Progressio has sold its majority stake in Duplomatic to fellow Italian private equity firm Alcedo.

The deal values Duplomatic, a Milan-based hydraulic components and systems manufacturer, at €69m.

Since Progressio acquired an 86 per cent stake in the business from Axa Private Equity (now Ardian) in 2013, revenues and Ebitda have increased by approximately 50 per cent each.

“Solid cash generation allowed Duplomatic to self-finance its ambitious R&D and M&A strategies,” said Progressio investment director Alessandro d’Arco.

In 2016, the group reached pro-forma revenues – including acquired business Tecnologie Industriali – of €70m and Ebitda close to €10m.

During Progressio’s hold, Duplomatic bolted-on Hydrux in 2014, OCS in 2015, Eurosei in 2016 and Tecnologie Industriali at this beginning of this year.

Progressio, which has typically focused on Italian LPs for its fundraises, is understood to be considering significant fundraising activity in London in the short- to medium-term.

Investing in Italian excellence and prestige brands, the firm has already raised two funds: Progressio Investimenti, which closed at €100m, and Progressio Investimenti II, which closed at €205m and also received commitments from international institutional investors.

SUBSCRIPTION REQUIRED

To view the deal details,  or subscribe.

1 COMMENT