Capvis buys Faster from Argan Capital

The management team, led by current CEO Roberto Zecchi, will invest alongside Capvis as part of the deal. The new owners intend to drive the company's international expansion and boost the firm's product range.

Capvis drew capital from Capvis Equity IV, which hit its €720m hard-cap in January this year. Faster is the second company added to the vehicle's portfolio, following the acquisition of VAT Holding in December 2013.

Under Argan's ownership, the company has focused on the expansion of its offering for the construction and argiculture markets. The business has also expanded in to the US, China, India and Brazil.

Previous funding
Argan bought an 82% stake in the business in 2007 from the Star Social Responsible Fund, managed by Efibanca Palladio Finanziaria. Unicredit underwrote a €95m senior debt package comprising one amortising and two bullet tranches, according to unquote" data. The deal was managed by corporate finance boutique EnVent, with Argan beating rival interest from three or four interested parties including other private equity firms.

Efibanca had bought a 61% stake in the business in 2005 from ABN Amro Capital, which had acquired the company in a management buyout transaction in 2002, according to unquote" data.

Company
Founded in 1952 and headquartered in Rivolta d'Adda near Milan, Faster manufactures quick-release hydraulic couplings for agricultural and construction equipment. The company has assembly operations in India, the US, China and Brazil.

People
Eric Trüeb is a partner at Capvis. Carlo Mammola, managing partner, represented Argan.

Advisers
Equity – Latham & Watkins (Legal).
Vendor – Robert W Baird (Corporate finance); Gianni Origoni Grippo Cappelli & Partners (Legal).

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• Topics
• Southern Europe
• Industrials
• Buyouts
• Italy
• Capvis AG
• Latham & Watkins