Fimer’s €26M Revival: McLaren Applied Leads Innovation, Jobs, and Global Growth

After numerous vicissitudes, the manufacturer of photovoltaic inverters and charging solutions for electric vehicles Fimer spa, in extraordinary administration, has been definitively assigned for 26 million euros by MIMIT-Ministry of Business and Made in Italy, on the indication of Minister Adolfo Urso, to MA Solar Italy Limited, a company under English law of the McLaren Applied group, controlled through MA Corporate Holdings Limited by the British fund Greybull Capital.

For the company complex – composed of the production plant in Terranuova Bracciolini (Arezzo) and six strategic foreign subsidiaries in India, Turkey, the United States, Australia, Singapore and Taiwan – the British company has presented an industrial plan characterised by “significant prospective growth” for Fimer with planned investments of 30 million.

The English company has also guaranteed the maintenance of production activities in Tuscany and employment levels for three years , foreseeing a 2% salary increase for all 263 employees starting in 2025. The Usmate Velate-Vimercate plant (Monza Brianza) and its 55 employees remain outside the scope.

The acquisition represents an important turning point for Fimer

MA Solar Italy Limited and MA Corporate Holdings Limited were assisted by the international law firm Gianni & Origoni for restructuring, antitrust and golden power profiles and for aspects of English law, with the consultancy of Greybull Capital, while KPMG Advisory provided assistance in the preparation of the industrial plan. The law firm Luisa Melara & Partners Law Firm supported Fimer in extraordinary administration – represented by the extraordinary commissioners Maurizio Ascione Ciccarelli , Eugenio D’Amico and Gerardo Losito – in all phases of the competitive procedure for the sale of the corporate complex of Fimer and its foreign subsidiaries.

“This award represents an important result, which guarantees industrial and employment continuity, in a growth path with investments in innovation and competitiveness,” commented Urso.

“MA Solar Italy Limited was selected thanks to its solid business plan, which includes a clear strategy for sustainable growth, development and innovation of Fimer’s core business, ensuring the future of the company’s operations and workforce. Furthermore, the significant technological synergy between Fimer and McLaren Applied is expected to drive technological advances, operational efficiency and market expansion, including in new sectors compared to the current core business. The acquisition represents an important turning point for Fimer, allowing the company to complete its restructuring process, support its business continuity plan and expand its activities,” the three extraordinary commissioners specified.

The industrial crisis of Fimer, which has had its registered office in Milan since 2021, was resolved in less than a year from the opening of the extraordinary administration, which took place on November 30, 2023, after the Civil Section II of the Milanese Court – composed of Luisa Vasile (president), Luca Giani (judge-reporter) and Vincenza Agnese – had also declared the inadmissibility of the composition request proposed by the company, initially presented to the Court of Arezzo, and decreed its state of insolvency, rejecting the 50 million euro rescue plan of McLaren Applied and entrusting the management to the three extraordinary commissioners.

At the time, total assets exceeded 183.2 million euros , debt was almost 226 million, in addition to provisions for risks and charges for a further 146.8 million and revenues from sales and services of approximately 95 million (without considering changes in inventories and capital gains from disposals).

The name of McLaren Applied was made official in September 2023, after the Court of Milan had said yes on August 24 to the request for an urgent injection of new finance presented by Fimer. The subsidiary of Greybull Capital had then paid the first tranche of 5 million euros as part of a total investment of 50 million, thanks to which it would have acquired 100% of Fimer, an operation then fell through with the opening of extraordinary administration.

The green light from the magistrates to McLaren Applied had arrived because on August 6 the British family office Clementy had not paid the first 5 million euros promised to the judges, announcing the withdrawal of its 95 million euro investment offer presented in July. Clementy had made an offer of the same amount at the end of March last year, only to withdraw it at the end of April, complaining of various defaults by Fimer shareholders.

In May, therefore, the board of directors had opened the doors to McLaren Applied for the first time before the Court of Arezzo, which has now received the final green light.

Fimer entered into financial tension following the acquisition, at the beginning of March 2020, of the solar inverter division of the Swiss giant ABB , a deal that had created the fourth largest inverter manufacturer in the world and which had allowed it to have a presence in over twenty countries with approximately 1,100 employees.

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(Featured image by andreas160578 via Pixabay)

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First published in Be Beez. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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