Argos Wityu cède Bellco à Charme II
Milan, 12th April 2012 – ARGOS WITYU announces the sale of Bellco to “Charme II”, an Italian Private Equity Fund managed by Montezemolo & partners SGR, through a full equity deal.
The funds managed by Argos Wityu (c. 60% of the equity) and MPVenture SGR (c. 30%) – on behalf of Emilia Venture fund – completed the sale of Bellco. Five key managers, led by Mr. Rimondi and Mr. Vanoli, will re-invest c. 8% along with Charme II, so showing their strong commitment in the company and in the new deal.
The deal which was particularly complex at entry occurred in December 2008 and was a carve-out from a multinational group listed on the Italian Stock Exchange (Sorin). There were two production sites (Italy and France) and several commercial branches in Europe. During just over 3 years of Fund ownership, new skilled managers have been hired, a new IT systems has been set up, new commercial branches have been opened (Canada and Holland) and a new financial structure has been shaped, but in particular a strong focus has been put toward net working capital management and innovation, with the development of new machines (both in the chronic and acute area) and innovative therapies (neonatal renal disease, septic shock etc…).
Bellco’s consolidated revenues in 2011 were €108 million, while the EBITDA is now more than €16m.
Mirco Dilda, Partner, Argos Wityu: « Bellco represents a good example of a typical ARGOS deal. The right mix between a committed management team (8 managers were also shareholders), a resilient market (healthcare), foreign growth (Canada, Spain, etc..), industrial angle and focus on innovation (new machines and highly innovative new therapies developed), as well as no leverage at entry (credit lines, factoring, export financing have been shaped and customized to the company’s specific needs) were the main features of the success….»
The new financial sponsor, Charme II, with its broad network in the Middle East, India and Russia, as well as the possibility to leverage new products ready to be launched, has an interesting opportunity for a second round of growth.
About Argos Wityu:
Argos Wityu is an independent European private equity group with offices in Paris, Milan and Geneva.
Since its creation in 1989, Argos Wityu has carried out more than 50 transactions focusing on management buy-outs and buy-ins in small and medium companies. Argos Wityu typically takes majority stakes ranging from €5m to €50m in companies with revenues of €20m to €400m.
The firm has developed a track record of unusual, complex and off-market transactions where the firm’s combination of local presence and international experience is able to add value to the small and medium-sized businesses it invests in.
At the end of 2010, Argos Wityu raised its new Euroknights VI fund with a hard cap of €400m. The firm has assets under management of €750m allocated to its lower mid market buy-out funds and Argos Expansion, the firm’s minority equity and expansion capital fund which held a first close in 2010.
For further information, we invite you to visit www.argos-soditic.com
Argos Wityu: Mirco Dilda (Partner), Emiliano Tonelli (Associate)
MPVenture: Marco Canale (General Director), Domenico Intrieri (Investment Manager)
Charme II: Tommaso Beolchini (Partner), Giuseppe Pasetti (Investment Manager), Matteo Montezemolo (CEO)
Bellco: Carlo Vanoli, Stefano Rimondi, Mauro Atti, Fabrizio Cappi, Mario Luppi, Guido Bergamini, Domenico Cianciavicchia, Raffaello Tontodonati
Financing: GruppoIntesa (Pasquali, Pozzi, Giulini); Cariparma (Clarizia)
Seller – legal: D’Urso Gatti e Associati (Valerio, Zaffaroni); tax: Studio Chiaravalli Reali e Associati (Reali, Danesi).
Buyer – legal: Lombardi & Molinari Associati (Molinari, Ciaccio); accounting & fiscal: Deloitte (Vitulo, Saltarelli); M&A: Fineurop Soditic (Baj Macario, Zanuso).