IGI Private Equity Acquires a Majority Stake in Matec Industries
IGI Private Equity, with a co-investment by Private Equity funds managed by Unigestion SA, has taken over the majority of Matec Industries, a company founded in 2004 by two entrepreneurs, Matteo Goich and Massimo Bertolucci, and active in the design and construction of plants for the filtration of wastewater used in industrial processes in various sectors, such as mining, aggregates, construction, concrete, marble and granite, ceramics, glass, plastics and in the chemical and pharmaceutical industry.
Over the years Matec has grown and is now a group of 16 companies, including production and sales companies, employs about 185 people, of which about 60 in production at the Massa plant, and can count on a network of about 120 distributors and 150 agents around the world.
The Group is one of the leading operators in the world of industrial process water filtration plants, with more than 4,000 installations worldwide and an export share of over 80%, thanks to a consolidated presence in almost all continents, with subsidiaries in the USA and Brazil and sales offices in India, Australia, the UK, France, Turkey, Germany, Scandinavia, and Morocco.
“IGI Private Equity invested in Matec for two very good reasons: firstly, because the company is a leading player in the application of principles of sustainability and reuse of natural resources, through the recovery and reuse of waste materials and the recycling of water used in industrial processes; secondly, because of the ambitious growth and development project shared with Matteo Goich and Massimo Bertolucci,” says Angelo Mastrandrea, partner of IGI Private Equity and Chairman of Matec Industries. “After having studied the reference sector, joining Matec represents the best way to concretely realise our investment strategy, which is increasingly focused on environmental protection, sustainability and the efficient use of natural resources, but always combined with the search for Italian industrial excellences eager to realise ambitious growth plans.
“We chose IGI for its professionalism and experience in this type of operation on industrial assets, as well as for the entrepreneurial approach of its partners and the team as a whole. The partnership we have created aims to strengthen the company from an organisational and managerial point of view while improving its financial and balance sheet results. The commitment is to guarantee the Group an increasingly global future, increasing brand awareness and market share, and expanding its geographical presence by opening new branches and expanding its distribution network,” says Matteo Goich.
“The prospect of an ambitious project that would focus even more on Made in Italy, which Matec has always proudly carried around the world, got us involved from the very beginning. The presence and support of IGI Private Equity will allow the Group to further accelerate the industrialisation process, also with a view to lean, increasing efficiency, production capacity, innovation in terms of research and development, and above all competitiveness,” says Massimo Bertolucci.
The Group ended the financial year 2021 with consolidated revenues of around €50 million, more than doubled compared to 2020. In June 2022, Matec realised an aggregate turnover of €31 million, a 60% increase compared to June 2021.
On the basis of the development trends just described, the new commercial opportunities envisaged, and the economic and equity consolidation achieved with this operation, the Matec Group has laid the foundations for an ambitious industrial plan that will see turnover exceeding €60 million in 2022 and the achievement of the €100 million-milestone in the coming years. This important milestone will be realised by maintaining the operational headquarters in Massa and the coming on stream of the new 20,000m² production site in the municipality of Mulazzo, also in the province of Massa Carrara. This important development of the production set-up is essential to realise the important orders already acquired and to be acquired from major international customers.
In the transaction, the company and the sellers were assisted by Azimut Group’s investment banking team as financial adviser, by Studio Legale Craia for legal due diligence and contractual support, and by Studio Sacco & Partners for accounting and tax due diligence support.
The IGI Investimenti Sei fund managed by IGI Private Equity was assisted by KPMG for financial due diligence, by Goetzpartners for business due diligence, by Chiomenti Studio Legale for legal due diligence support and for the sponsor-side banking, by Molinari Agostinelli for the tax aspects of the acquisition and financial structure of the transaction as well as for tax due diligence, by Ramboll for environmental due diligence and by Prometeia for ESG due diligence.
The financing banks of the pool formed by BNL BNP Paribas S.p.A., BPER Banca S.p.A. through its Corporate & Investment Banking division, Intesa Sanpaolo S.p.A. and Crédit Agricole Italia S.p.A., were assisted by Simmons & Simmons.