Italian private equity firm Clessidra SGR is to acquire the entire share capital of Scrigno Group.
Based in Rimini, Scrigno is a manufacturer and distributor of counter-frames for pocket doors and windows worldwide. The company also manufactures and distributes armoured doors following the recent acquisition of Master, a company based in Piacenza.
Scrigno operates in over 20 countries in the world through commercial subsidiaries, besides Italy, in France, Spain and the Czech Republic. In 2017, it recorded revenues of approximately EUR68 million, half of which were realised abroad.
Scrigno is the fourth investment made by Clessidra Capital Partners 3, Clessidra’s third fund under management. According to the agreement, Clessidra will acquire 100 per cent of the parent company Scrigno Holding. The closing of the transaction is expected by the end of June, subject to approval by the competent authorities.
Mario Fera, CEO of Clessidra, says: “With the acquisition of Scrigno we invest into a growing market segment with great potential for further development, especially outside of Italy. This transaction fits very well with Clessidra’s strategy to create value by investing in leading Italian brands and promoting a new phase of expansion underpinned by a solid industrial approach”.
Marco Carotenuto, Managing Director of Clessidra, adds: “The decision to invest in Scrigno is sustained by the value of a brand synonymous with quality and excellence of the Made in Italy, manufacturing efficiency, managerial vision and competence imprinted by the Berardi family. We see a positive trend for the next years supported by the further strengthening of sales in Italy and abroad, the full integration of the business of Master and potential growth through acquisitions.”
Cavaliere del lavoro Giuseppe Berardi, founder of Scrigno, says: “The agreement with Clessidra represents a further step forward in the virtuous development undertaken by the company in the recent years”.
Berardi adds: “We are proud of the work done by our organisation and have found in Clessidra the ideal partner to whom to entrust the management of Scrigno”.
Linklaters acted as legal advisor to Clessidra; Roland Berger, KPMG and Studio Alonzo Committeri advised on the due diligence, while BNP Paribas on the financial aspects. BDO and Prof. Francesco Gennari acted as financial and legal advisors respectively to the Berardi family.
