German private equity operatore Certina holding bought an 80% stake in italy’s Teuco spa, an Italian designer and manufacturer of bathroom furniture and accessories, part of Guzzini group, which in turn is own by the Guzzini family (download here the press release).
More in detail, the German fund which is specialized in turnaround deals and is led by the managing partner Giovanni Santamaria, bought control of Teuco’s capital buying an 80% stake in the parent holding company Fimag spa from the Guzzini family, which wil retain the remaining 20% stake.
Certina’s offer was preferred to the one by Taiwanese Ibp group, a producer of bathroom accessories. Fimag has been advised for the deal by Mediobanca and by studio Boscarato as for the legal issues. Teuco has been supported by Marcap as for financial issues, while Certina has been advised by in Innext, studio Carnelutti and Epyon as for financial, legal and accounting issues, respectively.
Certina aims at relaunching Teuco’s business after some years of falling revenues due to the real estate and construction crisis. Founded in 1972 and based in Montelupone (near Macerata, in the center of Italy), Teuco reached 40 million euros in revenues in 2014.
In 2010 Certina holding, through its subsidiary Certina constructions, acquired Italy’s Domino srl, owner of Albatros, a weel-known Italian brand in the hydromassage solutions, from Sanitec group.
Certina also bought in 2011 Vitaviva, another Italian company based in Castelraimondo (near Macerata, again), producer of hydromassage showers and pools from Villeroy&Boch group. Certina invested 500k euros in equity order to finance the realunch of the company, but the project failed and the plant closed in 2013.