HOME - FA CAPITAL S.P.A.
Versione italiana
CIFA

Cifa was acquired through a syndicated majority from the Ferruzzi Group (Calcestruzzi) who at that time was breaking up its business portfolio. CIFA was a leader with a strong competitive advantage and a history of profitability which needed to refocus on production planning and to accelerate its international development.

Deal rationale:
- 1995/2000
- acquired from the Ferruzzi Group (Calcestruzzi) at that time winding-up
- syndicated majority
- highly competitive and profitable player which needed to refocus the production model and achieve a quick international development
- EV 5,9 mln (for 100%)
- acquisition of a 85% stake.

Value Creation:
a new CEO was hired and the first line of managers was consolidated with the aim of :
1) refocusing on R&D
2) rationalising production, opening a new site and internationalizing the strategic phase of pre-serial production
3) developing foreign markets, particularly the US one

Financial evolution:   1995   2000
         
Sales   59.0   110.0
         
EBITDA   1.5   6.0
         
DFN   1.0   3.5

Divestment:
- in 1998 partial exit by selling 50%of the stake to Italian institutional investors;
- in 2000, 100%of the company was sold to an industrial strategic player;
- IRR 43% p.a.
- MM 7.9 x

www.cifa.com