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.