Cosimo Vitola
Ethica Group
Phoenix S.p.A.
Deal Type
Company sale
Sector
Industrials
Completion Date
25th February 2016
Deal Value
Not disclosed
Company Background
Established in 1972 and headquartered in the Bergamo area, Phoenix International Group is the European leader in the design, manufacturing and sale of aluminum extrusion dies, key consumables for the aluminum extrusion process.
With 7 manufacturing plants strategically located all over Europe, Phoenix is able to ensure top quality products with short delivery times to its international customer base serving multiple end markets.
Deal Summary
Ethica Corporate Finance advised the shareholders of Phoenix on the sale of the business to Chequers Capital, a Paris-based private equity firm investing principally in control buyouts of leading European mid-market companies.
The acquisition provided a full exit for the existing shareholders - the founding family and two Italian private equity firms - whilst the Group’s current CEO, Roberto Rusticelli, invested alongside Chequers and additional top managers in the Leveraged Buy Out transaction.
Value Added
Ethica was appointed by the shareholders of Phoenix to deliver value through an exit, potentially through a private equity led secondary buy out.
Upon appointment we immediately began a preparation for sale exercise, including the redaction of a business plan incorporating the effects of the projected acquisition of a small German company, and the creation of a robust data room.
After pre-screening of approximately 30 potential buyers, we approached a well-defined group of potential buyers and organized an efficient and highly competitive auction process within a very short timeframe. The outcome was an increase in total net equity proceeds - if compared to a previous non-solicited offer received before Ethica’s appointment - that proved to be to the seller’s advantage. Additionally, the transaction achieved a market-leading set of sale terms for all the shareholders.
