Milan-headquartered private equity firm BS Private Equity has acquired a 47 percent stake in listed Italian cleaning company IP Cleaning (IPC) in a transaction valuing the company at €220 million ($287 million).
Joining BS in the acquisition is MCC-Sofipa Sgr, the private equity division of Italian merchant bank Mediocredito Centrale.
MCC-Sofipa funds SEF I and II will take a 34 percent stake in the company, with selling parent company Interpump Group retaining a 17 percent shareholding. The new management team will subscribe for a 1.7 percent stake in the business, according to a press release.
IPC produces and distributes cleaning machines and equipment and recorded sales of €293 million in 2004.
The two private equity firms were advised by Fineurop Soditic (finance), Studio Gianni Origoni Grippo (legal) and Deloitte (tax/financial).
The transaction is the ninth investment made by BS Private Equity from its latest buyout fund IPEF IV, which closed in August 2003 on €550 million and is approximately 50 percent invested.
In December, BS announced that Antonio Perricone, one of the firm’s threemanaging partners would be the firm’s new chairman, replacing co-founder Luigi Sala.
The transaction is the first deal from MCC-Sofipa’s fund SEF II, which will invest €16 million in the deal. SEF I will invest €8.5 million, the fund’s fourth investment. The two funds were launched in June 2002 for Italian retail and institutional investors.