Investindustrial, Alpha in €353m take-private

The private equity firms have launched Italy’s largest LBO this year for Milan-listed ‘architectural envelope’ maker Permasteelisa.

Southern Europe-focused Investindustrial has teamed with French private equity firm Alpha to purchase Permasteelisa in a transaction valued at €353 million.

The two private equity firms, along with company management, said in a statement they have have already agreed to purchase shares equivalent to a 61.5 percent stake, with plans to launch a tender offer for the remaining shares at €13 each.

Sydney Opera House: Permasteelisa project

Andrea Bonomi, Investindustrial’s chairman, noted the deal marks Italy’s largest proposed buyout this year.

Permasteelisa is best known for making “architectural envelopes”, or curtain walls, for buildings including the Sydney Opera House and Shanghai World Financial Center. It employs 6,000 people and had sales of €1.1 billion last year, up 14 percent from when Investindustrial first backed the company in 2002.

Investindustrial, formerly known as 21 Invest, had acquired a 15 percent stake in the Milan-listed company in 2002; it currently owns 22.3 percent of the company, according to Reuters.

The deal is subject to undisclosed conditions precedent and regulatory approvals.

Permasteelisa's shares were trading at €12.90 at press time, giving the company a €332 million market capitalisation.