Alto Partners acquires Monviso from 3i


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Stefano Scarpis Headquartered in Andezeno, Monviso was founded in 1936 as a producer of hand-made food for children and diabetics. In the early 70s the company started to increase its production and also expanded into the non-dietary food segment. Today, under the brand Panmonviso, the company ranks at the top of the Italian market far bread substitutes, producing rusks, breadsticks, gluten-free products, biscuits and croutons. Monviso has a workforce of 110 and operates through three dedicated manufacturing facilities.

The company has gross revenues of more than €30m and an EBITDA of approximately 15%. In 2007 the Italian market for bread substitutes reached approximately €950m and in the last three years the market has been growing at a significantly higher rate than that of the general food market (4.1% versus 1.6%). The investors plan to support the company by improving distribution, in particular in the HORECA sector, strengthening the presence in important markets such as central and northeastern Italy, and by assessing strategic acquisitions.

Alto Partncrs has acquired an 89% stake in Monviso from private equity fund 3i. The balance is held by the management, led by CEO Massimo Chinarelli, and the shareholders, Franco Gribaldi and Franco Vitale. The proprietary deal took two months to complete and represents the sixth investment of Alto Capital II fund.

Massimo Chinarelli will remain as the company's CEO. Stefano Scarpis , Mario Visioni , and Alice Barberini handled the deal for Alto Partners. Lorenzo Zamboni led for 3i.



Alto Partners buys Rubinetterie Toscane Ponsi


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Stefano Scarpis Viareggio-based Ponsi was established in 1948 by four brothers and until recently was owned by 12 shareholders, children and nephews of the founders. The company specialises in the manufacture of bathroom taps and mixers. It has a presence in Tuscany, Emilia Romagna, Umbria and Lazio while 20% of its sales originate from Greece, The Netherlands, Germany and the Far East.

Ponsi employs over 70 staff. The backers' plan is to support the continued growth of the company, to promote M&A activity mostly in Italy and to improve exports to reach international sales in the range that sector competitors currently operate (50%) through a more efficient sales channel and through increased communication and marketing investments.

Stefano Scarpis , Mario Visioni and Alice Barberini led the deal for Alto Partners ; Visioni and Barberini will join the company's board. Umberto Grazzini will remain the company's general manager. Davide Ramelli, Gabriele Colla led the deal on behalf of Interbanca.



Alto Partners expands its stake in Rancilio


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Rancilio Alto Partners has completed a capital increase in traditional manufacturer Rancilio elevating its stake to 31% and allowing Rancilio to enlarge its stake in superautomatic machine manufacturer Egro Coffee Systems (ECS).
The remaining 69% stake is held by the founding owners. The deal was agreed last September at the time of the acquisition by Alto Partners (October 2007, page 20). The capital increase has served to increase Rancilio's stake in ECS from 25% to 77%.

The balance will be retained by one of ECS' managers. Founded in Parabiago in 1927, Rancilio established itself as a traditional manufacturer of semi and for fully automatic coffee machines for households and businesses. Represented in Europe, the US and the Far East, Rancilio current1y employs 133 staff. It expects a turnover of approximately €35m for 2007. Niederrohrdorf-based Egro Coffee Systems was founded in 1849 by Castor Egloff. With offices in Switzerland, Germany and Hong Kong and 80 staff, it reported a CHF 25m turnover in 2007.

The investment represents a strategic and unique opportunity for commercial synergies. Rancilio will direct1y control the fast growing product category of fully-automated coffee machines, reaching consolidated revenues of approximately €45m.

Mario Visioni and Alice Barberini led the deal for Alto Partners .



Alto Partners completes Rancilio buyout


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Stefano Scarpis Coffee machine maker Rancilio has sold 16.67% of its share capital to Alto Partners via a limited auction process managed by KPMG Corporate Finance.

The investors valued the business based on its multiple of earnings and will support the company's growth via acquisitions in Italy and abroad. To that end, the GPs may consider underwriting further capital increases. Upon completion of the deal, existing owners Giorgio, Roberto, Silvia and Luca Rancilio will own a joint stake of 83.33%. The acquisition is forecast to close by the end of September. By that time, the GPs will have decided on the leveraged finance aspects of the transaction.

Stefano Scarpis , Mario Visioni and Alice Barberini of Alto Partners handled the deal.



Alto Partners buys Caminetti Montegrappa


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Stefano Scarpis Alto Partners has acquired a majority stake in Caminetti Montegrappa SpA from the six founders and managers. The transaction was leveraged by a senior debt package provided by Veneto Banca.

Upon completion of the MBI, the firm will own 83% of the stove manufacturer, while three of the founders will hold a 15% stake and manager Paolo Gai will hold 2%. The company's newly-appointed managing director will benefit of an incentive plan based upon the cash multiples of the fund at the time of divestment. According to Alto Partners , this was a proprietary deal and it was attractive due to the company's strong brand recognition as a reliable, efficient and sturdy product.

Caminetti Montegrappa was founded in 1976, is headquartered in Pove del Grappa, on the outskirts of Vicenza, and employs 105 staff. It produces fireplaces and stoves that are positioned at the high­ end of the market in terms of price and quality. Around 85% of the company's revenue is generated in Italy, while approximately 15% originate from sales in Germany, Austria, France, Switzerland and the Nordics. The value-adding strategy will focus on increasing the company's exports and manufacturing capacity, as well as making improvements in design features and increasing cost efficiency.

The company expects to post total sales of €24.3m for 2006, an increase of 30% in relation to the previous exercise.

Raffaele de Courten and Alberto Trinca of Alto Partners led the acquisition process of Caminetti Montegrappa. The company's founders, Erio Piva, Silverio Zanesco and Lorenzo Tognon, will retain their roles of chairman, vice chairman and sales manager, respectively, as well as a minority stake in the company.