The transaction is a first in the consolidation of the Italian aeronautical equipment supply chain
Milan, 31 August 2021 – Fondo Italiano d’Investimento SGR (“FII”), through Fondo Italiano Consolidamento e Crescita (“FICC”), signed today an agreement to invest in Mecaer Aviation Group (the “Company”), a leading Italian company in the aerospace sector, thus launching the first consolidation project of the aerospace equipment supply chain in Italy. The financial terms of the transaction were not disclosed.
Established in 1995 as a spin-off of Leonardo by a group of Italian entrepreneurs, with headquarters in Borgomanero (NO), Mecaer’s got two production plants in Italy, one in Philadelphia (USA) and one in Laval (Canada). The Company is specialized in the design and production of technological equipment systems (flight control systems, actuation systems, landing systems) for the helicopter sector and small to medium sized aircraft, mainly business jets, trainer aircraft and unmanned aerial vehicles (c.d. UAVs), for major industry players including Augusta/Leonardo, Bell and Airbus. The Company, with a turnover of €140 million and a €18 million EBITDA, is currently chaired and led by Bruno Spagnolini, CEO of the Company and former CEO of AgustaWestland.
The transaction consists of FICC, the fund managed by Fondo Italiano d’Investimento focused on investments and consolidation projects in Italian companies operating in sectors of excellence, and Stellex Capital Management (“Stellex”), a leading transatlantic mid-market private equity operator with significant expertise in the global aerospace sector, partnering together to lead the acquisition of shares of NB Renaissance Partners and Private Equity Partners funds and the subscription of a capital increase. This will provide the Company with new financial resources aimed at pursuing an ambitious growth plan in Italy and abroad, including potential M&A. The transaction is focused on internationalization in the relevant areas for the sector (USA, France, UK, Germany), and will look to enhance the skills of its workforce and broaden the Company’s customer base. The transaction will allow the founding families and the Company’s CEO to partner alongside the fund’s investors to support further acquisitions and continued growth in the industry.
“This is a strategic transaction for Fondo Italiano because of the global relevance of the aerospace sector, the specific skills that Italy has shown it can develop, and the enabling technologies that we believe we can further grow thanks to a “best in class” platform like Mecaer”,
says Antonio Pace, CEO of FII.
“Today we are starting the consolidation of the aerospace equipment supply chain, as it has already happened in France, Spain and Germany” – continues Gianpaolo Di Dio, Chief Investment Officer of FII. “The deal strengthens one of the sectors in which Italy can potentially express a leadership of sheer excellence”.
Bruno Spagnolini, who has significant experience in the sector, stated:
“The Italian aerospace sector has great opportunities for growth and consolidation, including international ones. Today we receive the support of Fondo Italiano d’Investimento, the first private equity operator in Italy, and Stellex, one of the main international operators in the aerospace and defence sector. It is an exciting time as this is the beginning of a new era for Mecaer”.
Karthik Achar, Partner of Stellex, said:
“We are excited to be part of this new phase of growth for Mecaer and to support its global expansion. Stellex sees a great opportunity in this partnership and we are committed to supporting Mecaer’s drive to be a world class supplier to its customers.”
FII and Stellex were assisted by KPMG Corporate Finance, CSP Associates, E&Y, Latham & Watkins, ERM and Marsh, as well as receiving financial support from Solution Bank and Anthilia. The shareholders of Mecaer were assisted by Studio Gatti Pavesi Bianchi Ludovici.
Stellex Capital Management
Rosalia Scampoli, Marketcom PR
rscampoli@marketcompr.com
Mecaer Aviation Group
Paola Dalmasso, Mecaer Aviation Group
VP Customer Support
Tel. +39 0322 837.1
paola.dalmasso@mecaer.com
