Dierre has signed an agreement with the international investment company NB Aurora S.A. SICAF-RAIF (“NB Aurora“), for the sale of a 49.9% stake in the Group’s share capital. NB Aurora is listed on the MIV market in Italy – Professional Segment (“MIV”) organized and managed by Borsa Italiana S.p.A. – with the aim of acquiring minority stakes in unlisted Italian SMEs of excellence.
The 49.9% stake is made up of 46.1% of the entire capital previously held by the Gradiente SRG investment fund, to which is added a further 3.8% stake sold by the founder Giuseppe Rubbiani.
The majority of the Dierre Group share package remains in the hands of Giuseppe Rubbiani, founder of Dierre S.p.A.
The Dierre Group Chairman commented: “The entry of the Dierre Group into the corporate structure of NB Aurora investment fund will have the primary objective of further strengthening the competitive position of our Group in the reference markets. The decision to continue the partnership with a private equity fund will allow us to continue our progressive development process and to make use of the solid skills of NB Aurora that will allow us to complete important investment plans necessary to project ourselves with vigour into the foreign market. The collaboration with the investment company GRADIENTE SGR was very prolific for the Dierre Group. The growth project developed in recent years with Gradiente 1 has contributed to increasing the value of our Group not just in terms of turnover but also in favouring a strong expansion of the company in the productive sectors of the North-East and Lombardy, developing important product research and development synergies and increasing the value of investments“.
To date, the Dierre Group has 11 production sites, 280 employees and a consolidated group turnover for 2018 which is around 46 million Euro. The Dierre Group has recently completed important financial transactions, from the acquisition of 100% of the share capital of the Padua company Sintesi, leader in the field of industrial soundproofing, to 80% of the Vicenza company Iltras, specialized in the processing of plastics, and the acquisition of Smart Application, a Reggio Emilia-based company active in the field of robotic applications.
The upcoming challenges will see the Dierre Group engaged in internationalization towards foreign markets. A path started a few years ago but which will become more real thanks to the propelling force of NB Aurora which will allow it to attack the automotive sector of European markets and where the Dierre Group will be able to bring its expertise by putting it at the service of current and future customers, through customized, efficient and safe solutions.
NB Aurora is the first permanent capital vehicle listed in Italy on the MIV segment which was created with the aim of investing in unlisted SMEs, channelling financial resources to support their growth and internationalization, thus helping to support the country’s real economy. NB Aurora is sponsored by Neuberger Berman, a private investment company, independent and controlled by its employees, with $ 323 billion under management (as of 31 March 2019).
NB Aurora’s investment targets are Italian SMEs of excellence, leaders in niche markets with high growth potential, with a turnover of between 30 and 300 million Euro and a strong propensity to export. The NB Aurora team will operate with an active minority approach, in a partnership perspective with entrepreneurs with a medium-long term time horizon. Currently, NB Aurora holds a 26% stake in Club Del Sole and eight other investments in Italian SMEs (through the 44.55% stake in Fondo Italiano di Investimento [the Italian Investment Fund]).
Dierre Group was assisted by Ethica Corporate Finance as financial advisor, by the NCTM law firm for legal aspects, by Pincelli & Associati for tax aspects and by PwC for accounting aspects. com/lab (end) MF-DJ NEWS.
NB Aurora was assisted by Lincoln International as financial advisor, by the Dentons law firm for the legal aspects, by Studio Spada & Partners as tax advisor and by EY for accounting aspects.
Closing of the transaction is expected by July, with the start of the new quotation as early as September 2019.