Private equity funds are working on plans to take control of the Padoa-based agricultural machinery manufacturer Maschio Gaspardo spa (see Il Mattino di Padova here). In June, in fact, an agreement with the 24 lending banks, which rescheduled the debt of about 240 million euro back in 2016, will expire (see Il Mattino di Padova here). Already at the end of 2017 there was talk of an interest by Elliott (see Il Sole 24 Ore here).
At the end of 2017 the group’s debt had fallen to 185 million euros, against a return to profit and a turnover of 324 million euros, up 11% from the previous year. Last December 2018 the two semi-public financial companies of the North East, Friulia spa and Veneto Sviluppo spa, had announced a commitment for 20 million euros in the group’s capital to help the company find a new agreement with the lending banks and at the same time Maschio Holding, controlled by Andrea and Mirco Maschio, raised its stake in Maschio Gaspardo spa to 86% (see the press release here). Friulia had then reduced its stake to 14% but subsequently to the total investment of 20 millions by Friulia and Veneto Sviluppo, it is expected that the two financial companies will rise to 20% each in the capital, while Maschio Holding would fall to 60%.
In the meantime three new members have joined the board of directors: Pietro Del Fabbro, chairman of Friulia, Fabrizio Spagna, chairman of Veneto Sviluppo, and the lawyer Giuliano Gabrielli. While the vice-president Giorgio Maschio (co-founder of the group in 1964 with his brother Egidio, who died in 2015) left the board of directors, as well as Martina Maschio and Franco Biasutti. Andrea Maschio, chairman of Maschio Holding, has been appointed new vice president, while Mirco Maschio is chairman and Luigi De Puppi is the ceo. Alberto Baban also sits on the board of directors.