ITALY - 3i leads EUR 730m SBO of lawnmower maker

The transaction, which is subject to regulatory approval, values the business at EUR 730m. The deal follows an auction process started in July by ABN AMRO Capital and managed by UBS. The management team, led by CEO Pierluigi Tosato, will invest alongside the new backers.

3i will aim to groom GGP for an IPO; to that end, the buyout house will support the business via expanding into 'high growth territories', such as Eastern Europe and Russia, as well as taking advantage of opportunities to co-operate with potential partners in the US and Asia. 3i mentioned that the acquisition of GGP required 'a good dose of courage and creativity', due to the current situation in the financial markets.

GGP is headquartered in Castelfranco Veneto and manages 15 subsidiaries in Europe, China and Russia. It employs around 1,800 staff and sales to year ending August 31 2007 amounted to EUR 546m, with EBITDA of EUR 84m. Forecast sales for the coming year are EUR 580m.

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• Topics
• Buyouts
• Southern Europe