M&A Deal Summary

Mandarin Capital Management SA, Goldman Sachs Merchant Banking, Hony Capital and Changsha Zoomlion Heavy Industry Science & Technology Development Acquires Compagnia Italiana Forme Acciaio

On September 1, 2008, private equity firm Mandarin Capital Management SA, private equity firm Goldman Sachs Merchant Banking, private equity firm Hony Capital and Changsha Zoomlion Heavy Industry Science & Technology Development Co., Ltd. acquired machinery company Compagnia Italiana Forme Acciaio S.p.A. (​CIFA) from Alpha Group for 511M EUR

Acquisition Highlights
  • This is Mandarin Capital Management SA’s 1st, Goldman Sachs Merchant Banking’s 2nd, Hony Capital’s 2nd and Changsha Zoomlion Heavy Industry Science & Technology Development’s 1st transaction in the Machinery sector.
  • This is Mandarin Capital Management SA’s 1st, Goldman Sachs Merchant Banking’s 35th, Hony Capital’s 4th and Changsha Zoomlion Heavy Industry Science & Technology Development’s 1st largest (disclosed) transaction.
  • This is Mandarin Capital Management SA’s 2nd, Goldman Sachs Merchant Banking’s 1st, Hony Capital’s 1st and Changsha Zoomlion Heavy Industry Science & Technology Development’s 1st transaction in Italy.

Target

Compagnia Italiana Forme Acciaio S.p.A. (​CIFA)

Milano, Italy
website
Compagnia Italiana Forme Acciaio S.p.A. (​CIFA) is a concrete equipment manufacturer offering full-line concrete equipments including concrete pumps, concrete mixers, plants, and formworks.

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Buyer(S) 4

Buyer

Mandarin Capital Management SA

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2007
PE ASSETS 1.3B EUR
SizeLarge
Type Sector Agnostic
DESCRIPTION

Mandarin Capital Management SA is a Chinese-European private equity firm that seeks to invest in mid-market Italian and German companies looking to expand into Asia. Mandarin Capital looks to invest €10 to €30 million in companies generating revenues of €40 to €300 million. The Firm will consider both majority and minority equity positions. Prospective transaction situations include buyouts (MBOs, MBIs, and LBOs) and growth /development capital financings. Mandarin Capital Partners was formed in 2007 and has offices in Luxembourg, Milan, Frankfurt, and Shanghai.


DEAL STATS #
Overall 2 of 24
Sector (Machinery) 1 of 2
Type (Secondary Buyout) 1 of 3
Country (Italy) 2 of 20
Year (2008) 2 of 3
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-01 Gasket International SpA

Calepio, Italy

Gasket International is a manufacturer of steel seat rings, balls and valve components with ultramodern manufacturing plant in Italy and exports in all the 5 continents.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-12-01 Prime European Therapeuticals SpA

Lodi, Italy

Prime European Therapeuticals SpA is a provider of Active Pharmaceutical Ingredients (API’s) and Custom Synthesis services. Prime European Therapeuticals was founded in 1946 and is based in Lodi, Italy.

Buy -
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

website


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 65 of 169
Sector (Machinery) 2 of 2
Type (Secondary Buyout) 12 of 59
Country (Italy) 1 of 1
Year (2008) 10 of 12
Size (of disclosed) 35 of 50
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-01 Xella International Sarl

Duisburg, Germany

Xella International Sarl is a provider of wall-building materials and a leading European producer of lime and premium dry lining.

Buy €1.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-25 Verra Mobility Corp.

Mesa, Arizona, United States

Verra Mobility is a global leader in smart mobility, serving the world's largest commercial fleets and rental car companies in managing tolling transactions and violations for more than 8.5 million vehicles and operating more than 4,000 red-light, speed, and school bus stop arm safety cameras. Verra Mobility maintains its leadership position in the marketplace through meaningful scale and has demonstrated consistent revenue growth underscored by its differentiated transaction processing model. Verra Mobility was founded in 2016 and is headquartered in Mesa, Arizona.

Buy -
Buyer

Hony Capital

Beijing, China

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2003
PE ASSETS 10.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Hony Capital (Beijing) Co., Ltd. is a private equity firm focused on investment opportunities across China. The Firm targets buyouts and commercializations of Chinese state-owned enterprises as well as growth capital investments in rapidly-growing private Chinese companies. Hony's primary focus is within the construction materials, pharmaceuticals, construction machinery, retail, and consumer goods sectors, however, the firm will also consider opportunities in media/entertainment, financial services, energy, and resources. Hony is a long-term investor and is sponsored by Legend Holdings, parent of computer maker Lenovo amongst other properties. Hony Capital is located in Beijing, China.


DEAL STATS #
Overall 15 of 29
Sector (Machinery) 2 of 2
Type (Secondary Buyout) 1 of 1
Country (Italy) 1 of 1
Year (2008) 7 of 7
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-01 New Century Department Store

China

The company is a leading regional department store and supermarket chain with a well-recognized brand in Chongqing, China. At the end of 2007, the company had 11 department stores and 57 supermarkets nationwide which are highly recognized by local customers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-08-12 Wumart Stores, Inc.

Beijing, China

Wumart operates a chain of 424 superstores and mini-mart outlets in Beijing, Tianjin, and the Zhejiang Province. Wumart was founded in 1994 and is based in Beijing, China.

Buy $213M
DESCRIPTION

Zoomlion is a leading construction and mining equipment manufacture in China . Its products include concrete equipment, truck-based cranes, tower cranes, road-work machinery and municipal sanitation equipment. Zoomlion is ranked second by market share in concrete equipment and truck-based cranes and first in municipal sanitation equipment. Zoomlion was publicly listed on Shenzhen Stock Exchange in October 2000. Hony made a growth capital investment in Zoomlion in June 2006. Since its investment Hony has assisted Zoomlion in reorganizing itself around product lines and has contributed significantly to improved Zoomlion operations.


DEAL STATS #
Overall 1 of 2
Sector (Machinery) 1 of 1
Type (Secondary Buyout) 1 of 1
Country (Italy) 1 of 2
Year (2008) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-02 Ladurner Ambiente S.p.a.

Bolzano, Italy

Ladurner Ambiente S.p.a. is a waste treatment company. Ladurner Ambiente offers design, construction, and management of municipal solid waste treatment plants and the production of renewable energy from solid and liquid waste and from agricultural biomass.

Buy -

Seller(S) 1

SELLER

Alpha Group

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1985
PE ASSETS 2.0B EUR
SizeLarge
Type Sector Agnostic
DESCRIPTION

Alpha Group is a European private equity firm specializing in LBOs and development capital investments. The Firm seeks to invest in companies throughout Europe, including Germany, Switzerland, Italy, France, and Benelux as well as some eastern European countries. The Firm seeks to commit €50 to €125 million in companies valued between €100 and €500 million. Alpha typically takes majority control and arranges for founders or key managers to co-invest. Sectors of interest include Consumer & Leisure, Fashion & Design, Industrial Manufacturing and Service & Distibution. Alpha Group was formed in 1985 and is based in Paris.


DEAL STATS #
Overall 21 of 38
Sector (Machinery) 1 of 5
Type (Secondary Buyout) 15 of 26
Country (Italy) 1 of 4
Year (2008) 1 of 2
Size (of disclosed) 6 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-01 Frial SA

Bayeux, France

Frial engages in premium frozen food, focused on developing unique, creative, and tasty recipes. Frial was established in 1980 and is based in Bayeux, France.

Buy €225M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-10-01 Cegelec SAS

Saint-Denis, France

Cegelec SAS history is closely linked to the development of the electricity and energy sectors in France and Europe.

Sell €1.7B