Progressio has completed the sale of Industrie Chimiche Forestali SpA (ICF) to EPS Equita PEP SPAC (EPS).
ICF is a prominent player in adhesives for the footwear, automotive and flexible packaging sectors, with approximately EUR80 million in turnover and a commercial presence in over 70 countries. Founded in 1918, the company turns 100 this year. Since inception ICF has maintained a strong international presence, which was further strengthened by its entry into automotive and flexible packaging adhesives and the special fabrics sector.
The buyer is EPS, a special purpose acquisition company (SPAC), promoted by Equita and Private Equity Partners, and is listed on AIM Italia – Alternative Capital Market. With this acquisition it will change its name to ICF Group SpA.
The sale of ICF is the fifth exit for Progressio Fund II. ICF was sold at EUR69.1 million versus the EUR36 million invested in 2016, resulting in a multiple of invested capital of circa 2.0x and an IRR equal to approximately 33 per cent.
The deal was managed by Progressio’s Managing Partner, Filippo Gaggini and Senior Partner, Angelo Piero La Runa.
Filippo Gaggini, Managing Partner of Progressio, says: “The sale of ICF is the seventeenth exit in Progressio’s history, with a total return averaging 3.4x times invested capital. As of the end of 2017, we managed funds totalling roughly EUR350 million, and have made 20 investments. We continue to focus on investing in companies of Italian excellence such as Moncler, Sanlorenzo, Chromavis, Italchimici and Duplomatic.
In January 2018 we launched Progressio Investimenti III, with a target size of EUR225 million, which has already made its first investment in March 2018 by purchasing the control of Save The Duck, a company which is active in the ethical fashion segment, selling their own animal- free outerwear in 30 countries worldwide.”
Angelo Piero La Runa, Senior Partner of Progressio, says: “Industrie Chimiche Forestali is a clear example of Italian excellence that year after year gains more and more market share at a global level thanks to an exceptional management team and efficient company structure. We are happy that the outcome of our investment is the listing of ICF and its transformation into a public company that sees the management team as one of the main shareholders. We believe that the activity carried out in recent years by the structural expansion in terms of investments in the industrial apparatus, expansion of the organizational structure and scouting of sector operators that could successfully join ICF, represent a very solid base to allow the company to create value over the next few years.”
Guido Cami, CEO of ICF, says: “I am very proud of the result achieved today, and I thank all the collaborators for their work together. In just a few years of Private Equity guidance, ICF has become a Public Company where the management are also important shareholders. So, let’s celebrate the centenary of the company’s life, wishing them prosperity for the next 100 years to come!”
