Global asset manager Capital Dynamics AG has sold its co-investment in Permasteelisa alongside lead investor Alpha Private Equity Fund 5, realising a multiple of investment cost of three times and a gross IRR of approximately 100%.
The successful exit was achieved by way of a trade sale to JS Group Corporation, a Japanese construction and building materials conglomerate with approximately EUR 8.5 billion in revenues. Completion of the exit took place in December, 2011 following receipt of anti-trust approvals. Permasteelisa is the world’s largest player in the engineering, manufacture and installation of architectural envelopes known as “curtain walls”. The company works with leading contemporary architects to develop and offer highly engineered solutions in the construction industry. Permasteelisa has operations in four continents (Europe, Asia, North America and Australasia) and derives more than 95% of its sales outside Italy where the business is headquartered.
Commenting on the exit, David Smith, Managing Director and co-head of Capital Dynamics’ co-investment business, says “We have known the key principals of the Alpha Private Equity Funds for many years and are delighted to have backed them in co-investing in Permasteelisa. The successful exit demonstrates the key pillar of our co-investment strategy, that of investing in mid-market companies enjoying global industry leadership positions alongside pre-eminent private equity fund managers. We are particularly pleased to have worked closely with Alpha’s Adviser in Italy, providing intelligent co-investment capital in a true partnership with their firm. The Permasteelisa exit represents the first realisation by our active co-investment fund and we look forward to similar successes in the years ahead.”
