Charme Capital exits Bellco to Medtronic for €110m

The deal sees Medtronic wholly acquire Charme's 75% stake in Bellco, and Amadeus and Capital Dynamics' combined 20% shareholding.

Terms of the acquisition have not been disclosed, but according to Italian publication Milano Finanza, the deal valued Bellco at an estimated €110m with €10m of EBITDA.

The exit comes four years after Charme bought 100% of Bellco in 2012 for €55m, excluding debt, from Argos Soditic, MPVenture SGR and management.

Bellco was the last asset in Charme II's portfolio. In January 2015, Charme's managing partner Matteo di Montezemolo said the fund would return 2.4x money to LPs if the Bellco sale only brought in what Charme had paid for it in 2012.

"If we are going to have a better exit, which is what I believe, Charme II is going to give back much more to its investors," he said at the time. According to Il Corriere della Sera, Bellco generated €100m of revenues in 2015.

The exit brings Charme II to full divestment, realising 2.5x returns and a gross IRR of 33% since launch in 2009, unquote" understands. The team will now focus on its ongoing fundraising efforts for Charme III, which held a first closing on €400m in January 2015, exceeding its €250m target.

Charme III has now reached €450m and expects to hold a final close on €500m in June 2016. The fund targets companies with enterprise value in the €100-500m bracket. Following the recent opening of Charme's office in London, the fund will focus not only on Italy but also on the UK and Spain.

Previous funding
In 2012, Charme acquired Bellco using its Charme II fund from Argos Soditic (58%), MPVenture (32%) and the management team (10%).

In February 2013 Amadeus and Capital Dynamics bought a joint 20% stake in Bellco from Charme II.

Company
Founded in 1970, Bellco's business is headquartered in Mirandola, Italy. The company makes dialysis machinery and therapies for the treatment of renal failure, specialising in blood purification treatments. The business is present in more than 50 countries and has 530 employees.

People
Charme Capital – Matteo di Montezemolo (managing partner); Luigi Sala (chairman); Tommaso Bolchini (senior partner); Simone Cavalleri (partner).
Bellco – Luigi Sala (chairman).
Medtronic – Omar Ishrak (chairman, CEO).

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