ITALY - Cape Natixis-backed Garioni acquires 55% stake in CCM

CCM was founded almost 50 years ago and operates in the design and construction of pressurised containers, heat exchangers, boilers, vessels, columns, reactors and other components. The company reported a EUR 15m turnover and EUR 1.6m EBITDA last year.

Following the acquisition Garioni will have an aggregate EUR 50m turnover with EUR 4.7m EBITDA for 2008.

Garioni was acquired by Cape Natixis in January 2008 in a EUR 16m secondary buyout from Arca Impresa Gestioni SGR. The deal included a EUR 7.3m equity investment from Cape, as well as EUR 6.7m in debt provided by Banca Popolare di Vicenza, consisting of a EUR 4.2m senior facility with a EUR 2.5m bullet.

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