Bafin Group, an Italian manufacturer of ventilators, electric transformers and power supply systems, will aim to list on the Milan exchange within the next three years following an $80 million (ecu 67 million) LBO backed by an international private equity consortium.
GE Capital’s Equity Capital Group, ABN AMRO Corporate Investments and IMI provided L46 billion of equity, split equally between the three funders, for a combined 68% holding in Bafin. The group’s managers and existing shareholders own a further 30% of the company and Indosuez holds the remaining 2%. IMI, BCI and ABN AMRO arranged L94 billion (ecu 48 million) of senior debt for the buyout.
Bafin, which is based in Ancona, comprises four separate manufacturing companies made $8.5 million net profit on sales of $97 million last year.
Andrew Beaton, European managing director of GE’s Equity Capital Group in Europe, said Bafin has already been introduced to sister companies within General Electric’s global network and expects to develop stronger commercial links with such groups in the future.