Rosa Sistemi (Italy) - Jan 2008

unquote
01 January 2008

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Aksìa Group has acquired Italian linear guides and systems manufacturer Rosa Sistemi SpA in an leveraged buyout valued at more than €10m. Aksìa Group took a 75% stake in the company; the company’s CEO will retain the remaining 25% stake. The deal took six months to complete and originated through M&A boutique K Finance in a controlled auction where, according to sources close to the deal, Aksìa secured the bid thanks to its track record with companies similar to Rosa as well as its ability to understand the entrepreneur’s goals. The transaction was carried out through Aksìa Capital III, which has been invested to about 50%.

Debt

The debt package was provided by Interbanca at a debt to equity ratio of 1.6.

Company

Legnano-based Rosa Sistemi, with subsidiaries in France, Switzerland and Brazil, was founded in 1978 by Ermando Rosa. It specialises in the ultra precision segment of the linear motion market. The company designs, manufactures and distributes standard and customised linear guides, systems, recirculation ball screws and linear tables. Last year Rosa Sistemi generated a turnover of €11m. The company employs around 40 people. The financial backers’ plan is to pursue a growth strategy through mergers and acquisitions of companies in adjacent sectors/areas of activity with particular focus in Europe, where most of the sales are generated. However, acquisitions in North America and Asia could also be considered. Similarly, the investors will launch a new range of products expanding on those currently offered.

People

Aksìa will hold three positions in the company, president of the board and two directors. Fabrizio Rosa will remain as CEO of Rosa Sistemi. Marco Rayneri and Marco Di Miceli led the deal for Aksìa Group.

Advisers

Equity - Arthur D. Little, Alberto De Sanctis, Lucio Gomiero (Other Due Diligence)Equity - Deloitte, Emiliano Abbiati, James Noble (Financial Due Diligence)Equity - Dewey & Leboeuf, Chiara Cella, Francesco Cartolano (Legal)Vendor - K Finance, Barbara Kalin, Filippo Guicciardi (Corporate Finance)

Sourced from: Southern Europe unquote" 74 (May 2008)