Italian private equity operator Opera sgr just signed a deal inorder to sell its 55% stake in the capital of Italian manufacturer of hydraulic hose fittings for fluid power applications Tieffe spa to Italian-Chinese private equity operator Mandarin Capital Partners, MF-Milano Finanza writes today.
Mandarin will acquire the entire shareholders capital of the company, buying the minority stakes in the hands of the founder Vaghi family and other private investors. The Vaghis will then reinvest in a minority stake of the company after the deal.
Based in Cura Carpignano (Pavia, in Northern Italy), Tieffe has been valued about 6x its estimated 2014 ebitda of just less than 6 million euro after revenues of about 25 millions. CN2 ihad invested 5.6 million euros in equity in Tieffe in 2008 after the company reached revenues of 21.3 million euros in 2007.
Nicola Carminucci, a manager coming from Interpump, has been called to lead the company in its next international growth especially in China thanks to Mandarinc Capital’s connections.
Tieffe is the third company from CN2 fund (formerly managed by Cape Natixis sgr) to be sold. Opera sgr had been managing CN2 fund as well as other funds formely by Cape Natixis sgr since 2011. Cape Natixis sgr was shut down by the Bank of Italy due to alleged serious irregularities. Investors in the funds run by the firm chose Opera sgr as a new manager.
Opera already sold Bruni Glass to Ardian in 2012 and Chromavis to French cosmetic group Fareva last Summer.