Mandarin Capital sells IMA

The GP sold its stake of around 7% for €53m, reaping a 2.2x multiple and an IRR of 27% on its original investment.

In 2009, the investor bought a 7% stake in IMA, listed on the Star segment of the Milan exchange, in a transaction valued at around €33m. Mandarin purchased around 2.3 million shares at €14.50 per share from IMA president Alberto Vacchi, general manager Andrea Malagoli and managers Gianluca Vacchi and Luca Poggi. The acquisition included some bank financing.

The GP has also announced the first closing of its second fund, Mandarin Capital Partners II, on €110.5m. 

In August this year, Mandarin sold Italian valves components producer Gasket to French thermoplastics group Hutchinson. Net proceeds amounted to €42.3m, translating to a 13.7% IRR and a 1.8x multiple. The investor has returned 75% of capital commitments to investors in Fund I, raised in 2007. Six assets remain in the portfolio and are performing well, according to the GP.

In May, the company announced the opening of a Frankfurt office. The firm's founding partner Alberto Forchielli spoke to unquote" about expectations for the office and the latest vehicle, which has a €500m target. 

Company
Headquartered in Ozzano dell'Emilia, IMA was founded in 1961. The company designs and manufactures automatic machines for the processing and packaging of pharmaceuticals, cosmetics, tea and coffee. Mandarin followed a buy-and-build strategy for the firm, with a particular focus on the Chinese market.

Revenues stand at €780m. 

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• Topics
• Southern Europe
• Buyout
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• Mandarin Capital Management SA