Manuli Rubber Industries, an Italian multinational company active in the hydraulic applications sectors, could soon be sold by the only shareholder Manuli family who gave William Blair the mandate of finding a buyer, Il Sole 24 Ore reported, adding that the company could be valued 500 million euros.
MRI reached 375.2 million euros in consolidated revenues, o48.8 millions in ebitda and 18.8 millions of net profit with a net financial debt of 105.8 million euros (see here the Leanus analysis, after free registration and login). The FY 2018 interim report shows net revenues of 205 million euro at Junelast year with 28.3 millions of ebitda and a net financial debt of 113.4 millions. Last year the company also issued a 35 million euro bond, which was placed by Bnp Paribas as lead manager and listed on the Third Market of the Wien Stock Exchange. The bond matures in Otober 2024 and pays a 3.225% fixed coupon.
Among the potential interested parties would be Alfagomma and Gates. The first one is a world leader in the production of systems for industrial and hydraulic fluids. It is based in Vimercate (Milan) and was founded in 1956 by Felice Gennasio. It operates through the Altagomma, Dunlop Hiflex, Argus and Hiflex brands. It has 3600 employees, 87 branches, 21 production sites and a turnover of 440 million euros. It is chaired by Enrico Gennasio and led by CEO Guido Gennasio. As for Gates, it operates in the same sector, but is based in Denver, Colorado, and is a multinational company with over 13,500 employees, present in 30 countries. But private equity funds will certainly look at the dossier.
Manuli Rubber Industries, founded in 1935 by Dardanio Manuli, is today run by his nephew, Mario’s son, who bears the same name as his grandfather and is an Italian multinational, based in Milan, which includes Manuli Hydraulics and Fluiconnecto by Manuli. The former designs, produces and supplies systems for industrial and hydraulic fluids, associated components and equipment for high-pressure hydraulics and refrigeration. Fluiconnecto by Manuli is instead a service company focused on the high-pressure fluid connectors sector, which supplies products and application knowledge, as well as maintenance services, to all markets. Manuli Rubber Industries is part of the Elite program of Borsa Italiana and operates mainly abroad in terms of sales and operations (95% for both). The company was listed on the Stock Exchange from 1997 to January 2004, when the Manuli family delisted it.
To focus its activities on the hydraulic and oil & marine divisions, Manuli Rubber Industries had sold the automotive division, later renamed Maflo, to the Italian Lifestyle Partners II fund in August 2004. The fund was set up in November 2003 with an endowment of 120 million euros and included among its investors Banco Popolare di Verona and Novara, Cattolica Assicurazioni, LGT Capital Partners and RAS Allianz. The fund also had Gardaland and Finvetro in his portfolio. The Manuli automotive division in 2003 had recorded revenues of 180 million and had 2 thousand employees, out of a total of 358 million euros of revenues for the entire group that year.