Marking Italy’s largest LBO this year, mid-market private equity firm Investindustrial and French private equity fund Alpha, have entered into an agreement to acquire 100% of architect envelope manufacturer, Permasteelisa for €353m.
The proposed agreement would see Investindustrial buyout 61.5% of Permasteelisa and then launch a tender offer for the remaining shares. The acquisition of Permasteelisa is the fourth public to private transaction Investindustrial has launched in the past two years.
With €1.1bn in total sales last year, up14% since 2002, Permasteelisa engineers, manufactures and installs architectural envelopes throughout Europe, Asia, USA and Australia. Some of its projects have included the Sydney Opera House and London’s Canary Wharf business district.
Chairman of Investindustrial Andrea C. Bonomi said: “We are very pleased to announce the largest buyout in Italy this year in a very difficult industrial and credit market. This demonstrates the strength of the Investindustrial franchise as a long term industrial partner for Southern European mid-market companies and the Italian banking community.”