Italian private equity operator Clessidra sgr sold its 42 pct stake in Metalcam‘s shareholders capital to company’s ceo Mario Cocchi, who has been for years the right arm of Polish-French financier Romain Zaleski. Zaleski’s Carlo Tassara holding owns a 48 pct stake in the steel company while employees own the other 10 pct. After Clessidra fund has sold its stake in Metalcam, chairman Gregorio Gitti will reseign.
The Metalcam Group has been specializing in the production of high quality, open die steel forgings for over 100 years for oil & gas, energy, shipping and mechanical sectors with two plants in Italy and one plant in Germany.
The private equity fund led by well known manager Claudio Sposito acquired its stake in Metalcam in 2007 when the company had revenues for around 100 million euros. In 2013 Metalcam hade revenues of 120 millions, up from 114 millions in 2012, when the company had an ebitda of 24.5 millions and a 21.9 millions loss (after devaluations and amortizations for 32.2 millions).
At the end of 2012 Metalcam had a net financial debt of 222 million euros, including 70 millions in subordinated debt, Last Summer 2013 Metalcam signed an agreement with its lending banks (Unicredit, Banco di Brescia, Popolare di Bergamo and Banca di Valle Camonica) for debt maturity extension, fianncial covenants redefinition and a committement by the major shareholder to convert subordinated debt into equity if some financial conditions had shown,