Industrie llpea spa, an Italian company specializing in the production of components in the automotive, household appliance, and construction supply chains, with a long history in the portfolio of private equity funds, has secured a €15 million medium- to long-term loan from Crédit Agricole Italia, aimed at supporting the group’s growth over the next five years.
Marco Perocchi, head of corporate banking at Crédit Agricole Italia, commented, “For Crédit Agricole Italia, exports and internationalization are key drivers through which to increase the potential of companies by making them competitive while making an important contribution to the evolution of the country’s entire economic fabric. In line with the objectives of the PNRR, the operation just concluded confirms the group’s concrete support for the development and growth of Made in Italy excellences, such as Industrie Ilpea, accompanying them along a path of sustainable and lasting growth.”
Claudio Talamona, CFO of Ilpea, added, “Industrie Ilpea’s collaboration with Crédit Agricole Italia is further strengthened with the conclusion of this important financial transaction to support a vision of further growth in the medium and long term, in a particularly challenging context and with particular attention to sustainability issues in that path.”
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Ilpea had been the subject of one of the first major buyouts in the history of Italian private equity
Industrie Ilpea, founded in 1960 in Malgesso (Varese, Italy), its historical headquarters where technical, commercial, and development strategies are defined, has over the years established numerous production sites in Europe and other continents, becoming a world leader in the design and manufacture of components in plastic, magnetic and rubber materials, mainly intended for the household appliance sector and with specialized applications in the automotive and building construction sectors.
The company closed its consolidated financial statements as of October 31st, 2021, with €279 million in revenues, Ebitda of €43.4 million, and net income of €16.9 million, against net financial debt of €82.3 million, after closing 2020 with €225.8 million in revenues, Ebitda of €36.8 million, net income of €7 million, and net financial debt of €92.3 million. The debt also includes a previous €5 million 5-year loan with SACE guarantee, also provided by Crédit Agricole Italia in June 2020, and a €4 million 5-year loan provided by Unicredit in June 2020 with SACE guarantee.
Ilpea had been the subject of one of the first major buyouts in the history of Italian private equity. In 2001, in fact, the company had been acquired for €350 million by the Investitori Associati III (35 percent), Madison Capital Partners (30 percent) funds, together with the then Banca Commerciale Italiana (10 percent) and a group of managers and other private investors (25 percent), led by chairman and ceo Paolo Cittadini. Selling had then been UBS Capital, which had acquired the company in 1998 (see here Private Equity Monitor 2000-2006). The deal had seen the simultaneous integration of Ilpea and Holm Inc, already in the portfolio of the U.S. fund Madison Capital Partners.
At the moment, Ilpea formally reports to Ilpea Parent Inc, itself a wholly owned subsidiary of Ilpea Equity LLC based in the US in Delaware. Although the company in past years has been put on the market several times and entered into close negotiations with various counterparts, including Clessidra sgr and Oaktree, in the end, no transaction was ever announced. The only transfer of shares concerns those of Intesa Sanpaolo (into which Banca Commerciale Italiana had merged at the time), which were transferred to NB Renaissance Partners, Neuberger Berman Group, in 2015 along with the entire portfolio of private equity holdings. NB Renaissance then divested the stake, without giving notice: on its website, it now appears among those “realized.”
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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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