European private equity fund Ambienta SGR has completed the acquisition of a 100 per cent stake in IP Cleaning, a manufacturer of machines and equipment for the professional cleaning sector.
Ambienta is investing circa EUR50 million in the company, primarily to finance the industrial revamp and the reorganisation of the company.
The agreement has been signed following exclusive negotiations that also involved current lenders UniCredit, Intesa, Ubi, Bper, Banco Popolare, IKB and MPS, who agreed to a rescheduling of outstanding debt.
IP Cleaning ranks as the number three player in the European professional cleaning market. The company manufactures its products in six plants located in the North of Italy and employs 1,000 people.
Ambienta intends to build upon IPC’s existing sustainability focused product range through further investments in R&D.
“IP Cleaning is an example of Italian excellence, with a strong international reach, operating in a market with growing economic fundamentals driven by innovations in energy efficiency and a reduction in the environmental impact of detergents," says Mauro Roversi, partner and chief investment officer of Ambienta. "We believe that following the injection of fresh financial and managerial resources, and benefitting from Ambienta’s strong industrial expertise, IP Cleaning will be able to leverage on the excellence of its industrial skills and products to substantially strengthen its market positioning, solidifying its leadership in the professional cleaning industry at the international level.”
