US merchant bank BDT & MSD Partners agreed to buy a stake in Italian machinery maker IMA Industria Macchine Automatiche SpA owned by BC Partners.
(Bloomberg) — US merchant bank BDT & MSD Partners agreed to buy a stake in Italian machinery maker IMA Industria Macchine Automatiche SpA owned by BC Partners.
BDT & MSD Partners will acquire a minority holding from London-based BC Partners while the Vacchi family remains the majority owner of IMA, the Italian company said in a statement, without disclosing the terms of transaction.
The US firm is buying the entire 45% stake in IMA owned by BC Partners in a deal that values the whole company at between €6.5 billion ($7.2 billion) and €7 billion, according to people familiar with the matter.
The company focuses on advisory and investment businesses serving family- and founder-led business owners.
IMA, which is majority-owned by the wealthy northern Italian Vacchi family, makes machinery for processing and packaging of cosmetics, pharmaceuticals, food and beverages. In 2020, BC Partners invested in the firm and end up with a 45% stake, in a deal valuing the company at about €2.9 billion.
“We believe BDT & MSD’s long-term view and deep expertise in supporting family enterprises makes it an ideal partner to help us reach these goals and accelerate global growth, including in the U.S. market,” said Alberto Vacchi, chairman and chief executive officer of IMA.
The exit marks the BC Partners’ second sale in less than a week after it agreed to dispose of a minority stake in US pet care retailer PetSmart to Apollo Global Management.
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The transaction was led by IMA’s management team and by Poggi & Associati as lead financial adviser. Mediobanca and BofA Securities also acted as financial advisers to IMA. JPMorgan Chase & Co. provided financial advice to BC Partners.
(Adds advisers at the bottom. A previous version of the story was corrected to fix the name of the buyer in third paragraph.)
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