Progressio and Dea wholly acquire Italchimici in MBI

Progressio has taken a 71.9% stake via the deal, with Dea taking a 26.8% stake through its Idea Capital funds.

Upon completion of the transaction, Italchimici will appoint Riccardo Zagaria – formerly a director at pharmaceutical firms Sanofi, Nycomed and Zambon – as CEO. The group will seek to expand both organically and via bolt-on acquisitions.

Progressio's capital was drawn from Progressio Investimenti II, a 2009-vintage vehicle that held its final close on €185m in 2011.

Following two years of low activity, Progressio has been particularly active throughout July. Most recently, its portfolio company Duplomatic Oleodinamica acquired an 85% stake in Italian hydraulic cylinder manufacturer OCS from trade vendor CBM Group.

However, unquote" also understands the firm is close to confirming a deal for furniture design business Giorgetti, which would see it beating competition from private-equity-backed Italian Design Brands. The Italian design sector is currently of particular interest to private equity firms, which intend to consolidate the sector and boost its international presence.

Debt
Italian publication Il Messaggero reports the deal will be supported by a finance package worth €52m. Of this, €35m will reportedly be used to leverage the acquisition, with the remaining €17m earmarked for refinancing.

Company
Headquartered in Brescia and founded in 1960, Italchimici produces medicines and dietary supplements. The business generated a turnover of €49m in 2014.

People
Filippo Gaggini is CEO of Progressio Investimenti II. Roberto Rettani will take on the role of chairperson at Italchimici.

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• Topics
• Buyouts
• Southern Europe
• Healthcare
• Italy
• Progressio SGR