Italian private equity operator Synergo sgr buys a 25% stake in the capital of Raccortubi which in turn will have the cash to acquire Petrol Raccord (download here the Italian press release). Synergo sgr teams up with Raccortubi’s founder family Pentericci.
Raccortubi, is one of the world’s leading stockholders, manufacturers and suppliers of piping materials used in critical applications, such as chemical and petrochemical plants, oil installations, power plants, shipyards and offshore platforms. Headquartered in Northern Italy in Calendasco (Piacenza), Petrol Raccord is in turn a leader in high quality butt welding fittings for power generation, petrolchemical and oil&gas industry. Together with Petrol Raccord, the new group closed 2014 with 80 million euros of revenues and targets over 100 millions by 2018.
More in detail, Synergo will acquire a 25% stake in Raccortubi’s sharholders capital subscibring part of a 25 million euros capital increase in order to give the company the financial resources needed to buy Petrol Raccord, Synergo is also committed to invest additional resources if they will be needed to finance new acquisitions.
Financial advisor for the deal was K Finance, while on legal matters Raccortubi was advised by Pedersoli e Associati and Synergo by Clifford Chance.