Second investment for Private Equity fund Gradiente II
Padova, 29 June 2018 – Second investment for Private Equity fund Gradiente II, managed by Gradiente SGR, which acquired Cold Line S.r.l., active in the production of professional refrigerating equipment, such as cabinets, counters, blast chillers, roll-ins and preparation tops mainly for commercial kitchens addressed to the foodservice and retail markets as well as blast chillers for the domestic household market. Founded in 1995, Coldline has been able to establish over the years as an innovative company, by interpreting the market evolution through the development of the best technologies and by creating a solid and recognized brand through investments in successful projects such as the “Fast Service System”, an example of excellence and innovation aimed at allowing a faster and more efficient after-sales service or the “Vision” series that brought into professional kitchens the multi-climatic technology, which combines temperature, humidity and intensity of the air flows.
In the last fiscal year, the company generated a turnover of Euro 20 million by selling its products in more than 60 countries across the world thanks to innovative stainless-steel processing technologies and to the production realized 100% in Italy in the state-of-the art company’s premises in Torreglia (Padua).
Gradiente acquired 80% of the company share capital, while the remaining 20% will be held by Alessandro and Gianluca Bagante that will continue to manage the company. The rationale of the transaction is to increase the company positioning towards its competitors and to achieve the growth opportunities of the sector by investing in new products, introducing innovative energy saving technologies and products digitalization.
“I am very pleased of the transaction concluded with Gradiente, a partner with whom we share both the business vision and the vocation for growth. The business plan we shared finds its roots in a group of people who has been able to reach important achievements over the years as well as new competencies brought in by the investor, which will give a further boost to the company growth. The path outlined is characterized by continuity, with the strengthen of the competencies already embedded in Coldline and the consolidation of the relations with both the customers and suppliers, who have believed in our vision. We are already working on many innovative projects that we will shortly present to the market and with which we are sure to further consolidate our role as one of the leaders in the professional refrigerating equipment”, explains Alessandro Bagante, new CEO of Coldline.
“Gradiente is the ideal partner for continuing Coldline’s journey, a perfect combination between a 100% made in Italy production and the ambition of world-wide growth”, stated Gianluca Bagante, new COO of Coldline, “the company mission has always been customer oriented, with the aim of offering an ever-improving service and obtaining the highest quality products. Future investments will be coherently made with the past. An expansion of the plant machineries and an internalization of some production processes will be started, taking full advantage of the technologies offered by the market and maintaining total control over the entire production chain; a partner like Gradiente represents a fundamental step to invest in top tier equipment without compromises”.
“Coldline is an example of Italian excellence, with a strong international vocation, operating in a market characterized by interesting economic dynamics and fundamentals. We are happy to support Alessandro and Gianluca Bagante in this new project. We strongly believe that not only important growth opportunities may arise from the fragmentation of the reference market but also that functional add-ons may contribute to the value creation through expansion of the product offering and the strengthen of the company international presence “, commented Carlo Bortolozzo, Gradiente SGR’s Founding Partner.
Gradiente was advised by NCTM law firm for contractual issues, Russo De Rosa Associati for legal and fiscal consultancy, Deloitte for accounting consultancy, GEA Consulenti di Direzione for business consultancy and Safety Working for environmental consultancy. The transaction was supported by Istituto Mediocredito Italiano S.p.A., which belongs to the Intesa Sanpaolo Group. The loan agreement was drawn up by Fontana Galli e Associati law firm. Alessandro and Gianluca Bagante were advised by Macchi di Cellere Gangemi law firm.
First investment for Private Equity fund Gradiente II.
Padua, March 15th, 2018 – First investment for Private Equity fund Gradiente II, managed by Gradiente SGR, which acquired HPF S.r.l., active in the production of special forgings for the medical, power generation, aerospace and automotive markets.
Co-investors were: NORD Holding GmbH, a German Gradiente II LP, and the seller Amil S.r.l.
The deal aims at implementing HPF’s role in the international panorama of contract manufacturer specialized in the medical and power generation fields, consolidating its leadership position.
HPF was established in 2007 in the region of Friuli Venezia Giulia as a spin-off company of Limacorporate S.p.A, a global leader in the production of prostheses and orthopaedic implants. The company closed 2017 with a turnover of approx. 18 million euros.
“The entry of a financial partner in HPF capital is part of a development plan aimed at confirming HPF as the privileged partner for the main OEM operators, with a significant focus on the medical and energy generation fields” commented Lualdi family representatives and business partners of Amil.
“HPF represents the first investment of the Fund, created to support dynamic companies with strong growth prospects “, commented Pietro Busnardo, CEO of Gradiente SGR: “we strongly believe that HPF has excellent growth perspectives. Thanks to the high standards in design and manufacturing, the company is internationally recognized and offers a wide range of products with high technological content.”
Gradiente was advised by SAT law firm for contractual issues, Russo De Rosa Associati for fiscal consultancy, PricewaterhouseCoopers for accounting consultancy, Ernst Young for business consultancy, Golder Associates for environmental consultancy and financial advisor Vitali&co. Luani Family was advised by Cleani e Associati for fiscal consultancy and Fruttarolo Cappelletti Pecile & Chiavon law firm for contractual issues. The transaction was supported by Istituto Mediocredito Italiano S.p.A., which belongs to the Intesa Sanpaolo Group. The loan agreement was drawn up by Fontana Galli e Associati law firm.
Padova, 24th November 2017 – Gradiente SGR S.p.A. (“Gradiente”) has reached a first closing for its second private equity fund, Gradiente II (the “Fund”) and has received commitments of more than €60 million.
The Fund has a target of €120 million and is backed by a group of Italian and international investors.
Gradiente was established in 2009 by Pietro Busnardo with the backing of Italian banking foundations to focus on the Italian lower-mid cap segment. Today the Fund has a team of seven professionals, which includes three Partners: Pietro Busnardo, Carlo Bortolozzo and Fabrizio Grasso.
The Fund will continue the successful strategy of Gradiente I and will target export-oriented businesses that are market leaders in attractive sectors and where Gradiente sees an opportunity to achieve substantial capital appreciation from three primary value drivers: growth, performance efficiency and strategic repositioning.
Pietro Busnardo, CEO of Gradiente commented “We would like to thank our existing investors, for their continued support which has allowed us to reach a first closing less than two months after launching the Fund. We are very happy to welcome our new investors on board and are targeting a final close in the first quarter of 2018. Our pipeline looks stronger than ever, and we expect to start deploying the Fund in the very short term.
Elm Capital is acting as the exclusive placement agent for the Fund.
For more information please contact:
Founder & CEO
Gradiente SGR S.p.A.
Phone: +39 049-651-481
CEO & Managing Partner
Elm Capital Associates Ltd.
Elm Capital USA Ltd.
Phone: +44 20 7901 8941
Fourth divestment for the private equity fund Gradiente I.
Padova, 11th May 2017. Fourth divestment for the private equity fund Gradiente I, managed by Gradiente SGR, which has sold, together with the management, the 100% of the share capital of its portfolio company Vetroelite to the Gioconda fund, managed by LBO France and promoted to sustain the development of companies representing Italian industry excellences around the world.
Vetroelite, based in Ormelle, near Treviso, had a turnover in 2016 of around 20 million euro: it operates in the field of the design and distribution of high-end special glass packaging, sold through its commercial network around Europe and North America. Daniele Feletto, President and CEO of Vetroelite, reinvested together with LBO France to pursue the development of the company both in North America and in Europe, thanks to the differentiation of the product offering and the enlargement of the possible selections.
“With the partnership between VetroElite and LBO France, the development of the company I founded years ago goes on. I am confident that with their support and thanks to their international experience we will succeed in accelerating the business development through the European and transoceanic market, making VetroElite a worldwide Italian brand in the field of high-end special glass packaging” says Daniele Feletto, President and CEO of Vetroelite.
“With the investment in Vetroelite begins a new era for the mid and small cap funds of LBO France. We intend to focus on the sustainability and development of companies, staying by their side both during the international expansion and the research of new opportunities to grow, also thanks to our external network” says Arthur Bernardin, Managing Director of LBO France.
“Vetroelite history is emblematic of the success of the Italian PMIs, the perfect target for our new fund, and represents very well all those companies able to catch the opportunities offered by growing markets, benefitting of a solid positioning based on a relevant Italian savoir-faire. Among all these talented Italian companies, the know-how regarding the fields of glass (above all in Venice) and design is recognized at an international level” says Roberto D’Angelo, responsible for the Gioconda fund for LBO France.
“We are very proud of having sold our company to LBO France, convinced that the company will grow even stronger and, consequently, will benefit of the international network of the fund, concluding its development path begun with us in 2013. During these years, Gradiente worked together with the entrepreneurs to create value, developing the company through to the investment in new projects, increase the workforce and diversification in new geographies” says Pietro Busnardo, CEO of Gradiente SGR.
Gradiente has been advised by Vitale&Co, PwC for accounting and fiscal matters, and Grava & Associati for the legal aspects. LBO France has been advised by NCTM for legal and tax matters, LEK France for the business due diligence and Deloitte for accounting matters. The management has been advised by Andrea Citterio for the financial aspects and by Dentons law firm for the legal aspects.
Third divestment for the Private Equity Fund Gradiente I.
Padova, 1 March 2017. Third divestment for the private equity fund Gradiente I, managed by Gradiente SGR which sold, toghether with the co-investor La Finanziaria Trentina, the 100% of the share capital of its portfolio company TR Alucap to the Austrian group Constantia Flexibles. Gradiente and La Finanziaria Trentina acquired the company from the entrepreneurs, together with the actual CEO Mr. D’Auria, in March 2014.
TR Alucap, with headquarter in Borgo Valsugana near Trento, is the Italian leading lidding company for the dairy, pharmaceutical and food markets. In 2016 the company had a turnover of around 18 million euro, of which 40% generated in the domestic market and 60% abroad, and a net income of slightly less than a million euro. Constantia Flexibles, with headquarter in Wien, is one among the world’s leader in aluminum and plastic packaging production for the food and pharmaceutical market, with turnover of slightly less than 2 billion euro and around 10.000 employees worldwide.
Stefan Grote, executive vice-president of Constantia Flexibles Food Europe, said: “TR Alucap allows us to extend our market share in the Italian dairy market – the fifth largest in Europe – and fits in with our strategy of strengthening our position as a leading player in the European foil packaging market.”
Pietro Busnardo, CEO of Gradiente, one of the two private equity firms selling TR Alucap, said: “Gradiente and La Finanziaria Trentina, alongside the company’s CEO Luigi D’Auria, transformed TR Alucap from a family-owned business into a well-managed organisation. We are very satisfied about having sold TR Alucap to Constantia Flexibles. Under its leadership, we are confident that TR Alucap will enforce its capabilities.”
Sellers have been advised as legal counsel by SAT law firm with Alvise Spinazzi and Matteo Vernizzi.
Constantia Flexibles has been advised as legal counsel by R&P Legal with Claudio Elestici, Sabrina Straneo, and Dario Cerbone; the financial and tax due diligences have been managed by Deloitte.
Second divestment for the Private Equity Fund Gradiente I.
Padova, 1 February 2017. Second divestment for the private equity fund Gradiente I, managed by Gradiente SGR which sold, toghether with the company founders Alberto Baban and Nicola Mason, Tapì Spa to the private equity fund Wisequity IV, managed by Wise SGR. Tapì is a global leader in the design and production of synthetic T Tops mainly used for premium and super premium spirit bottles. Tapì products bring together a high kwon-how content and design, as it is typical of Italian excellence. The company operates with plants in Italy and Mexico having Europe, United States and Central America as main geographic markets. Tapì records revenues of about 40 M€, of which more than 85% coming from international markets. The company serves also food and wine producers selling high innovation and design closures.
The transaction has been led by Stefano Ghetti, Wise Partner, together with Marco Mancuso as Investment Manager. Vitale&Co with the partner Alberto Gennarini, Deborah Venturini and Mariacristina Moro acted as financial advisor of the deal. Roberto Casini, already shareholder of the Group and CEO of the Americas, is the new Group CEO.
Stefano Ghetti, Wise Partner, said: “Tapì is the typical example of Italian excellence; it is a small multinational, with global leadership within its market niche and strong potential for further development. Our plan is now to enhance the managerial structure of the company and to provide additional resources to foster a new phase of growth and development. This growth will occur starting from the initiatives already undertaken by the entrepreneurs, with a special focus on enhancing the commercial department. The other development path will be trough M&A, with one potential transaction already under negotiation, that will help broadening the geographic scope of the group and its product range”.
Alberto Baban, one of Tapì founders said: “The company proved over the time to be able to grow at a very fast pace; I am confident that revenues can double in the next five years. We chose a financial investor that is definitely able and willing to support the company in achieving these new challenging aims. We have always invested in human capital, besides that on innovation capabilities and this approach made the company a clear leader in its reference niche. We are proud of Tapì achievements so far and of the hundreds of jobs we offered in Italy, Mexico and Argentina” ù
Pietro Busnardo, CEO of Gradiente SGR, said: “We are pleased Wise acquired Tapi to continue the growth and internationalization path we begun when we entered in Tapì share capital back in 2012. With the acquisition of both Microcell in 2013, founded by Mr. Casini, and mostly Tapones Escobar Group in 2014, Gradiente I helped the company evolution from domestic player with a 12 M€ turnover, to a Group with sales in the range of 40 M€ and plants in two continents, thus increasing the value of the Italian company and increasing the number of employees.”
According to Mr. Casini “Wise as new majority shareholder strengthens Tapì competitive positioning by bringing financial as well as human resources that will enable the Group in continuing its global expansion with even more enthusiasm and dedication”.
Wise has been advised as legal counsel by Simmons & Simmons with Andrea Accornero, Partner, Carlotta Robbiano and Nicolangelo del Rosario, Associate; the financial and tax due diligences have been managed by Studio Spada Partners with Antonio Zecca and Luca Zoani and KPMG 2 with Alberto Galliani and Erika Rodriguez; Fineurop Soditic, with Umberto Zanuso and Francesco Panizza, acted as debt advisor.
Sellers have been advised as legal counsel by Grava & Associati, with a team led by senior partner Antonio Grava; financial and tax activities have been managed by Studio Tributario Berto with name partner Renzo Berto. Gradiente team is made up by Carlo Bortolozzo, Lorena Lorenzon and Marco Tosato.
11Financing banks are Crédite Agricole FriulAdria, Interbanca S.p.A. and BPER Banca S.p.A.. Regarding the financing agreement, Wise has been advised by Simmons and Simmons with Davide D’Affronto and Alessandro Elisio while Clifford Chance with Ferdinando Poscio supported the banks.
Questo sito utilizza i cookie per fonire la migliore esperienza di navigazione possibile. Continuando a utilizzare questo sito senza modificare le impostazioni dei cookie o clicchi su "Accetta" permetti al loro utilizzo.