IGI wholly acquires Fimotec

Capital for the transaction was drawn from IGI Investimenti Cinque and co-investment fund IGI Investimenti Cinque Parallel, Italian publication Milano Finanza reports.

In January 2015, the vehicles made their first investments, providing portfolio company Rollon with fresh capital to finance the acquisition of Tecno Center, a provider of linear automation systems for use in manufacturing.

IGI Investimenti Cinque has raised commitments of €93m to date. The firm inherited the vehicle – previously known as Arca Impresa Tre – in 2013 as part of its acquisition of Arca Impresa Gestioni.

Previous funding
Prior to the deal, IGI already owned a majority stake in the company, having acquired shares from the founder's daughter, Elena Feige, for €17m in July 2014.

The vendor's brother, Carlo Feige, retained his 49.5% stake following the original transaction, having rejected IGI's offer, documents recorded by legal journal Gazzetta Notarile reveal.

The documents state that in January 2013 the siblings had signed a binding agreement to sell the company for cash offers in excess of €35m.

Debt
GE Capital, Banco Popolare and Banca Popolare dell'Emilia Romagna provided a €15m financing package to support the deal, according to Milano Finanza.

Company
Founded in 1933 and headquartered in Cologno Monzese, near Milan, Fimotec manufactures coaxial cables and components for use in the broadcasting and telecommunications industries. The company has additional operations in Germany, France and India. Fimotec generated a turnover of €22m in 2014 with an EBITDA margin of 25%.

People
Enrico Palandri is managing director at IGI.

Advisers
Equity – Orrick Herrington & Sutcliffe, Guido Testa (Legal); Morri Cornelli e Associati, Cristina Cengia (Legal); Simmons & Simmons, Alessandro Elisio (Legal).

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• Unq2015May