Ardian private equity fund announced yesterday the sale to US-listed Idex Corporation of its 96,5% stake in the capital of Novotema, an italian company which is a leader in the design, manufacture and sale of specialty sealing solutions for use in the building products, gas control, transportation, industrial and water markets (download here Ardian’s press release and Idex’s press release).
idex will acquire 100% of the outstanding shares of Novotema for a total consideration of 57 million euros. Located in Villango, Italy, Novotema has revenues of approximately 30 million euros and will operate within the Idex Sealing Solutions group.
Idex is an applied solutions company specializing in fluid and metering technologies, health and science technologies, and fire, safety and other diversified products built to its customers’ exacting specifications. Idex has annual revenues in excess of 2 billion dollars and sells its products in niche markets to a wide range of industries throughout the world. Idex shares are traded on the New York Stock Exchange and Chicago Stock Exchange.
Founded in 1973, Novotema is led by ceo Mario Botto Micca, who will keep on managing the company.
Ardian had acquired Novotema in June 2012 from 3i private equity firm. Thanks to a profit sharing policy which Ardian has been adopting in the last few years, Novotema’s employees will receive a 1,800 euro gross bonus each as a recognition for contributing to the growth of the company. This profit sharing policy had been also adopted in Italy by Ardian when the fund divested from Rollon and Duplomatic. Employees received then, respectively, 2,000 and 800 euros each.