Add-on Acquisition • Electrical Equipment

TECO Acquires Motovario

On July 31, 2015, TECO acquired electrical equipment company Motovario from Synergo Capital SGR and BS Private Equity for 187M EUR

Acquisition Context
  • This is TECO’s 1st transaction in the Electrical Equipment sector.
  • This is TECO’s 2nd largest (disclosed) transaction.
  • This is TECO’s 1st transaction in Italy.

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M&A Deal Summary

Date July 31, 2015
Target Motovario
Sector Electrical Equipment
Buyer(s) TECO
Sellers(s) Synergo Capital SGR
BS Private Equity
Deal Type Add-on Acquisition
Deal Value 187M EUR

Target Company

Motovario

Formigine, Italy
Motovario S.p.A. is a manufacturer of power transmission products, for civil and industrial applications (gearboxes, speed variators and electric motors). Motovario operates two factories based near Modena (Formigine and Fiorano Modenese) and holds foreign subsidiaries in eight countries, among which the USA, France and the United Kingdom. The company reported 2009 revenues of €70 million, approximately 61% of which abroad. It employs 560 people.
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Buyer Overview 1

Buyer

TECO

Taipei City, Taiwan

Category Company
Founded 1956
Sector Electrical Equipment
Revenue 55.2B TWD (2024)
DESCRIPTION

TECO is a manufacturer of home appliances, telecommunications equipment, IT systems, electromechanical components, and commercial electronics. TECO was founded in 1956 and is based in Taipei, Taiwan.


Deal Context for Buyer #
Overall 1 of 3
Sector: Electrical Equipment 1 of 2
Type: Add-on Acquisition 1 of 2
Country: Italy 1 of 1
Year: 2015 1 of 1
Size (of disclosed) 2 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-24 Shenchang Electric

Taipei City, Taiwan

Shenchang Electric provides high-quality and customized electric equipment while upholding the values of environmental sustainability. Shenchang Electric was formed in 1961 and is based in Taipei City, Taiwan.

Buy NT$550M

Seller Profiles 2

SELLER

Synergo Capital SGR

Milan, Italy

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 1.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Synergo SGR SpA is a private equity firm that targets mid-sized companies located in Italy. The Firm focuses on companies with good cash flow, international expansion opportunities, sustainable competitive advantages, and led by strong management teams. It typically looks to invest €20 to €50 million and will consider majority or significant minority stakes. The Firm does not pursue startups, small company investments, and turnarounds. Synergo SGR was formed in 2004 and is based in Milan.


Deal Context for Seller #
Overall 21 of 22
Sector: Electrical Equipment 2 of 2
Type: Add-on Acquisition 5 of 5
Country: Italy 18 of 19
Year: 2015 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-07 Raccortubi

Milan, Italy

Raccortubi is a manufacturer, stockholder, and supplier of piping material for critical applications such as chemical and petrochemical plants, power plants, shipyards, fertiliser plants, and offshore platforms, Raccortubi was founded in 1949 and is based in Milan, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-01 Kirey Group

Milan, Italy

Kirey Group provides IT services for the insurance industry and is the long-term partner of Tech Mahindra in Italy. Kirey Group was founded in 2009 and is based in Milan, Italy.

Buy -
SELLER

BS Private Equity

Milan, Italy

Category Private Equity Firm
Founded 1989
Size Small
Type Sector Agnostic
DESCRIPTION

BS Private Equity is a private equity firm that targets management buyouts and buy-ins of Italian manufacturing and service based businesses. BS Private Equity began investing in 1989 and today looks for businesses requiring an average equity investment of €30 million. BS Private Equity was formed in 1989 and is based in Milan. BS Private Equity has been in liquidation since 2011.


Deal Context for Seller #
Overall 14 of 14
Sector: Electrical Equipment 2 of 2
Type: Add-on Acquisition 5 of 5
Country: Italy 12 of 12
Year: 2015 1 of 1
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-30 IP Cleaning

Summaga, Italy

IP Cleaning SPA (IPC Group) is a provider of professional cleaning solutions for commercial markets. The company designs and manufactures professional cleaning machines and equipment.

Sell -