23 January 2024Place:
Albino (BG), Italy
Investindustrial, one of the largest private equity funds in Europe, has won the sale process of the Fassi Group, a Bergamo-based player owned by the Fassi family and led by the CEO Giovanni Fassi, among the world's largest producers of technologies and systems for lifting, for the forestry industry and for recycling.
The Fassi Group, founded in Albino in 1955 by Franco Fassi, is a leading player in the production of lifting technologies and systems (hydraulic cranes for trucks under the historic Fassi brand and the subsidiary Jekko), systems for the forestry industry (Cranab, Vimek and Slagkraft) and for the recycling industry (Cranab and Marrel).
The Group, which generates revenues of approximately Eur. 470 million, operates in more than 60 countries with a widespread network of exclusive dealers and employs over 1,500 people between production companies and commercial branches located in 9 countries: Italy, France, Germany, UK, Sweden, Norway, Spain, Portugal and Malaysia. The Group's technological solutions provide a wide range of products with applications in different sectors and markets such as construction, railway, forestry, industrial, logistics, mining, naval, oil & gas, military and recycling.
Always characterized by strong vertical integration, with approximately 90% of components produced internally, the Group boasts a global industrial presence and operates with 18 factories, of which 11 in Italy, 2 in France, 4 in Sweden and 1 in Malaysia, to which are added the production sites of Forez – Bennes, the French company acquired in August 2023, which produces and installs tipper bodies.
The Group, which has always favored important investments in innovation and automation, with the aim of making its products increasingly innovative, reliable and efficient, has recently completed the "Fassi Innovation Center", the Group's new technological hub of over 11,500 sqm. and +50 employees including engineers and technicians, dedicated to research and development activities and the design of systems with high technological and experimental content.
The Fassi family, after evaluating the interest expressed by various international groups, has chosen as its partner Investindustrial, the private equity fund led by Andrea Bonomi. Through this partnership, Investindustrial and the Fassi family – who will maintain a significant minority stake in the business, with Giovanni Fassi continuing to serve as CEO of the Group – plan to significantly grow the business by further accelerating its international expansion, product diversification and supply chain integration. Product customization, a strong focus on innovation and a commitment to sustainability are the pillars of the company’s positioning and key drivers for growth
CP Advisors, led by Salvo Mazzotta and Marco Garro, and coordinated in the operation by Giovanni Nucera, originated and managed the sale process assisting the Fassi family. Shearman & Sterling, with the corporate team led by Fabio Fauceglia, Leonardo Pinta, Eugenio Zupo, Giuseppe Fichera, Chiara Iannuzzi and Duccio Cangioli, and with the finance team led by Pasquale Bifulco and Alessandro Ciarmiello, acted as legal advisor, KPMG provided the financial and tax due diligence service with Bruno Nicolosi, Carlo Tosi and Massimo Agnello, Kearney with Andrea Marinoni and Riccardo Frittoli supported the group for the business due diligence, Stantec with Giovanni Ranza for the environmental due diligence services and Andrea dè Mozzi and Marco Guerra of Studio PedersoliGattai provided assistance for the tax aspects of the operation
Investindustrial was assisted by PwC for the financial due diligence with Francesco Giordano and Domenico Creanza, by the legal team of PedersoliGattai in the persons of Alessandro Marena and Leo Belloni and by BCG for the business due diligence with Dario De Sanctis and Giovanni Zanalda.
Andrea C. Bonomi, Chairman of Investindustrial, commented: “Investindustrial has been extremely impressed with Fassi – its strong performance and market-leading position and reputation; its growth and international expansion to date; and its focus on quality, innovation and sustainability. All these factors are supported by a strong management team and culture, and are all characteristics that we look for in the companies we invest in. We are delighted to have the opportunity to invest in Fassi. This transaction highlights Investindustrial’s ability to source investments on a proprietary basis from family shareholders. It also demonstrates how Investindustrial’s industrially driven approach, operational focus and international footprint are distinctive factors valued by entrepreneurs and were instrumental in convincing the Fassi family to partner with Investindustrial. Together, we have a vision to create the leading player in the global lifting equipment industry.”
Giovanni Fassi, Chief Executive Officer of Fassi, stated: “I am extremely proud of the business my father founded in the 1960s and the management team and employees who have contributed to its ever-growing success. We are excited about partnering with Investindustrial to support Fassi’s next phase of growth, which will leverage Investindustrial’s significant expertise and knowledge of improving companies’ operational performance and geographical presence. Fassi and Investindustrial’s values are completely aligned given the common heritage of investing in and growing family-owned industrial businesses with a strong culture and focus on sustainability. We look forward to working with the team to realize our combined vision and create exciting opportunities.”
Commenting on the transaction, Salvo Mazzotta and Marco Garro, Managing Directors of CP Advisors added. “We are incredibly pleased and honored to have assisted the Fassi family and the management team of Fassi Group in this process and supported them in selecting the most suitable partner able to strengthen and accelerate the international growth of the business. Investindustrial’s distinctive DNA and its ability to understand the business’ potential and to align its strategic view with Giovanni Fassi’s interests for the future of the Group, have been crucial to pursue this partnership. We wish both Giovanni Fassi and Investindustrial a successful journey.”