IGI and Finint wholly acquire Vimec

Following completion of the deal, Vimec will seek to expand its international footprint through bolt-on acquisitions. The business will also invest in new product development, in addition to bolstering its servicing and support operations.

IGI has taken a 67% stake in the company with capital drawn from €93m vehicle IGI Investimenti Cinque and co-investment fund IGI Investimenti Cinque Parallel.

The deal marks the third investment to be drawn from IGI Investimenti Cinque. The GP recently acquired Fimotec, a provider of cables and components for use in the broadcasting and telecommunications industries, with capital drawn from the same fund.

Finint & Partners acquired a 32% stake in the company via Networking European Infrastructures Partners III, while Vimec's CEO, Giuseppe Lupo, will take a 1% stake in the business.

Debt
Banca Popolare dell'Emilia Romagna, Banco Popolare and GE Capital Interbanca provided a debt package to support the deal.

Company
Founded in 1980 and headquartered in Luzzara, Reggio Emilia, Vimec produces elevators and chairlifts, primarily for home installation. The business has additional operations in Spain, France, the UK and Poland, in addition to a network of 300 distributors across 60 countries.

Vimec generated a turnover of around €50m in 2014, of which 60% was accounted for by exports.

People
Angelo Mastrandrea, an investment manager at IGI, will take over the role of president at Vimec. Domenico Tonussi is CEO of Finint & Partners. Lupo will remain in his position as CEO of Vimec.

Advisers
Equity – Chiomenti (Legal); Simmons & Simmons (Legal); DLA Piper (Legal); Di Tanno e Associati (Legal); Goetze & Partners (Corporate finance); EY (Financial due diligence); Golder (Environmental due diligence).

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