Progressio Investimenti acquires Rondine Group

Nov 17, 2006

17/11/06 - Yesterday the private equity fund Progressio Investimenti finalised the acquisition of about 99% of Rondine spa, the porcelain tile manufacturer and distributor based in Rubiera (province of Reggio Emilia, Italy).
The acquisition will take place through the newly-formed company Rondine Holding.

The acquisition is a leveraged buy out financed by Banca Popolare di Novara and Mittel Generale Investimenti.

The aim of the investment is to support the growth process undertaken in recent years by Rondine, as a result of which the group has become one of the leading players in the ceramic sector through the brands Fontana Bismantova, RHS and Kermont. In particular the group has a strong export propensity, with foreign sales now accounting for more than 70% of turnover.
Operational management will remain with the current team of directors, who led the company to a consolidated turnover of 61 million euro and EBITDA of 17% in 2005. Further revenue growth of more than 21% compared to the previous year is forecast for 2006.

Progressio was supported in the operation by the Mastracchio law firm, by Price WaterHouseCoopers for due diligence in accounting and by Alberto Daina as financial advisor. Rondine also received consulting services from the Modena-based law firm Calandra Buonaura-Andreoli.

Progressio Investimenti is a closed type common equity fund managed by Progressio SGR SpA and sponsored by Fondazione Cassa di Risparmio di Trento e Rovereto, Istituto Atesino di Sviluppo and Mittel Generale Investimenti, a company controlled by the Mittel Group listed on the Milan stock market.
Progressio Investimenti has been operating for a year and has already made two investments.
The first, Brand Partners, operates in the casual clothing and sportswear sector through its own brands Moncler, Henry Cotton’s, Marina Yachting and Coast, Weber & Ahaus and under licence through Cerruti Jeans. The second, Publimethod Holding, is a leading company in Italy in the media bartering sector (sale of advertising space in exchange for goods and services).