Cassiopea Partners acted as financial advisor of Armònia SGR – a primary private equity operator promoted by Sigieri Diaz Pallavicini, Alessandro Grimaldi, Francesco Chiappetta, Luca Rovati and Fabrizio Di Amato – in the acquisition of a control stake in Arrigoni SpA, a leading company in Italy and one of the main operators in Europe in the market of technical textiles application, in particular for the agriculture and construction sectors.
Arrigoni, with headquarter in Uggiate Trevano (CO) and a turnover of around € 30 million, in recent years has generated sustained average annual growth and high margins, thanks also to its internationalization policy and important product innovations.
The private equity fund will have 70% of the share capital, while 30% remains to the current shareholders, including Paolo Arrigoni, member of the company’s founding family.
Even though most part of the due diligence activity and negotiations took place during the lock-down, it was achieved an agreement of mutual satisfaction. The closing will be held in September 2020.
Alongside Cassiopea Partners, Armonia was advised by DC Advisory as financial advisor, Long Term Partners as business advisor, Deloitte as auditor, Legance as legal advisor, ACP Tax as tax advisor, HCP as environmental advisor.
Vendors were assisted by Mediobanca as financial advisor and Bonelli Erede as legal advisor. The transaction is structured as an LBO. The financing banks are Banca Intesa, Crédit Agricole, Banco BPM. Cassiopea Partners also acted as debt advisor to Armonia.