Norlight SpA (Italy) - Dec 2007

unquote
01 December 2007

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Cape Natixis has acquired a 65% stake in construction and materials player Norlight. The deal, originated by financial consultant Studio Sebastiani, is recorded at approximately €5.6m. The sum was agreed on a €5.3m fixed price and an additional €300,000 variable pending the EBITDA results. The remaining 35% of the company remains in the hands of the owner, who previously retained a 45% stake in the company. The total equity invested was €2.5m, of which €1.5m was provided by the fund and the remaining €1m came from the managers and other funds. Senior debt made for the remainder of the financing. Interbanca provided approximately €3.6m in senior debt (including transaction costs) to leverage the purchase. This is one of the last investments Cape Natixis Private Equity Fund (CNPEF) 1; investment is now continuing through the house’s most recent fund, CNPEF 2.

Company

Cassano Magnano-based Norlight specialises in interior lighting. Its products are used in varied environments, from hospitals to business, industries and cultural and artistic settings. Founded in 1991, the company currently employs 112 people. Turnover for 2007 is projected to reach €11m with an EBITDA margin of 15%. According to the investors, the lighting sector remains fragmented and this presents a good opportunity for company development through external growth and strategic industrial alliances. The plan is to consolidate Norlight’s presence in the technical lighting segment through the development of the range of products offered, while also increasing the firm’s presence in international markets.

People

The investment fund is managed by Emanuela Trezzi and Annamaria Petrillo.

Advisers

Equity - MBL & Partners, Alessandro Marena (Corporate Finance)Equity - MBL & Partners, Alessandro Marena (Legal)

Sourced from: Southern Europe unquote" 71 (Feb 2008)