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FASTER SpA
The acquisition of Faster was carried out through a buy-out with two managers- shareholders involved.
At that time, Faster was a leading player in a niche market, with high international growth potential.
The deal was awarded the AIFI “Deal of the Year 2004” Prize.
Deal rationale:
- 2002/2005
- buy-out with a direct involvement of the two managers-shareholders
- leading player in a niche with high potential for an international development
- EV € 58 mln (for 100%)
- acquisition of a 51% stake. brazilian hair uk
- Awarded AIFI “Deal of the Year 2004 - Buy-Out”
Value creation:
- new and stronger organisational framework (new sales manager and new controller)
- introduction of a strong planning and control system, supervised by one newly-nominated and independent supervisor;
- one of the two managers- shareholders was nominated CEO but was also assisted by a new line of managers who made the company succession process smoother;
- consolidation of the niche leadership, further increase in international sales (CAGR international sales ‘01-’04 +15%), foothold in two new business segments (“cold” industry and industrial automation);
| Financial evolution: |
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2001 |
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2004 |
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| Sales |
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33.5 |
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47.9 |
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| EBITDA |
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10.6 |
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15.1 |
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| DFN (ante re-leverage) |
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23.0 |
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9.2 |
Divestment:
- in 2004: a re-leverage process returned 100% of invested capital plus 10% capital gain;
- in 2005 divestment through a secondary buy-out to another PE operator (CEO decided to stay on board and reinvest, increasing his shareholding);
- IRR 48% p.a.
- MM 2.4 x
www.faster.it
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