Fondo Italiano launched in 2010 and holds total commitments of €1.2bn.

Company
Founded in 1974 and based in Casalecchio di Reno, IMT is a drilling rigs manufacturer that has grown steadily through the acquisition of additional machine tools companies Morara, Tacchella Macchine, Meccanodora and Favretto which began in 2009. IMT has 400 staff and a central management team that coordinates activity across the acquired companies. Predicted turnover for 2011 is €85m.

People
Gabriele Cappellini is CEO of Fondo Italiano d'Investimento.

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• Topics
• Expansion
• Industrials
• Southern Europe
• Italy
• Fondo Italiano di Investimento