Looking back on the achievements of the companies we have worked with, we have to conclude that the sense of a job well done takes a lot of beating.
F.M. S.p.A.
Brief description
F.M. is the European leading quality supplier of disposable for dialysis and other health care applications. Its production sites in EU and EM have been at the forefront of innovation in quality manufacturing standards, allowing strong loyalty in most demanding (multinational) customers.
Investment Rationale
- Solid market growth underpinned by consumer interest in quality and reliability.
- Strong growth track record.
- Longstanding relationships with key customers.
Value Creation
- Invested behind development and diversification of key accounts.
- Stepped up innovation. Invested in entire supply chain to ensure constant top quality and customer service
Status
- Exited
Esautomotion
Brief description
Esautomotion S.p.A. is a modern industrial company firmly rooted in the world-wide market of the Numeric Control. The core-business is developing, manufacturing and selling products and services for industrial automation purposes, and more specifically CNC and software to manage a wide range of machines. Esautomotion S.p.A. is listed on AIM Italia a stock exchange segment managed by Borsa Italiana and dedicated to SMEs
Investment Rationale
- High profitability due to business model
- Strong competitive advantage due to intangible internal know how
- Externalization of the hardware production to third parties
Value Creation
- Fast growth due to internalization and M&A process.
- From Family Business to a Management Business.
Status
- Exited
Proterm Group
Brief description
Proterm Group is the biggest Italian company specialized in steel and other metals heat treatment for a wide range of applications. The Group is composed by 7 companies, most of them located in Emilia Romagna, and operate mainly for the mechanic industry with an average export share on total revenues of about 75%. Strong export: Customers’revenues ca 75% international (average)
Investment Rationale
- Industry leadership (business and technological)
- Wide range of heat treatment offered
- Stable business relationship with the customers
- High profitability and cash generation
Value Creation
- Fast growth due to M&A process.
- From Family Business to Management Business.
- Sizing up by acquisitions to hedge on exit multiple.
Status
- Exited
Umbra Group
Brief description
Umbra Group is a cutting-edge manufacturing company in the aeronautics and industrial sectors and it is the world leader in the production of recirculating ballscrews for the aeronautics sector. With 6 companies located in Italy, Germany and USA, the company develops a turnover for about euro 215 million with more than 1.200 employees.
Investment Rationale
- Industry leadership (People, business and technology)
- A strong and long track record in economical and financing performance
- Stable business relationship with the customers
- Organic growth stable and constant YOY
Value Creation
- Organic and M&A growth.
- Market presence consolidation (EMEA and U.S.)
- Improvement of cash flow generation
Status
- Exited
Mid Industry
www.midindustry.com
Brief description
Exited in 2012, MidIndustryCapital (MIC:MI), an investment company established in December 2006 by MCP, is the first multy-SPAC listed in Italy (May 2007) in a Euro 100 mln full-cash IPO sponsored by Mediobanca.
Investment Rationale
- “Change the game” in SMEs growth capital investing, by adopting a longer term horizon than dominant (financial) PE players.
- Focusing on special situations
Value Creation
- Served as ceo and board-member.
- Executed some controlling investments (recently sold with substantial capital gains)
- Served in the portfolio boards until 2010.
- Changed governance and paid out capital to shareholders
Status
- Exited 6X on June 2012.
Bayes Investments Ltd
www.bayesinvestments.com
Brief description
Bayes Investment Ltd is an London based entity, esclusive advisor of Casa4Fund, the manager of Made In Italy Fund (“MIF”) a Luxemburg regulated entity investing in Italian listed PMEs.
Jointly with Arventia Partners, a majoriy stake was aquired in May 2016.
Investment Rationale
- Outsourcing tactic portfolio management.
- AM appeciation as an effect of the “PIR” legislation.
Value Creation
- MIF has been the category best performer in 2016, 2017 and part of 2018.
- AUM have been significantly increased in the period.
- Compliance and Controlling Function implemented.
Status
- Sold in February 2018 to the Managing Partner with a significant return.
LMS Holding
www.nadella.com
Brief description
Nadella specialise in linear and motion solutions systems for engineering applications in several industries (including medical devices, robotics, vending machines and others). The Group operates plants in Germany and Italy and holds subsidiaries in China, India and the U.S. Funded in 1929, Nadella is one of the leaders in its market, having pioneered its products in Europe.
Investment Rationale
- Strong product/service know-how
- Cycle resilient business due to its wide range of applications in several industries.
- Un-expensive items covering “key functions” in expensive systems/plants.
- Strong position in Europe and the opportunity to expand to new strategic export markets.
- Strong existing network of distribution / entry barrier.
- Potential for further development of the product ranges.
Value Creation
- Developped and implemented entry strategies in new markets
- Strengthened position in value chain by getting control of some “key products/services” manufacturers.
- Creation of effective financial reporting and control systems.
Status
- Exited on June 2018 with a 4,8x Cash on Cash return.