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Charme II announces the entry in Bellco of Amadeus Capital Partners and Capital Dynamics

Montezemolo & Partners SGR SpA, management company of the private equity fund Charme II, announces the sale of a 20% stake in Bellco to Amadeus Capital Partners and Capital Dynamics. Upon the transaction, Charme will retain a 75% stake.

Bellco was established in 1972 and is among the 5 leading players worldwide for the provision of systems for hemodialysis and blood filtration. The company is active in the biomedical district of Mirandola (Modena-Italy), one of the most important biomedical district at worldwide level. Bellco has closed 2012 with consolidated revenues in excess of 103 million euro and a consolidated EBITDA of 15 million. These are very satisfactory results, achieved notwithstanding the earthquake of May 2012 that caused a three-months stop of the production activities, which have been successfully managed thanks to an extraordinary reaction by the management team.

The group achieves 40% of its revenues in Italy, market on which it operates through a network of agents and distributors; 60% of its revenues is made outside Italy, through 5 subsidiaries in Canada, France, Spain, Belgium/Netherlands and Scandinavia and through a network of agents and distributors on other markets (including China, Korea and Mexico). Bellco is also the leading player on the market of dialysis machines in Canada, where the company recently completed the acquisition of his agent.

"The entry in Bellco of high profile investors as Amadeus and Capital Dynamics clearly supports the validity of the investment carried out by Charme in April 2012 and shows that the critical phase generated by the earthquake is now definitively over” comments Matteo Cordero di Montezemolo, CEO of Montezemolo & Partners SGR. “I am sure that the opening of the share capital of Bellco to these international investors with a unique experience and track record in the med-tech industry, which validated the excellence of the company in its clinical and scientific activities, will provide further support to the growth of Bellco on the international markets”.

“The investment in Bellco has been carried out after three years since our co-investment in Octo Telematics alongside Charme II” adds Andrea Traversone, Partner of Amadeus. “We know very well Charme II, and we strongly appreciate their capabilities of managing their investments, together with their consistent investment activity in a limited number of companies which are leaders in their industry and have a strong development potential. We strongly believe in med-tech, sector which is an Italian excellence on the International markets, and we will provide all our support to the growth of Bellco through our technological know-how.”

“Bellco is the typical example of a technological made-in-Italy company with high potential” concludes David Smith, Managing Director and co-head of the co-investment activities of Capital Dynamics. “Our entry in Bellco is fully consistent with our strategy of co-investing, in partnership with high-standing private equity funds as Charme II, in leading companies that we can support in order to further strengthen their international leadership.”

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