BS Private Equity, formerly known as B&S Electra, has financed the management buy in [MBI] at Pilosio SpA, a company that supplies the construction industry with scaffolding and formworks.
Founded in 1961, Pilosio registered a total turnover of approximately E22m and an EBITDA of E6.5m in 2002. BS Private Equity has said that its objective is to grow Pilosio via a buy-and-build strategy with other firms operating in the building equipment sector. The firm added that the fragmented nature of the construction supplies sector would facilitate the implementation of this approach.
Notably, BS were also keen to point out that management continuity will be ensured since Roberto Pillosio (former the company owner) will work alongside the new MD, Attilio Imi who invested personally in the transaction, in the initial phases after completion of the deal.
MBIs are uncommon in Italy where private equity continues to be regarded by many as a relatively unorthodox means of changing ownership or growing a company. Although a key driver to the Italian economy, small to medium size businesses – usually family owned – are only just beginning to incorporate private equity in their development plans.
Law firm Pavia e Ansaldo as well as accounting group Deloitte & Touche and Centrobanca [which provided credit facilities for the acquisition] worked with BS Private Equity. Société Générale and Finpro advised the seller.
In April this year BS Private Equity closed Italian Private Equity Fund IV [IPEF IV] which is the largest domestic fund dedicated to Italy, with a total committed capital of E532m.