DeA's SMRE floats 11% stake on Italian stock exchange

Amedeo Goria
20 April 2016

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DeA Capital-backed SMRE, an Italian industrial machinery producer, has floated on the Italian stock exchange with a €48.1m market-cap.

The company sold 2,130,500 existing shares, or 11.07% of the company, generating a return of €5.33m. The share price was set at €2.5.

Prior to the transaction, SMRE was controlled by its founder and CEO, Samuele Mazzini, with a 42.39% stake in the business, alongside DeA's fund, Idea Energy Efficiency and Sustainable Development, with 29.9% of the shares.

The IPO will allow the company to support its research programmes and bolster its sales network. The business is currently looking for new partnerships and bolt-on acquisitions in the green mobility sector, unquote" understands.

Banca Finnat Euramerica acted as global coordinator for the IPO.

Previous investment
In 2013, DeA's venture capital vehicle Idea Energy Efficiency and Sustainable Development acquired a minority stake in the business.

Company
Founded in 1999 and based in Perugia, SMRE produces industrial machinery for the textile and electric transportation sectors and employs 30 people.

In 2015, the company generated a turnover of €4.5m and a €377,000 EBITDA. The values mark a dip compared to the previous year, when it generated €6.8m of revenues with a €765,000 EBITDA.

According to a statement, the decrease was caused by SMRE subsidiary IET, which operates in the green economy sector and still deploys a research programme without generating revenues, and the financing of a marketing programme for SMRE America, the US-based branch of the company, which is also in its pre-revenues phase.

People
DeA Capital – Sergio Buonanno (partner).
SMRE – Samuele Mazzini (founder, CEO).

Advisers
Ambromobiliare (corporate finance); Studio Grimaldi (legal); PwC (commercial due diligence).