Recordati group to buy Italchimici from Progressio and Idea Capital Funds

Recordati group to buy Italchimici from Progressio and Idea Capital Funds
Funds managed by  Italy's private equity firms Progressio  sgr and Idea Capital Funds sgr striked a very good deal yesterday announcing the sale of their portfolio company Italchimici to Italian pharaceutical group Recordati (see here the press release). less than one year from their investment at the end of July 2015 (see here a previous psot by BeBeez). Bebeez was told that Progressio Investimenti II  (owning a 71.9% stake in Italchimici) and  Idea Efficienza Energetica e Sviluppo sostenibile (26.8%) funds will cash in about 3x the capital they had invested as Italchimici was valued 130 million euros, safter it had reached 46 million euros inrevenues last year with 11 millions in ebitda. Also Italmichici top managers will sell their 1.3% stake in the company. Italchimici had been valued about 7x FY 2014's ebitda (which was 11 million euros) and the deal was financed with 50 million euros of senior credit loans by Mps Capital Services (lead arranger), Bpm, Banco Popolare, Ubi Bancaand Cariparma. The deal last year had been promoted by actual Italchimici's ceo Riccardo Zagaria who led in a new management team made by Emanuele Loiacono (sales director), Barbara Mazza (strategic marketing director) and Riccardo Baraldi (cfo). Progressio sgr's ceo, Filippo Gaggini, led the acquisition while idea capital Funds sgr coinvested. At this last deal for Progressio sgr worked also Alessandro Petraccia and Beatrice Capretti. Recordati was supported [...]

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