Bahrein’s private equity firm Investcorp tries again to sell Ceme Group,a landmark for solenoid pumps and solenoid valves production in Italy and throughout the world based in Carugate (Milan), Il Sole 24 Ore writes today,adding that Invescorp is said to have mandated Rw Baird as its advisor for the sale.
Investcorp had acquired Ceme in 2008 from Barclays Private Equity and put the company on sale for a first time in 2014 but the deal was not finalized. At that time the dossier was examined by international private equity funds such as Carlyle, Cinven and Kkr and by the Italian private equity firm Clessidra.
Ceme generates abiut 30 million euros in ebitda and is said to be valued about 300 million euros. The company closed FY 2015 with 140,7 million euros in consolidated revenues, with a 22.2 million euros ebitda and a 86.9 million euros net financial debt (see here an analysis by Leanus, after free registration and login).
It has to be said however that the company has some problems with the trade unions now after having fired 97 workers last June in the Carugate plant ( see here Il Giorno).