Ambienta buys IP Cleaning from Synergo

Amy King
03 July 2014

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Environmental investor Ambienta has wholly acquired IP Cleaning, an Italian equipment manufacturer for the cleaning sector, via a €50m equity investment.

Ambienta invested via Ambienta II, which held a second close on €200.2m in January. The deal also involves a refinancing of existing debt, provided by UniCredit, Intesa, UBI Banca, Banca popolare dell'Emilia Romagna, Banco Popolare, IKB and Banca Monte dei Paschi di Siena.

IP Cleaning was formerly owned by BS Private Equity – which went out of business in 2011 – and Sofipa, the investment arm of Unicredit. Italian GP Synergo took over the BS portfolio, simultaenously acquiring the assets of Sofipa.

Proceeds totaling €1.61m were paid to Sofipa Equity Fund for the sale of its 13.19% in IP Cleaning, following the Ambienta buyout.

The company will use the fresh funding to finance an internal reorganisation and industrial development.

Previous funding
In 2005, BS and Sofipa acquired 82.7% of the company alongside its management team. The vendor, Interpump Group, reinvested to take a minority stake of 17.3%, according to unquote" data.

In 2006, Interpump sold its 17.3% stake in the company to BS.

When BS went out of business, Synergo is understood to have acquired its portfolio, including IP Cleaning.

Company
IP Cleaning produces machines and equipment for the professional cleaning market. The company manufactures its products in six plants across northern Italy and employs 1,000 staff. Around 90% of sales are achieved outside Italy.

The company was established in the early 2000s as the cleaning division of Interpump. It has grown acquisitively since its foundation.

In 2013, IP Cleaning recorded revenues of €170m and EBITDA of €27m.

People
As part of the transaction, Federico De Angelis has been appointed as the new CEO and chairman. Mauro Roversi, chief investment officer and partner, led the deal for Ambienta. He worked alongside investment manager Francesco Lodrini.

Advisers
Equity – Linklaters, Giorgio Fantacchiotti, Anna Gagliardi (Legal); Studio Bonelli Erede Pappalardo, Roberto de Nardis (Legal); Vitale & Associati (Corporate finance); CBA (Legal); Roland Berger (Commercial due diligence); EY (Tax, financial due diligence).
Vendor (Synergo) – Legance (Legal); Lazard (Corporate finance); Banca IMI (Corporate finance).