Since inception the Charme Funds have raised capital of approximately €2bn and invested in companies with strong growth and internationalisation prospects

  • Charme I

    Charme I was raised in 2003 with total commitments of €186m and now fully realised, and was focused on majority investments in leading brands in the consumer and luxury sector in Italy

    Prominent investments include the Poltrona Frau Group, with a build-up strategy executed through the acquisitions of Poltrona Frau in 2003, Cappellini in 2004, Cassina in 2005 to create the global leader in high-end designer furniture

    Click here to view a case study on the Poltrona Frau Group

    CHARME I REALISED INVESTMENTS INCLUDE

  • Charme II

    Charme II was raised in 2009 with total commitments of €340m and now fully realised, and was focused on majority investments in leading italian companies with strong market leadership and growth potential

    Prominent investments include Octo Telematics, world leader in the supply of telematics services for the insurance sector, and Bellco active in the business of blood filtration for chronic, acute and newborn patients

    Click here to view a case study on Octo Telematics

    CHARME II REALISED INVESTMENTS INCLUDE

  • Charme III

    Charme III was launched in 2015 with total commitments of €650m and a broader pan-European investment strategy focused on mid-market investments across a range of business sectors in Europe, with a particular focus on UK, Spain and Italy

    Targeting fast growing mid-market companies with an enterprise value of €100m to €500m, where it can partner with shareholders and management teams to unlock potential and deliver transformational growth, both organically and through M&A. This allows companies to further reinforce their market positioning and expand internationally

    Charme III Fund case studies: Igenomix, Atop, and Witherslack

    CHARME III INVESTMENTS INCLUDE

  • Charme IV

    Charme IV, with total commitments of €850m, was launched in 2021. It is a continuation of Charme III’s successful investment strategy focused on mid-market opportunities across a range of sectors in Europe, with a particular focus on the UK, Spain and Italy. The fund will target fast-growing companies with an enterprise value of €100m to €500m, where it can partner with shareholders and management teams to unlock potential and deliver transformational growth, both organically and through M&A. The fund will leverage Charme’s entrepreneurial culture, local teams across Europe and international base of loyal LPs to help businesses to expand, often internationally.

    Since inception Charme Fund IV has invested in

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Charme I

Poltrona Frau
Franco Moschini and Luca di Montezemolo announce Charme’s acquisition of a 30% stake in Poltrona Frau
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Franco Moschini and Luca di Montezemolo announce Charme’s acquisition of a 30% stake in Poltrona Frau

The objective of the partnership is to create a new industrial group that, in a context increasingly oriented towards globalisation, relies on new resources and ideas to meet a specific need in the world market for furniture and luxury design.

The goal of Poltrona Frau, a long tradition and highly successful company, is to leverage on its well-established capacity to make top-quality, high-profile products with the aim to optimise its presence on international markets. To achieve this, Poltrona Frau is working along three main guidelines:

  • the product: the outstanding and classic forms of its history combined with the technical and stylistic innovation of its current collections, distinguished by increasingly superior design contents
  • development on international markets, in order to achieve an increasingly more qualified presence worldwide
  • communications, understood as the powerful representation of the heritage of brands and products at the sixty flagship stores around the world. And together, communication through appropriate events and messages of a new project of individual well-being.

Leveraging also on Charme’s contribution, Poltrona Frau strives to grow as a group, embarking on significant partnerships that will contribute to and enrich the offer of high quality and competitiveness that has always distinguished the company.

With this in mind, Poltrona Frau has already acquired the historic Austrian brand Gebrüder Thonet Vienna as well as a stake in Gufram and Celi, companies with an outstanding reputation in the fields of contract design and special furnishings.

Poltrona Frau will become the parent company of a group of firms that will bring the world a new concept of living, conveying on an international level the best of Italy’s culture of high-quality furniture.

As part of this important development project, Franco Moschini is convinced that Charme is the ideal point of reference to forge a partnership characterised by important entrepreneurial contents. Together, they will create something different on the business scene by pursuing an industrial plan of strategic development.

Franco Moschini: “The culture of beauty has always been a mission for Poltrona Frau. For me, being Poltrona Frau means continuing to change while knowing how to remain true to ourselves.”

Luca di Montezemolo: “Poltrona Frau represents the ideal company to start Charme’s investment activity, in a logical creation of value through the innovative use of entrepreneurial finance.”

Cassina
Poltrona Frau announces the acquisition of 100% of Cassina
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Poltrona Frau announces the acquisition of 100% of Cassina

Cassina, the brand that best represents Italian design in the world, is Italian again.

Poltrona Frau has acquired 100% of Cassina from Fimalac (listed at the Paris Stock Exchange) and the Cassina family, thus creating the leading group on a worldwide level both for dimension and positioning in high-end furniture and design.

Cassina is among the world leaders in the high-end sector, with a turnover of some 120 million euro in 2004. It is widely internationally renown for its several cult products, comprised in its two collections: “I Maestri” (which includes products by Le Corbusier and Charles Mackintosh, icons of the worldwide design of the last century) and “I Contemporanei” (with products by some of the most important contemporary designers, such as Vico Magistretti and Philippe Starck).

The brand exclusivity is also strongly supported by the flagship stores in the primary locations of Milan, Paris, New York and Tokyo and by the relevant presence of Cassina product in some of the most representative museums in the world, such as Moma in New York and the Tate Gallery in London.

Cassina Group is also leader in the “contract” business (whose clients include some of the most important luxury brands for the set up of their respective retail networks) and controls two other important brands such as Alias (high quality seatings for collectivities and residential market) and Nemo (lighting).

Poltrona Frau has acquired Cassina with a twofold strategic goal:

  • to create an Italian group that will effectively represent in the world the most important brands that made the history of Italian design. The group will enhance the product excellence combined with the modern industrial culture of its various brands and, at the same time, will leverage on the diversity and the history of each brand in the world markets
  • to reach the adequate size necessary to consolidate the industry leadership in the key international markets and consistently communicate the value of each brand and the relevant growth potential

Luca di Montezemolo: "After Cappellini, Thonet and Gufram, Cassina represents for Poltrona Frau the final step of a very selective acquisition strategy. I am very pleased, since once again Poltrona Frau has acted in full consistency with its value creation approach. At the end of 2003 we selected Poltrona Frau as the ideal partner to start an entrepreneurial project aimed to create the world leader in the high-end furniture industry. I can say that we have reached, in less than two years, our initial goal. Our mission is now to bring to the world the best of the Italian culture of design.”

Poltrona Frau Group
The IPO of Poltrona Frau Group has been successfully concluded
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The IPO of Poltrona Frau Group has been successfully concluded

Poltrona Frau Group announces that the placement of shares on the STAR segment of the Italian Stock Exchange has been concluded today, with an oversubscription of more than 20 times at the upper end of the price range.

The demand received within the institutional tranche has been very significant, and with an important component of international investors (approximately 80% of total), with strong demand from the US, UK, Germany and UAE. Also the most important Italian investors have placed significant orders.

Strong success has been recorded for the retail tranche, with over 60,000 individuals requesting Poltrona Frau shares.

The offer price has been set at 2.1 euro per share, lower than the upper end of the price range (between 1.8 and 2.2 euro per share), with the specific intention to create the best conditions in order to share with the public market the future growth of the stock.

Poltrona Frau Group has been recognised by the stock market as the best example of success of the Made in Italy in luxury design. The creation of the Group allowed the identification of a new segment in the listed luxury space, combining the strengths of each individual company through the innovative use of private equity as an entrepreneurial development tool and the Stock Exchange for further development.

Poltrona Frau Group
Poltrona Frau and Mubadala announce the signature of a Joint Venture Agreement for the United Arab Emirates
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Poltrona Frau and Mubadala announce the signature of a Joint Venture Agreement for the United Arab Emirates

A significant partnership for the development of retail and contract business in the Emirates.

The JV will also consider the eventual development of the concept for the first design hotel of Poltrona Frau Group.

Milan, 23rd April 2007 – Poltrona Frau S.p.A. and Mubadala Development Company PJSC announce the signature of a Joint Venture Agreement for the establishment of PF Emirates, an equal partnership that will act as the exclusive vehicle in the United Arab Emirates for the development of the Poltrona Frau Group brands both in the retail and the contract business.

Poltrona Frau Group is an international leader in the high-end sector of the furniture market with four renowned brands, Poltrona Frau, Cassina, Cappellini and Alias, and other important brands such as Gebrüder Thonet Vienna, Gufram and Nemo.

Mubadala is a wholly-owned investment vehicle of the Government of Abu Dhabi with the mandate to generate sustainable economic benefits for Abu Dhabi through the development of, and investment in, business ventures relating to a wide range of sectors (including property development) in partnership with local, regional and international investors.

The Joint Venture will cover two main areas:

(1) retail. The partners have shared their intention to open the first flagship store of Poltrona Frau Group in Abu Dhabi, in a primary location that provides adequate visibility to the various Group brands and also acts as an effective communication tool for the benefit of the contract business;

(2) contract. The Joint Venture will also have the priority to furnish a number of world-class real estate developments in the Emirates with the exclusive products created by the world leader in luxury furniture. Even before its formal establishment, the partners already started their cooperation on a number of key projects.

In addition, the Joint Venture will consider the development in the Emirates of the concept for a “Luxury Design Hotel”, a 7 stars hotel that shall contribute to the development in the UAE of the culture of high-end international design and lifestyle. The concept will be entirely created by Poltrona Frau Group with its various brands and will be developed together with Mubadala.

“This agreement has been strongly inspired by Charme in its capacity of shareholder of Poltrona Frau Group. It is one of Charme’s priorities to support the international development of its portfolio companies through the activation of selected international contacts from its network. I am sure that Poltrona Frau Group will be able to create the highest value from this agreement” declares Matteo di Montezemolo, Vice Chairman of Poltrona Frau Group.

“It is with the greatest satisfaction that we announce the start of this new venture” adds Giuliano Mosconi, CEO of Poltrona Frau Group, “the Emirates represent a top priority market for the Group and the Joint Venture will be established with the most important and prestigious partner on that market”.

“We are delighted to have entered into a partnership with the Poltrona Frau Group” concludes H.E. Khaldoon Khalifa Al Mubarak, CEO and Managing Director of Mubadala. “Through this joint venture we hope to bring high end design and quality products to supplement the rapid growth of luxury developments in the region. This is another exciting venture for Mubadala that will complement our forthcoming real estate development portfolio”.

Poltrona Frau Group
Poltrona Frau Group and TATA announce the signature of a Joint Venture Agreement for Indian market
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Poltrona Frau Group and TATA announce the signature of a Joint Venture Agreement for Indian market

A significant partnership for the development of business in India

Milan, 27th September 2007 – Poltrona Frau Group and TATA Sons Limited (through its subsidiary Ewart Investments Limited) announce the signature of a Joint Venture Agreement for the creation of an equal partnership also related to industrial activity, that will act as the exclusive vehicle in India for the development of the Poltrona Frau Group brands. The Joint Venture will pursue the introduction and development of high-end design furniture all over India.

Poltrona Frau Group is an international leader in the high-end sector of the furniture market with four renowned brands, Poltrona Frau, Cassina, Cappellini and Alias, and other important brands such as Gebrüder Thonet Vienna, Gufram and Nemo.

TATA group is one of India's largest and most respected business conglomerates, with revenues in 2006-07 of 28.8 billion USD and a market capitalisation of 60.5 billion USD (as on September 20, 2007). The group has 28 publicly listed enterprises - among them stand out names such as Tata Steel, Tata Consultancy Services and Tata Motors - and has operations in more than 85 countries.

The Joint Venture will cover two main areas:

(1) The partners have shared their intention for selling Poltrona Frau Group products in Mumbai and in Delhi in primary locations that will provide adequate visibility to the various Group brands, with the goal to improve the direct relationships with both the final clients and the most influential interior designers and architects (as a key activity to improve the knowledge and awareness of design furniture in India);

(2) With the key support of TATA Sons, the Joint Venture shall maximise opportunities to participate in real estate development initiatives in India with the exclusive products created by the world leader in luxury furniture. This activity will cover projects in: (i) public spaces (as new constructions and/or current restructurings of hotels, multiplexes, theatres and auditoriums, airports - and in particular their VIP lounges), (ii) private housing and corporate and public offices in various sectors, and (iii) seating business (among others, for first and business classes of airlines and the interiors of private jets).

In addition, alongside the scope of the Joint Venture Agreement, Poltrona Frau has also agreed to make available its own strategic skills, expertise and resources for the purposes of setting up a new facility for a high quality leather processing, which will be located in the existing complex of TATA International Limited, in India. This is with the goal to provide Poltrona Frau Group with a high quality source for leather procurement at competitive terms.

The partners already started their cooperation on the association of Poltrona Frau and Cassina brands to one of the five stars hotels in India owned by the Indian Hotels Company Limited, owners of the Taj Group of Hotels, which is a TATA company.

The joint venture will commence the operations after receipt of all the regulatory approvals, if any, from the Governmental Authorities in India.

“After the important joint venture established with Mubadala in the United Arab Emirates, it is one of Charme’s priorities to support the international development of its portfolio companies in association with worldwide leading groups ” declares Luca di Montezemolo, Chairman of Charme Group. “Consistently, this important agreement with TATA is fully in line with such priority and has been inspired with the goal to create the highest value for our shareholders”.

“It is with the greatest satisfaction that we announce the establishment of this second venture in Asia” adds Giuliano Mosconi, CEO of Poltrona Frau Group, “India represent one of the top priority markets for the Group and this Joint Venture has been established with the most important partner on that market, that will bring very important support to the key project that we have defined together”.

“We are pleased to have entered into a partnership with the Poltrona Frau Group. Through this joint venture we intend to bring high end design and quality products from Italy to India” concludes Ratan Tata, Chairman of Tata Sons.

Poltrona Frau Group
Charme announces the successful private placement of 4.8% of the shares in the Poltrona Frau Group
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Charme announces the successful private placement of 4.8% of the shares in the Poltrona Frau Group

The sale involved Moschini S.r.l. (2%), Mubadala (1.96%), Charme Investments (0,7%) and Luca Cordero di Montezemolo.

The sale transaction of 6.726.926 Poltrona Frau S.p.A. shares equal to 4,8% of the capital was successfully completed through a private placement. The placement, managed by Equita SIM SpA and Intermonte S.p.A., through a procedure Accelerated Book Building (ABB), has been exclusively dedicated to "qualified" investors in Italy and to international institutional investors. Requests received were approximately 2 times the offer, and were largely represented by foreign investors of great quality.

In accordance with the maintenance of an absolute majority of the share capital of Poltrona Frau S.p.A. (with a stake of 51%), Charme Investments has encouraged and supported the placement in order to increase the Poltrona Frau S.p.A. free float. The operation aimed to facilitate “qualified” institutional investors, interested in the new growth path of Poltrona Frau Group, to enter as shareholders as well as the consolidation of the positions of some of the investors already present in the share capital.

“In accordance to keep the absolute majority of Poltrona Frau S.p.A, we have relished the solicitation by the market to increase the free float and thus the liquidity of the stock" says, form New York where he is attending the launch of the new Poltrona Frau flagship store in Soho Matteo Cordero di Montezemolo, CEO of Charme and Vice President of Poltrona Frau Group “We involved the most important shareholders of Poltrona Frau S.p.A. close to us, and each of these investors has done his part in the operation. Charme favored the placement operation to support the entry of major institutional and credible investors in our shareholder base, to share with them the results the management of the Group is taking".

Poltrona Frau Group
Charme I announces the successful exit from the Poltrona Frau Group
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Charme I announces the successful exit from the Poltrona Frau Group

The contract for the purchase by Haworth of the 58.6% of the share capital of Poltrona Frau S.p.A. from the shareholders Charme Investments Ltd. and Moschini S.r.l. has been signed. The agreed price is €2.96 per share. The transaction is subject to the approval of the competent antitrust authorities. Following the completion of the transaction, a mandatory public tender offer on Poltrona.

Frau S.p.A.’s shares will take place at a price of €2.96 per share, equal to the price paid by the buyer to the sellers.

Charme Investments and Moschini S.r.l. (“Charme”, “Moschini” and together the “Shareholders”) have reached an agreement with Haworth, Inc. (“Haworth”) for the sale to Haworth of a 58.6% stake (51.3% held by Charme while the remaining 7.3% by Moschini) in the share capital of Poltrona Frau S.p.A. (hereinafter also the “Company”) at a price of €2.96 per share (the “Transaction”).

Haworth, based in Holland (Michigan, USA) was founded in 1948 by the Haworth family, who still owns 100% of the company. Haworth is a worldwide leader in the design and manufacture of flexible and sustainable workspaces, with product lines that include movable walls, systems, chairs, floating floors and communication technologies. In 2013, Haworth recorded 1.4 billion dollars in revenues, with approximately 6,000 employees and over 600 dealers worldwide. The company has been a partner of Poltrona Frau Group for North America since 2011. Franco Bianchi has been leading the company since 2005 as President and CEO.

The completion of the Transaction - which is expected to occur by the end of April 2014 - is subject to the approval of the competent antitrust authorities.

Following the completion of the Transaction, Haworth, either directly or through a wholly owned company incorporated in Italy designated for the purchase, will carry on a mandatory public tender offer on the outstanding part of Poltrona Frau S.p.A.’s share capital pursuant to article 106 of Legislative Decree no. 58 of 1998 (the “Offer”) at a price of €2.96 per share, equal to the price that will be paid to the Shareholders. Haworth intends to pursue the delisting of Poltrona Frau S.p.A.’s share.

Subject to the completion of the Transaction, Shareholders have granted Haworth an option to sell (the “Option”), that can be exercised at the end of the public tender offer process and according to which Haworth will be granted the right but not the obligation, to sell to each of the Shareholders a stake in the Company of 4.2% (and therefore 8.4% in aggregate) of the share capital, at the same price per share paid by Haworth in the context of the public tender offer (€2.96).

If Haworth decides to exercise the Option, the relationship between Haworth and the Shareholders will be then governed by a shareholders' agreement that will be published pursuant to article 122 of Italian Legislative Decree no. 58 of 1998 and that provides for, inter alia:

(i) the right for the Shareholders to designate up to three members of the Board of Directors of the Company in addition to a member of the Board of Statutory Auditors;

(ii) a right of veto by Charme on specific extraordinary management transactions;

(iii) a lock-up restriction on the Shareholders for a period of three years, along with drag along and preemption rights and obligations;

(iv) put and call options for the resolution of deadlocks;

(v) a right for the Shareholders to sell their stakes to Haworth during the period between the approval of 2016 financial statements draft and the approval of 2019 financial statements draft;

(vi) the right for Haworth to purchase the Shareholders’ stakes during the period between the approval of 2019 financial statements draft and the approval of 2022 financial statements draft.

Whenever the Option is exercised, the Shareholders will assume towards Haworth specific special indemnities obligations.

In order to ensure the proper management of the Company, it has been agreed, in addition to the customary interim management provisions, that the provision granting veto rights to Charme in case the Option is exercised, shall also apply during the period between the completion of the Transaction and the date on which Haworth exercises the Option or the date on which its right to exercise the Option expires.

As part of the Transaction, Haworth will also acquire from the Shareholders a 98% stake in the company that owns the factories located in Meda that are currently leased to the Group, for a total price of approximately €1.9 million, equal to the book value of the stake sold and lower than the value of the properties as estimated by independent experts, net of debts.

Franco Moschini, President of Poltrona Frau and controlling shareholder of Moschini S.r.l., said: “This is for me the realization of a big dream, the creation of the most important global operator in the industry of luxury furnishing that will bring great benefits to the international development of the Group and the consequent growth of our factories and manufacturing sites. This is the crowning achievement of this extraordinary year in which I conclude my first 50 years as President by signing an agreement with another great family of entrepreneurs, in respect of those founding principles that have always characterized our great Company.”

Matteo Cordero di Montezemolo, Managing Director of Charme and Vice President of Poltrona Frau, said: “After an investment cycle that lasted more than 10 years, this transaction represents the best conclusion of Charme’s adventure in Poltrona Frau Group and is above all an extraordinary opportunity for the strengthening of the group. During a first phase, between 2003 and 2006, Charme created the group by investing in Poltrona Frau, Cassina and Cappellini. That phase ended with the listing of the Group on the STAR segment of the Italian Stock Exchange. The second phase of this important development, subsequent to the listing, has been characterized by a strong international growth of the Group that as of today operates in more than 65 countries worldwide, with over 70 stores under its own brand. Today Charme has decided to set up a new ambitious phase for Poltrona Frau Group, by creating, together with the Haworth family, the worldwide leader in the industry. Finally” concludes Matteo Cordero di Montezemolo “I want to thank all Poltrona Frau Group shareholders that have been supporting and believing, also in the most difficult moments, in our commercial and long-term strategies and that today have the chance to see a full realization of their investment.”

Matthew Haworth, Chairman of Haworth said: “Our family is very excited about this opportunity. This Transaction is not only inspired by the strong performance of the Poltrona Frau Group and what we believe to be highly complementary strategies, but even more importantly, by the great alignment of the values shared by both our families.”

Dario Rinero, Managing Director of Poltrona Frau, said: “This transaction with a great industrial group such as Haworth will allow us benefit not only from an extraordinary international development but also from a strong complementarity of products and markets which will be of great advantage for all our Italian factories. The dimension reached through the combination within the group of two companies respectively of Italian and American culture, will eventually ensure the establishment of a global unique team within the industry, providing an outstanding opportunity for improvement and growth to our people, that will be able to operate in a group characterized both by the strong integration of Poltrona Frau Group’s portfolios relating to home furnishing (as well as its activities in the fields of luxury interiors and luxury in motion) with Haworth’s leadership in the industry of high-end workspace furnishing (office, education, healthcare and hospitality) and by the combination of the strong presence of Poltrona Frau Group in the retail channel in Europe together with Haworth’s worldwide market leadership in the business-to-business segment.”

Finally Franco Bianchi, CEO of Haworth said: “I would like to express our satisfaction with this transaction. The transaction is made possible thanks to the strong relationship we have developed with Poltrona Frau Group’s shareholders, their excellent job in the last 10 years, the important results that the management has been able to achieve and the quality of the people we’ve been given the chance to know. We are highly motivated to continue to develop the extraordinary course that Charme started back in 2003, maintaining and enhancing the Italian tradition of design and innovation that has been characterizing this group for over 100 years.”

Charme II

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

HB Biofluids
Bellco announces the acquisition of HBiofluids
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Bellco announces the acquisition of HBiofluids

The Mirandola-based Bellco, leader in systems for dialysis and extracorporeal blood purification, has made an important new acquisition to consolidate its market position.

Bellco, among the market leaders in systems for dialysis and extracorporeal blood purification, has consolidated its market position through the acquisition of HBiofluids.

HBiofluids was formed as a pharmaceutical company in 2002 by Argentinean businessman Juan Boris Scalesciani and produces fluids for dialysis, haemofiltration and intravenous therapy.

Ever since its formation, HBiofluids has operated as a full contract manufacturer covering the entire medical fluid supply chain, from production to marketing. The company’s technologically advanced production plants are located in the Valtellina area of northern Italy, where the water possesses ideal characteristics for medical use. HBiofluids is certified for its application of GMP (Good Manufacturing Practice), the strictest standard governing the production of pharmaceutical products.

HBiofluids currently supplies some of the leading enterprises in the field of extracorporeal blood purification for chronic and intensive care patients, and for home dialysis and peritoneal dialysis too. Acquisition by Bellco will allow HBiofluids to maintain and consolidate its existing business, and, more important, will enable Bellco to integrate its upstream activities in the high-added-value business of medical fluid production.

“The acquisition of HBiofluids is an important strategic decision from our side” declared Antonio Leone, Chairman of Bellco. “I am delighted that we have been able to leverage on such an important opportunity to support Bellco’s growth plans. I am also particularly pleased that the Scalesciani family has decided to maintain a 20% shareholding in HBiofluids.”

Carlo Medici, Bellco’s CEO added “Our acquisition of HBiofluids will enable Bellco to move ever closer towards the objective of delivering a complete service to public and private dialysis centres. It will also allow us to grow significantly in the field of intensive care, where intravenous fluids play an integral and fundamental role in patient therapy. This is what promoting Italian excellence in the high-tech biomedical sector means for us”.

Octo
Charme II announces the acquisition of 60% of the share capital of Octo Telematics
Octo Telematics
Charme II announces the acquisition of 60% of the share capital of Octo Telematics

Montezemolo & Partners SGR SpA (‘M&P’), management company of Charme II fund, and MetaSystem Group SpA (‘MSG’) have reached an agreement which envisages the sale to Charme II from MSG of a 60% stake in the share capital of Octo Telematics SpA. Closing of the transaction is expected to take place within the first half of 2010.

Octo Telematics, with the largest telematics fleet currently operating in Europe by number of vehicles, has a solid leadership position worldwide in the insurance telematics sector. Octo Telematics manages a portfolio of over 800,000 clients in Italia and Europe, with 2009 sales of Euro 47.5 million, with a 48% growth compared to 2008 and an Ebitda of Euro 32.2 million, with a growth of 54% compared to 2008. In the first quarter of 2010 the company recorded a very positive performance, in particular with number of new activations grown by 50% compared to the same period in 2008.

Octo Telematics, founded in 2002 by Fabio Sbianchi and Giuseppe Zuco (maintaining their initial stake of 10%), operates with a specific focus on the offer to insurance companies of services allowing to customize auto insurance policies on the basis of the driving style of the end client (i.e. pay per risk and pay as you drive), in addition to supporting the insurance companies in the reconstruction of accidents (i.e. crash management). Services offered by Octo Telematics also include stolen vehicles recovery, road charging and fleet management. From the insurance companies’ standpoint, the installation of a ‘clear box’ allows the definition of the risk profile associated to each end client and, in particular, a sensible reduction of frauds.

Among the development priorities of Octo Telematics is the expansion into real time traffic information services, already sold via dedicated applications to Blackberry and Iphone. This is allowed by the network of 800,000 clear boxes already installed in Italy, representing approximately 2% of total autos in circulation. Such activity is performed also thanks to the 25% stake held in InfoBlu, in partnership for the remaining 75% with Autostrade per l’Italia SpA.

“The acquisition of Octo Telematics is in line with Charme II strategy of investing in a limited number of companies, leaders in their respective sectors and with strong development potential” comments Matteo Cordero di Montezemolo, CEO of M&P. “The telematics services sector is growing significantly and in particular there is a significant potential for telematics applied to both insurance services and end clients. I believe Octo Telematics is best positioned to further strengthen its leadership position with the support of Charme II, both in Italy and in particular abroad.”

Germano Fanelli, CEO of MSG, commenting on the transaction stated: “We are proud to remain shareholder of Octo Telematics with a 30% stake, in partnership with Charme II with a 60% stake. We strongly believe that the new controlling shareholder will be able to accelerate the development programs of Octo Telematics in Italy and abroad, including emerging markets such as Brazil, Russia and US, where Octo Telematics already has a presence with branches and joint ventures”.

Banca IMI and Rothschild acted as financial advisors to MSG. Banca IMI, MPS Capital Services and UGF Merchant (Unipol Group) will act as Mandated Lead Arrangers on the financing which will be provided in support to the transaction, while law firms Chiomenti and Bonelli Erede Pappalardo are legal advisors of MSG and M&P, respectively.

Octo
Agreement between Charme II and Renova Group for the sale of Octo Telematics
Octo Telematics
Agreement between Charme II and Renova Group for the sale of Octo Telematics

Montezemolo & Partners SGR S.p.A. (as the management company of Charme II) and Renova Group announce that they have reached an agreement for the sale of Octo Telematics S.p.A. to Renova Group by its current majority shareholder Charme II and co-shareholders Amadeus Capital Partners and Keensight Capital.

Octo Telematics is the global leader specialised in the provision of telematics services and systems for the insurance and automotive market and with a focus on the field of sustainable mobility. Octo Telematics manages the largest telematics fleet with its devices installed in over 2.2 million vehicles. The Company owns the world’s most comprehensive statistical database, which represents a best practice in the in-car telematics and infomobility markets. Through its unique technology platform, Octo Telematics is able to develop and manage a comprehensive, integrated range of vehicle telematics solutions with high added value. These range from customized insurance products to security services, from the analysis and reconstruction of the dynamics and kinematics of road accidents to the remote diagnostics and fleet management, road charging, and monitoring traffic and pollution in real-time.

The arrival of the new strategic investor has been strongly supported by the current top management team who will continue to manage the company. Finalizing the transaction is subject to obtaining all necessary authorizations from antitrust authorities.

Viktor Vekselberg, Chairman of the Board of Directors of Renova Group of companies, made the following comment on the transaction: “We believe in Octo Telematics and in its huge market potential, including Russia. This purchase perfectly matches the strategy of Renova Group which implies gradual transition to investments in high-tech and innovative sectors and exit from the resources sector”.

Luigi Sala, Chairman of Octo Telematics and of Montezemolo & Partners SGR S.p.A. affirmed: “We're very satisfied with this agreement. Octo Telematics has an history of innovation and success and with Renova Group will continue its growth in the world”.

Fabio Sbianchi, CEO of Octo Telematics S.p.A. concluded: “I believe that in 4 years Octo has been grown into a globalized corporation with a modern management culture. I strongly share the rationale behind Renova’s acquisition, and confirm my total commitment in further growing Octo Telematics and its unique technology worldwide”.

Bellco
Charme Capital Partners Announces The Sale Of Bellco To Medtronic
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Charme Capital Partners Announces The Sale Of Bellco To Medtronic

  • Medtronic, founded in 1949 and among the world’s largest med-tech companies with a market cap in excess of USD 105 Billion, acquired Bellco from Charme Capital Partners and its minority co-investors (Amadeus Capital Partners and Capital Dynamics)
  • Charme Capital Partners has successfully completed the disposal of all the portfolio companies in Charme II and is now fully focused on investing Charme III

London/Milan – February 1, 2016. Charme Capital Partners, manager of the pan-European Charme Funds, today announced the execution of a definitive agreement for the sale of 100% of Bellco, the last portfolio company in Charme II, to Medtronic. Terms of the transaction were not disclosed.

Bellco, a pioneer in blood purification treatments, was acquired by Charme II in April 2012. It creates therapies and systems for the treatment of renal failure, multiple organ failure and sepsis. Bellco’s full line of dialyzers and chronic and acute dialysis machines perform dialysis for adult, pediatric and neonatal End Stage Renal Disease (ESRD) patients. For more than 40 years, Bellco has offered advanced blood purification treatments for ESRD patients with chronic and acute kidney injury. The company’s solutions are available in more than 50 countries.

Matteo di Montezemolo, Founder and Managing Partner of Charme Capital Partners said:

“During a 4-year investment cycle in Bellco, Charme has built a professional management team, supported the consolidation of key international markets including Canada, Brasil and China, and further strengthened the company in its clinical, scientific and R&D activities.

The deal executed with Medtronic represents a fitting conclusion to Charme II’s investment in Bellco. We are very proud of having created the ideal conditions to attract the interest of a global industry leader. I am convinced that this transaction represents an excellent opportunity also for Bellco.

Charme II has now successfully completed the disposal of all its portfolio companies and now, through our offices in London and Milan, is fully focused on new strategic investments at a pan-European level for Charme III.”

Andrea Traversone – Partner of Amadeus Capital Partners said:

"When we originally invested in Bellco we identified the company as pioneer in hemodialysis solutions with key treatments both for chronic dialysis and critical renal care. The acquisition of Bellco confirms the world class quality of Bellco’s technology in this field. This represents our second successful exit in Italy and co-investment with Charme Capital Partners that has been a great co-investment partner in both Bellco and Octo Telematics."

Further announcements on the development of Charme Capital Partners will be made in due course.

About Charme Capital Partners

Charme Capital Partners (www.charmecapitalpartners.com) is based in London and Milan and is the manager of the Charme Funds, founded in 2003 by Luca and Matteo di Montezemolo and backed by a unique combination of institutional LPs and prominent global industrialists. Since inception, the Charme Funds have raised approximately €1bn and invested with a pan-European approach in companies with strong growth and internationalisation prospects. In addition to Bellco, these include Poltrona Frau Group (global leader in high-end design furniture, acquired by Haworth) and Octo Telematics (world leader in insurance telematics services, acquired by Renova Group).

About Amadeus Capital Partners

Amadeus Capital Partners is a global technology investor. Since its inception in 1997, the firm has raised over $1bn for investment and backed more than 100 companies in the software, mobile, internet, cyber security and medical technology sectors. The investment team is based in India, South Africa, Sweden, UK and USA, has deep experience in technology and invests in high-growth companies from early stage to pre-IPO. Amadeus previously invested in Octo Telematics (world leader in insurance telematics services, acquired by Renova Group).

Bellco
Medtronic adds life-extending dialysis portfolio to recently formed renal care solutions business with acquisition of Bellco
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Medtronic adds life-extending dialysis portfolio to recently formed renal care solutions business with acquisition of Bellco


DUBLIN – February 1, 2016 – Furthering its commitment to improve outcomes, expand therapy access, and optimize costs and efficiencies in end stage renal disease (ESRD), Medtronic plc (NYSE: MDT) today announced it acquired privately-held Bellco, a pioneer in hemodialysis treatment solutions. Bellco’s portfolio bolsters Medtronic’s legacy renal access business and will be a foundational component of the company’s recently formed Renal Care Solutions business. Bellco has created therapies and systems for the treatment of renal failure, multiple organ failure and sepsis. Bellco’s full line of dialyzers and chronic and acute dialysis machines perform dialysis for adult, pediatric and neonatal ESRD patients. For more than 40 years, Bellco has offered advanced blood purification treatments for ESRD patients with chronic and acute kidney injury. The company’s solutions are available in more than 50 countries. “ESRD patients require dialysis for the remainder of their lives, or until a viable kidney transplant becomes available. We believe Medtronic’s Renal Care Solutions can offer better, more accessible and affordable solutions to the growing population of people living with ESRD,” said Ven Manda, president of Renal Care Solutions, Medtronic. “The integration of Bellco’s portfolio of solutions will help further advance Medtronic’s efforts to provide comprehensive care for dialysis patients worldwide.” 

Medtronic acquired Bellco, an Italian-based company, from Charme Capital Partners, manager of the pan-European Charme Funds. Terms of the acquisition were not disclosed. “I believe Medtronic is an excellent opportunity for the Bellco team and ESRD patients worldwide. In four years, we created the ideal conditions to attract a global industry leader that is positioned to support Bellco’s long-term growth strategy,“ said Matteo di Montezemolo, founder and managing partner of the Charme Funds.

About End Stage Renal Disease:

  • The last stage of chronic kidney disease, ESRD is a condition resulting in kidneys that are functioning below what is required to meet the needs of daily life.
  • When kidneys fail, dialysis – a treatment that simulates key aspects of healthy kidneys – is necessary.
  • There are approximately three million patients suffering from ESRD worldwide. This number is expected to more than double over the next 10 years.1
  • The global dialysis market is greater than $75 billion.2

The formation of the Renal Care Solutions business combined with the Bellco acquisition supports Medtronic's economic value strategy. Partnering with stakeholders in healthcare, Medtronic is better positioned to offer products and services that deliver clinical and economic value to the healthcare system. Medtronic is focused on leading the shift to value-based healthcare, which rewards those who can deliver quality healthcare to more people at the most affordable cost. The Bellco transaction is expected to meet Medtronic's long-term financial metrics for acquisitions. Medtronic expects the net impact from the transaction to be earnings neutral in fiscal year 2016 and neutral to accretive to earnings thereafter. Medtronic will report revenue from Bellco and its Renal Care Solutions business as part of the Minimally Invasive Technologies Group’s Patient Monitoring & Recovery division.

Bellco, headquartered in Mirandola, Italy, is a pioneer in blood purification treatments. It has created therapies and systems for the treatment of renal failure, multiple organ failure and sepsis. Bellco’s full line of dialyzers and chronic and acute dialysis machines perform dialysis for adult, pediatric and neonatal End Stage Renal Disease (ESRD) patients. In 2012, Bellco was added as a portfolio company by Charme Capital Partners to its Charme II fund, which was founded by Luca and Matteo di Montezemolo.

About Medtronic

Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world’s largest medical technology, services and solutions companies – alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 85,000 people worldwide, serving physicians, hospitals and patients in approximately 160 countries. The company is focused on collaborating with stakeholders around the world to take healthcare Further, Together.

1 Liyanage T, Ninomiya T, Jha V, et al. Worldwide access to treatment for end-stage kidney disease: a systematic review. Lancet. 2015;385(9981):1975-82. 

2 Elder M. The Worldwide Market for Dialysis Equipment, Supplies and Services. A Kalorama Information Market Intelligence Report. 2015: 156.

Charme
Montezemolo & Partners SGR announces the establishment of Charme II. First closing at 320 million euro
CharmeCapitalPartners wordmark RGB Med
Montezemolo & Partners SGR announces the establishment of Charme II. First closing at 320 million euro

Montezemolo & Partners SGR, advisor of the private equity fund Charme I, announces the establishment of Charme II and its first closing at 320 million Euro.

Charme II is a private equity fund governed by Italian law and authorised by the central Bank of Italy. Its investment strategy represents the natural extensions of Charme I, who acted since its establishment in 2003 with the goal to carry out a number of entrepreneurial and industrial investments with a limited use of the financial leverage. Consistently, Charme II intends to invest in Italy and internationally primarily in the branded goods sector, through the identification of target companies with a strong brand awareness and a clear potential of international expansion. Charme II also aims to extend its investment scope to sectors other than its primary investment focus, that will include services, energy, tourism and transportation.

Charme II, alongside with the approach of Charme I, intends to act as strategic partner for those companies and entrepreneurs whose aim is to share their development paths with an organization acting with clear synergies in terms of entrepreneurial culture, management approach and sharing of corporate targets.

Together with the Montezemolo family, all the founding partners of Charme I have taken part to the establishment of Charme II, as a material sign of appreciation of the entrepreneurial and industrial approach adopted by Charme I since 2003.

The primary goal of Charme II has subsequently been to open its investors base to those international entrepreneurial families and financial institutions who may also operate as partners of the portfolio companies of Charme II in their respective countries. Among others, the establishment of Charme II recorded the commitments of Ratan Tata (India), the Royal Family of Abu Dhabi (United Arab Emirates), the Royal Family of Bahrein and the Bouygues family (France). Among the institutional partners, who will work alongside UniCredit and BIM as founding partners of Charme I, there will be Banca Intesa-San Paolo, Unipol, Banco Santander and Royal Bank of Scotland.

Luca di Montezemolo acts as Chairman of Montezemolo & Partners SGR, while Matteo di Montezemolo will be the CEO and will be supported by the senior partners Tommaso Beolchini and Lorenzo Romani Adami, with Charme since its establishment. The team is completed by Giuseppe Pasetti, former DeA Capital, Paolo Paganella, ex Sofipa, Matteo Facoetti, ex BS Private Equity and Simone Cavalieri, former Merrill Lynch.

Bellco
Charme II announces the acquisition of 100% of Bellco
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Charme II announces the acquisition of 100% of Bellco

Montezemolo & Partners SGR SpA, management company of the private equity fund Charme II, has reached an agreement with Argos Soditic (58% shareholder), MPVenture SGR (32%) and the management (10%) to acquire 100% of the share capital of Bellco Srl. The closing of the transaction is expected to occur within a few weeks and the management will reinvest a large portion of the proceeds from the sale.

Bellco has been established in 1972 and is among the 5 leading players worldwide for the provision of systems for hemodialysis, thanks to its therapies which are based on a highly specialized approach. The company is active in the biomedical district of Mirandola (Modena), one of the most important biomedical district at worldwide level. Bellco is one of the leading companies in the district and leverages on a relevant know how well established thanks to its continuous R&D investments and its consolidated relationships established with both the medical and academic environments.

Bellco has closed 2011 with consolidated revenues in excess of 108 million euro and a consolidated EBITDA of 17 million. The group achieves 46% of its revenues in Italy, market on which it operates through a network of agents and distributors; 54% of its revenues is made outside Italy, through 4 subsidiaries in Canada, France, Spain and Belgium 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. At the end of 2011, Bellco has 364 employees.

"I am convinced that the acquisition of Bellco by Charme II will make possible a new phase of industrial and commercial development, which will be fully consistent with product and market strategies which have enabled the success of the company in the last three years. Charme II has appreciated the important work that has been performed so far by the management and the current shareholders, and has fully shared our growth plans that will receive from Charme II an important contribution at an international level” comments Stefano Rimondi, CEO of Bellco. “The deal is perceived by the Management team as being extremely positive".

“The acquisition of Bellco is in line with the strategy of Charme II to invest in a limited number of companies who have a leading position on their markets and with a strong development potential” concludes Matteo Cordero di Montezemolo, CEO of Montezemolo & Partners SGR. “We strongly believe in the international development of the biomedical sector, which represents one of the investment priorities of Charme II. Specifically, I am convinced that in such sector Bellco represents the excellence of technological made-in-Italy with a high growth potential. Also leveraging on the capabilities of his management team, Bellco is very well positioned In Italy to further strengthen its leading position in Italy and even more to achieve growth outside Italy, especially on those markets as United Arab Emirates, Russia, India and South America where the main investors of Charme II have a strong presence.”

Charme III

Charme
Charme Capital Partners launches in London
CharmeCapitalPartners wordmark RGB Med
Charme Capital Partners launches in London

  • Milan-based Charme Capital Partners opens London office, partnering with Julian Huxtable, Christopher Fielding and Francisco Churtichaga, former Doughty Hanson executives
  • Charme Capital Partners combines an experienced European mid-market private equity team with leading institutional and industrialist backers
  • The London office will work alongside the existing team in Milan to invest Charme III, a closed-end fund

London, 18 November 2015: Matteo di Montezemolo, Founder and Managing Partner of the Charme Funds, announces the launch of Charme Capital Partners1 in London, with a team of senior former Doughty Hanson executives Julian Huxtable, Christopher Fielding and Francisco Churtichaga. The London team will invest Charme III working alongside the existing team in Milan, which has successfully deployed the Charme I and Charme II Funds.

Charme III, as with Charme I and Charme II, is backed by a strategic and longstanding group of institutional LPs, prominent global families and industrialists. Charme III’s exceptional investor base enhances the combined team’s deal pipeline.

Charme Capital Partners will target mid-market companies with an enterprise value between €100m and €500m. It will seek opportunities across a range of business sectors where it can partner with shareholders and management teams to unlock potential and deliver transformational growth, both organically and through M&A. This will allow companies to reinforce their market positioning and in many cases to expand internationally. Charme Capital Partners will invest across Europe from its Milan and London offices.

The London team have many years of combined experience in pan-European private equity, with a proven track record of investing in fast growing companies, working on successful realised investments such as Vue Entertainment in the UK, Quiron/USP Hospitales in Spain, and Tumi in the USA. In Italy, the Milan-based team, which has been in place since 2003, has generated strong returns through realised investments such as the Poltrona Frau Group and Octo Telematics.

Matteo di Montezemolo, Luigi Sala, Tommaso Beolchini and Simone Cavalieri will be joined on the Charme III Investment Committee by Julian Huxtable, Christopher Fielding and Francisco Churtichaga. Julian and Christopher will focus on the UK market based in London and Francisco will focus on Spain.

Matteo di Montezemolo said:

“We are delighted to welcome to Charme Capital Partners such an experienced team that have worked on many successful investments together over the years. With Julian and Christopher in the UK market, Francisco the Spanish market and the Milan team the Italian market, combined with the precious support of all our longstanding LP’s, we have the ideal platform and are now ready to invest Charme III, building on the success of Charme I and Charme II.”

Julian Huxtable, Christopher Fielding and Francisco Churtichaga, Partners of Charme Capital Partners, said:

“Charme Capital Partners offers a rare combination of proven mid-market specialism backed by some of the most respected industrialists in the world. With our investment experience and the deep local networks of our partners and investors, we believe we are ideally placed to source attractive opportunities in Europe and work together with ambitious management teams to grow companies internationally.”

Further announcements on the development of Charme Capital Partners, including additional team members, will be made in due course.

Media Contacts

Greenbrook Communications
Andrew Honnor, Alex Jones, Matthieu Roussellier
+44 (0)207 952 2000

Background to the Charme Funds

The Charme Funds were founded in 2003 by Luca and Matteo di Montezemolo and are backed by a unique mixture of institutional LPs and prominent global industrialists. Since inception the Charme Funds have raised capital of approximately €1bn and invested in companies with strong growth and internationalisation prospects.

Charme I, a €186m fund focused on investments in the consumer and luxury sector in Italy, was raised in 2003 and generated returns of 2.0x. Prominent investments include the Poltrona Frau Group, with a build-up strategy through the acquisitions of Poltrona Frau, Cassina and Cappellini to create the global leader in high-end design furniture.

Charme II was raised in 2009 with total commitments of €340m and generated returns of 2.5x. Prominent investments include Octo Telematics, world leader in the supply of telematics services for the insurance sector, and Bellco, which is active in the business of blood filtration for chronic, acute and newborn patients.

Charme III was launched in 2015 with a broader pan-European investment strategy focused on mid-market investments across a range of business sectors in Europe, with a particular focus on UK, Spain and Italy. It targets fast growing mid-market companies with an enterprise value of €100m to €500m, where it can partner with shareholders and management teams to unlock potential and deliver transformational growth, both organically and through M&A. This will allow companies to reinforce their market positioning and in many cases to expand internationally.

Charme Capital Partners will be based in London and in Milan: the senior team includes Matteo di Montezemolo, Luigi Sala, Tommaso Beolchini, Simone Cavalieri, Matteo Facoetti and former Doughty Hanson executives Julian Huxtable, Christopher Fielding and Francisco Churtichaga. It will manage Charme III, a closed-end private equity fund.

1Subject to Financial Conduct Authority (FCA) approval, Charme Capital Partners will become the investment manager of Charme III alongside the existing Italian management company.

Igenomix
Charme Capital Partners to acquire Igenomix
Igenomix logo
Charme Capital Partners to acquire Igenomix

  • Igenomix is one of the world’s leading biotechnology companies focused on reproductive genetic testing
  • Charme Capital Partners’ investment will help accelerate Igenomix’s internationalisation, expand the company’s world-leading R&D functions, and broaden the scope of its genetic testing services
  • Investment is the first made by Charme III, a pan-European mid-market buyout fund

Madrid/London/Milan, 19 July 2016: Charme Capital Partners (“CCP”), the pan-European mid-market private equity firm, has announced that Charme III has reached an agreement to acquire a majority stake in Igenomix, the leading provider of genetic testing services for reproductive health patients and clinics. Terms of the transaction were not disclosed. The transaction is subject to regulatory approvals and is expected to close in the coming weeks.

Igenomix was spun out from one of the world’s largest and most successful in-vitro fertilisation (IVF) clinics, the Instituto Valenciano de Infertilidad (IVI), in 2011 and offers pioneering genetic testing services in reproductive medicine. It works closely with IVF clinics around the world to help increase the chances of successful pregnancies and aid medical professionals in delivering healthier babies.

Headquartered in Spain, Igenomix employs over 100 people across eight advanced specialist laboratories worldwide, in Spain (Valencia), USA (New York, Miami, and Los Angeles), India (New Delhi), Brazil (Sao Paulo), UAE (Dubai) and Mexico (Mexico City).

Igenomix will retain its existing management team led by David Jimenez as CEO and Dr. Carlos Simon as CSO, who will reinvest in the deal. CCP’s investment will enable the company to accelerate its internationalisation across developed and developing markets, as these mature and adopt genetic testing as a way of improving pregnancy rates; expand its world-leading R&D capabilities that aim to introduce breakthrough innovations in genetics in reproductive medicine; and support the broadening of its scope of genetic testing services.

The investment in Igenomix is the first made by Charme III, and the first from CCP’s recently opened office in Madrid.

Francisco Churtichaga and Tommaso Beolchini, Partners at Charme Capital Partners, commented:

“Igenomix is enjoying accelerated growth exceeding 50% per annum and will approach €30m sales in 2016, so it represented a great opportunity to invest in a leading national champion and contribute to its global expansion. We look forward to working with the company, with its world-class management team and unique proprietary know-how, to help deliver on its excellent growth potential in new markets such as China and Russia, among others.”

Carlos Simón, Chief Science Officer of Igenomix, said:

“Today, Igenomix is the leading research-driven genetic testing company focused in IVF. Charme will bring to us their network, strategic vision and resources to further expand our R&D program and international presence.”

Media Contacts

Greenbrook Communications
Andrew Honnor, Alex Jones, Carl Leijonhufvud
+44 (0)207 952 2000

About Igenomix

Igenomix was created in 2011 when it was spun out from Instituto Valenciano de Infertilidad (IVI). Today it is one of the world’s leading providers of advanced services in reproductive genetics, operating from eight laboratories worldwide. Its constant efforts in R&D, led by Prof. Dr. Carlos Simón (the 2011 Jaime I award-winner for Clinical Research), enable Igenomix to create and develop specific tools to support professionals in the reproductive medicine field. Specialist services offered include PGS (Pre-Implantation Genetic Screening), NACE (Non-invasive Prenatal Test); CGT (Carrier Genetic Test); PGD (Preimplantation Genetic Diagnosis) and ERA (Endometrial Receptivity Array).

Visit: www.Igenomix.com

About Charme Capital Partners

Charme Capital Partners is based in London, Milan and Madrid, and is the manager of the Charme Funds, founded in 2003 by Luca and Matteo di Montezemolo and backed by a unique combination of institutional LPs and prominent global industrialists. Since inception, the Charme Funds have raised over €1bn and invested with a pan-European approach in companies with strong growth and internationalisation prospects.

Charme III was launched in 2015 with a pan-European investment strategy focused on mid-market investments across a range of business sectors in Europe, with a particular focus on UK, Spain and Italy. It targets fast growing mid-market companies with an enterprise value of €100mn to €500mn, where it can partner with shareholders and management teams to unlock potential and deliver transformational growth, both organically and through M&A. This will allow companies to reinforce their market positioning and in many cases to expand internationally.

The main investments of the Charme Funds include in luxury goods Poltrona Frau Group (global leader in high-end design furniture) in technology Octo Telematics (world leader in insurance telematics) and in healthcare Bellco (leading provider of blood purification devices).

Visit: www.charmecapitalpartners.com

Atop
Charme and IMA announce acquisition of ATOP
ATOP new logo300px
Charme and IMA announce acquisition of ATOP

Founded in 1993 and headquartered in Barberino Val d'Elsa (Florence), ATOP is a global leader in manufacturing machines and automation lines for the production of stators and rotors in electric motors. With its proprietary know-how and research, ATOP specialises in sustainable electrical mobility (e-mobility) that encompasses hybrid and plug-in electric motors used in electric vehicles, as well as in the broader automotive sector, household appliances and power tools.

ATOP

In the last three years ATOP has grown at more than 10% per annum, resulting in 2016 revenues of €48 million and over 180 employees. With Charme and IMA as long-term strategic investors, ATOP plans to accelerate its global footprint by expanding its international customer base. The company will strengthen its core competency of industrial automation and continue to invest in R&D targeting sustainable e-mobility.

The acquisition of ATOP was led by Charme III, a pan-European private equity fund with committed capital in excess of €500 million, in conjunction with IMA, a world leader in the design and manufacture of automation packaging and processing machines. Charme and IMA acquired an 84% stake in ATOP through a special purpose vehicle controlled by Charme III, while the founders of ATOP (Luciano Santandrea, Massimo Ponzio and Fabrizio Cresti) re-invested to retain a 16% stake.

Matteo Cordero di Montezemolo, Founder and CEO of the Charme Funds, commented: “ATOP is the first acquisition for Charme III in Italy and represents an extraordinary investment opportunity. ATOP is a global leader in an innovative, high-growth sector led by a first class management team with proprietary know-how. These distinctive characteristics correspond directly with Charme’s investment strategy; and with the support of IMA and our investors, we look forward to helping ATOP achieve its international growth plan.”

Alberto Vacchi, Chairman and CEO of IMA, commented: “I am glad to have invested alongside Charme with whom we share a strong relationship based on industrial, strategic and international know-how to establish a long-term investment partnership. In tandem with ATOP’s management team, IMA now has the opportunity to gain market share in the high-growth automation market driven by the emergence of hybrid and plug-in electric motors which are used in the automotive sector. Once again, IMA's decisions address strategic sectors of the global market, where quality and innovation are the basis for success."

Luciano Santandrea, Founder of ATOP, said: “Alongside Massimo Ponzio and Fabrizio Cresti, I am excited to partner and reinvest with two renowned international investors. Charme has already demonstrated its industrial know-how through its prior investments, while IMA is a leading industrial player in the automation sector. Together, they are the ideal partners to support ATOP in capitalising on the opportunities in the global e-mobility market.”

Media Contacts

For Charme/ATOP

Greenbrook Communications
Andrew Honnor, Alex Jones, Carl Leijonhufvud
+44 (0)207 952 2000

About Charme Capital Partners

Charme Capital Partners was founded in 2003 and helps deliver transformational growth for its portfolio companies. The firm is supported by its unique investor base of institutional LPs and prominent global industrialists. Since its inception, Charme Capital Partners has raised over €1bn through its Charme Funds.

Charme III was launched in late 2015 and has a pan-European investment strategy, focused in particular on Italy, UK and Spain. These countries present attractive opportunities to invest in market leading companies with strong international growth prospects. Charme III will invest in companies valued up to €500m, partnering with entrepreneurs and management teams to expand both organically and inorganically.

The main investments realised by Charme I and Charme II include: in luxury goods, Poltrona Frau Group (the world leader in high-end design furniture created via the acquisitions of Poltrona Frau, Cassina and Cappellini); in technology, Octo Telematics (world leader in insurance telematics); and in med-tech, Bellco (leading provider of blood purification devices). Charme III has already completed investments in Spain with Igenomix (world leader in reproductive genetic diagnostics) and in the UK with JD Classics (leader in the retail, restoration and management of classic cars).

Visit: www.charmecapitalpartners.com

About IMA

Established in 1961, IMA is world leader in the design and manufacture of automatic machines for the processing and packaging of pharmaceuticals, cosmetics, food, tea and coffee. The Group has more than 5,100 employees, more than 2,600 of whom overseas, and can count on 39 production plants in Italy, Germany, France, Switzerland, Spain, the United Kingdom, the United States, India, Malaysia, China and Argentina. IMA has an extensive sales network comprising 29 branches which provide sales and service in Italy, France, Switzerland, the United Kingdom, Germany, Austria, Spain, Poland, Israel, Russia, the United States, India, China, Malaysia, Thailand and Brazil, representative offices in Central and East European countries and over 50 agencies covering a total of about 80 countries.

IMA S.p.A. has been listed on the Milan Stock Exchange since 1995 and in 2001 joined the STAR segment. The following manufacturing companies are part of the IMA Group: Benhil GmbH, Co.ma.di.s. S.p.A., Corazza S.p.A., Delta Systems & Automation Inc., Erca S.A., Erca-Formseal Ibérica S.A., Fillshape S.r.l., Gasti Verpackungsmaschinen GmbH, Gima S.p.A., Gima TT S.p.A., G.S. Coating Technologies S.r.l., Hamba Filltec GmbH & Co. KG, Hassia Packaging Pvt. Ltd., Hassia Verpackungsmaschinen GmbH, Ilapak International SA, Ilapak Italia S.p.A., Ilapak (Beijing) Packaging Machinery Co. Ltd., IMA Automation Malaysia Sdn. Bhd., IMA Automation USA Inc., IMA Life North America Inc., IMA Life (Beijing) Pharmaceutical Systems Co. Ltd., IMA Medtech Switzerland S.A., IMA North America Inc., IMA-PG India Pvt. Ltd., IMA Swiftpack Ltd., MAI S.A., Mapster S.r.l., PharmaSiena Service S.r.l., Revisioni Industriali S.r.l., Shanghai Tianyan Pharmaceutical Machinery Co. Ltd., Teknoweb Converting S.r.l., Telerobot S.p.A.

Visit: www.ima.it

Witherslack
Charme Capital Partners invests in Witherslack Group
Witherlack Group Logo 2
Charme Capital Partners invests in Witherslack Group

  • Charme Capital Partners makes investment in Witherslack Group, the UK’s leading provider of specialist education and care for children and young people with social, emotional and mental health needs, communication difficulties and complex learning needs
  • New investment to support the organic growth of the Group, helping it to provide inspirational education and care to even more children and young people across the UK while maintaining its excellent education and care standards
  • The current shareholders including management will reinvest
  • London, 1st September 2017: Charme Capital Partners (“Charme”), the pan-European mid-market private equity firm, announces that Charme III has invested in the Witherslack Group (“Witherslack” or “the Group”). As part of the transaction, both management and the current shareholders, mid-market private equity firm Livingbridge, will reinvest. Terms of the transaction were not disclosed.

    Headquartered in Cumbria, England, Witherslack is a provider of education, therapeutic and residential care for children and young people with special education needs. The Group’s focus is on support, care and acceptance – allowing every young person to develop as an independent individual, equipped with the knowledge, experience and life skills required to look to the future with increased confidence and aspiration. It currently operates 29 schools, associated homes and integrated learning centres across the UK.

    Since its foundation in 1996, Witherslack has grown from a small, regional provider of specialist schools and children’s homes, into a national provider of a wider range of services for children and young people. The Group has a long history of success and sector-leading Ofsted judgements, being the only institution to have received either ‘Good’ or ‘Outstanding’ ratings for all its schools since inception. This has been achieved through an ethos of high aspiration, a ‘team around the child’ approach, unique in-school therapy solutions, and striving to provide inspiring environments for students.

    Charme is firmly committed to Witherslack’s excellent educational and care standards, and will continue to invest in the Group and its organic growth, so that it can support even more children and young people across the UK.

    Julian Huxtable, Partner at Charme Capital Partners, said:
    “We are very pleased to partner with such an inspiring company as the Witherslack Group. Our focus will be on helping the Group to offer its vital services to more locations across the country, while preserving the high standards of education and care that make it such a key part of the lives of the young people and children it helps.”

    Adam Holloway, Partner at Livingbridge, said:
    “It has been a privilege to have worked with Witherslack and its leadership team over the last 6 years. Together we have opened 7 new schools and learning centres and doubled the number of pupils to over 630 today. We have always maintained a relentless focus on improving outcomes for children and young people and invested heavily to achieve this. We are delighted to welcome Charme as new partners and look forward to supporting Witherslack through its next phase of growth.”

    Phil Jones, CEO of Witherslack Group, said:
    “I am delighted that Witherslack Group has been able to attract new investment, enabling us to continue our drive to improve the quality of outcomes and life opportunities for an ever-increasing number of the most complex young people in this country. Charme Capital Partners’ ethos accords with that of management and our continuing investor, Livingbridge, and I am confident that with our combined efforts we will continue our organic expansion, whilst maintaining, or even improving, our sector leading Ofsted ratings.”

Media Contacts

Charme Capital Partners

Greenbrook Communications
Andrew Honnor, Alex Jones, Carl Leijonhufvud
+44 (0)207 952 2000

Livingbridge

James White, MHP Communications
0203 128 8756 / livingbridge@mhpc.com

About Witherslack Group

Witherslack Group is the UK’s leading provider of specialist education and care for children and young people with social, emotional and mental health needs, communication difficulties (autistic spectrum conditions, Asperger’s Syndrome, speech, language and communication needs) and complex learning needs.

Our focus on support, care and acceptance allows each young person to develop as an independent individual, equipped with the knowledge, experience and life skills to look to the future with increased confidence and aspiration. This is achieved through our dedicated teaching, care and therapeutic professionals who combine to create a unique and inspirational environment for every child.Their commitment and ability to genuinely connect with each child allows us to achieve long lasting outcomes and fulfil the ambitions of our young people.

We go the extra mile for all of our young people to ensure that their time in our schools and children’s homes gives them the foundations and ambitions to create their own story of success.

Visit: www.witherslackgroup.co.uk

About Charme Capital Partners

Charme Capital Partners was founded in 2003 and helps deliver transformational growth for its portfolio companies. The firm is supported by its unique investor base of institutional LPs and prominent global industrialists. Since its inception, Charme Capital Partners has raised over €1bn through its Charme Funds.

Charme III was launched in late 2015 and has a pan-European investment strategy, focused in particular on Italy, UK and Spain. These countries present attractive opportunities to invest in market leading companies with strong international growth prospects. Charme III will invest in companies valued up to €500m, partnering with entrepreneurs and management teams to expand both organically and inorganically.

The main investments realised by Charme I and Charme II include: in luxury goods, Poltrona Frau Group (the world leader in high-end design furniture created via the acquisitions of Poltrona Frau, Cassina and Cappellini); in technology, Octo Telematics (world leader in insurance telematics); and in med-tech, Bellco (leading provider of blood purification devices). Charme III has already completed investments in Spain with Igenomix (world leader in reproductive genetic diagnostics), in the UK with JD Classics (leader in the retail, restoration and management of classic cars) and in Italy with ATOP (the global leader in the production of innovative machines and automated production lines for electric motors).

Visit: www.charmecapitalpartners.com

About Livingbridge

Livingbridge are an independent, specialist asset management firm of over 80 people in the UK and Australia with over £1bn to invest in fast growing companies over the next five years.

Our team have been backing growing businesses together for twenty years, investing anything from £2m to £70m in businesses valued up to £150m. We’ve done it over a hundred times, turning many into household names both at home and abroad. We get growth.

We understand the people behind growing companies in consumer markets; healthcare and education; technology, media and telecommunications; financial services and business services, and help them achieve what’s right for them and their business.

We invest on behalf of both institutional and retail investors. We are actively investing funds on behalf of Livingbridge 6 LP, Livingbridge Enterprise 2 LP and the two Baronsmead Ventures Trusts. Livingbridge also manage Livingbridge CF UK Micro Cap Fund and Livingbridge CF UK Multi Cap Income Fund.

Visit: www.livingbridge.com

Fiocchi
Charme III announces the acquisition of 60% of Fiocchi Munizioni S.p.A. in partnership with the Fiocchi family, which reinvests at 40%
Fiocchi logo
Charme III announces the acquisition of 60% of Fiocchi Munizioni S.p.A. in partnership with the Fiocchi family, which reinvests at 40%

Fiocchi, a fifth generation family company established in 1876, is one of the leading companies worldwide in the production and sale of premium small-calibre ammunitions mainly used for sports and leisure, hunting and, for a minor part, public and private security.

With over 600 employees and revenues in excess of €180 million in 2017, Fiocchi is a privately held company owned by the Fiocchi family through the holding company Giulio Fiocchi S.p.A.. The company has a global presence with its historical manufacturing site in Lecco (Italy) accompanied by another factory in Springfield (Missouri). The company has been operating for more than 35 years in the US which is the world’s largest market and generated over 50% of Fiocchi’s revenues in 2017.

Fiocchi is recognised globally for its strong innovation capabilities and industrial expertise that has led to the development of its own high-quality product portfolio, manufactured using proprietary technology. Thanks to its unique heritage with over 140 years of activity, Fiocchi is recognized worldwide for its high performance and reliability; as demonstrated by its numerous sporting achievements with over 15 Olympic titles in highly technical disciplines such as shooting skeet, trap, double trap and biathlon, as well as numerous world and national titles.

Post-acquisition, Fiocchi will continue to operate in a similar manner. The new holding company is called FCC S.p.A. (Fiocchi with Charme), and is 60% owned by Charme III, a pan-European private equity fund with committed capital of €650 million and offices in Milan, London and Madrid. The remaining 40% is held by Giulio Fiocchi S.p.A., driven by the Fiocchi family’s requirement to maintain a significant stake in the new group. Following Charme’s investment, Stefano Fiocchi has been confirmed as Chairman and CEO of Fiocchi.

Matteo di Montezemolo, CEO of the Charme Funds commented: "Fiocchi represents a great investment opportunity for Charme III; a global leader with an excellent brand whose unique proprietary know-how and high quality products are characterized by a strong culture of innovation. These are the distinctive features that are core to the Charme Funds’ investment strategy in tandem with the strategic and operating support we will provide to Fiocchi to achieve its ambitious international growth plan".

Luigi Sala, Chairman of the Charme Funds and of FCC S.p.A. commented: "Our investment in Fiocchi represents an industrial transaction, typical of the Charme Funds, aimed at sustaining the growth of a family owned company. Our goal is to support Fiocchi in its global expansion plan, in partnership with the family, promoting a new phase of strategic development in which we will provide the company with the resources necessary for growth and through our consolidated international network".

Stefano Fiocchi, Chairman and CEO of Fiocchi, commented: "Thanks to the partnership with Charme III, Fiocchi expects to continue on its global development path, through a significant growth phase starting from 2018 that is based on a new industrial and investment plan that includes the historic manufacturing site at Lecco. The goal of the transaction is to further strengthen Fiocchi from a strategic, industrial and financial standpoint, in order to enhance growth and exploit the market developments envisaged in the US and internationally, with the aim to list the Company in the medium term."

Michele Preda, Chairman of Giulio Fiocchi S.p.A., commented: "Together with the Fiocchi family, we are very satisfied about the partnership with Charme III, a leading investment fund at a pan-European level that has already demonstrated in its previous investments in leading Italian family owned companies, to be able to combine achieving clear industrial objectives and preserving the history and values of each company."

OCS
Charme III announces a partnership with the co-founders of OCS S.p.A
OCS new
Charme III announces a partnership with the co-founders of OCS S.p.A

Established in 1984 and headquartered in Milan and Brescia, OCS is the leading Italian provider of proprietary software solutions for the retail finance market. For over 30 years, OCS has supported the main Italian banks and specialized financial institutions, acting as a trusted technology partner for complex and innovative IT solutions for both consumer credit and asset finance.

With a team of c. 100 highly specialized professionals (engineers, mathematicians and computer scientists) and Sales of approximately €30 million in 2017 (with an average annual growth rate of 14% over the last three years), OCS was a private company owned by its three co-founders, Luciano Benedini, Francesco Cavagna and Lorenzo Cereda.

The OCS suite allows banks and specialized financial institutions to manage a wide range of financial products (including personal loans, credit cards, revolving credit, securitization and leasing) over the entire credit life cycle, from initial client interaction through to offering a broad spectrum of further credit activities.

The partnership with Charme will see the company continue to operate in a similar manner, with the three co-founders collectively retaining a 20% stake in the company and maintaining their current management roles. With Charme, OCS’ objective is to further develop its growth strategy in Italy and internationally, with particular focus on developing new products to further support its clients’ business.

Matteo di Montezemolo, CEO of the Charme Funds, commented: "OCS represents a strong investment opportunity in the market leader with a high growth potential and a unique set of competences developed in over 30 years of activity, thanks to the know-how of both its founder and team of professionals. These are the distinctive features of Charme Funds investment strategy and represent the strategic and operating support that we will provide to OCS to implement its growth plan".

Luciano Benedini, Francesco Cavagna and Lorenzo Cereda, co-founders and co-CEOs of OCS, have commented: “Thanks to the partnership with Charme III, OCS plans to continue its development path. The objective is to strengthen and further evolve the OCS platform according to the strategic plan shared with Charme, in order to tap the multiple market opportunities both in Italy as well as internationally”.

Charme III was assisted in the transaction by Legance Avvocati Associati, PWC, Osculati & Partners and Spada Partners while the financing has been structured through a bond underwritten by the Pemberton funds, assisted by Clifford Chance. OCS was assisted by Klecha & Co as financial advisor and Pedersoli Studio Legale and Studio Zanoletti-Uberti.

The Charme Funds

The Charme Funds were created in 2003 by Luca and Matteo di Montezemolo and are backed by a unique combination of institutional and entrepreneurial investors. Total commitments raised since the establishment of Charme I have been in excess of €1 billion. The Charme funds develop long-term industrial investments in companies with a strong potential for growth and international development.

Charme III, with total commitments of €650 million and offices in Milan, London and Madrid, was launched between 2015 and 2016 with a pan-European investment focus, particularly on Italy, the United Kingdom and Spain. Charme III is investing in companies with high International growth potential, whose value ranges between €100 million and €500 million. In these companies, Charme III acts as a strategic partner for those entrepreneurial families and managerial teams who want to benefit from new development opportunities, both through organic growth and structured M&A investments and strengthening of capital structure aimed at consolidating their leadership.

The main investments realised by Charme I and II funds include: in luxury goods, Poltrona Frau Group (the world leader in high-end design furniture created via the acquisitions of Poltrona Frau, Cassina and Cappellini); in technology, Octo Telematics (world leader in insurance telematics) and in med-tech, Bellco (active in blood purification devices).

Charme III has already completed six majority investments. Specifically, two investments in Spain via Igenomix (world leader in reproductive genetic diagnostics) and Valtecnic/Ibertasa (a leading Spanish market player in the field of real estate services, and specifically in real estate appraisals and valuation for the banking system); two investments in the United Kingdom via JD Classics (active in the retail, restoration and management of both road and racing classic cars) and Witherslack (among the UK market leaders in the education sector, known for its know-how and industry reputation); and two investments in Italy via ATOP (active in the field of industrial automation for the production of electric motors in the automotive and e-mobility sector) and Fiocchi (one of the leading companies worldwide in the production and sale of premium small-calibre ammunitions used for sports and leisure).

For additional information, see www.charmecapitalpartners.com.

Gloval
Charme and Miura acquire the appraisal companies Ibertasa and Valtecnic
Logo gloval 2
Charme and Miura acquire the appraisal companies Ibertasa and Valtecnic

Charme Capital Partners and Miura Private Equity have completed the acquisition of the Spanish real estate appraisal companies Ibertasa and Valtecnic, in order to boost their development and consolidate their positioning in the national market.

Ibertasa and Valtecnic, with headquarters in Madrid and offices across Spain, were founded in 1992 and 1984, and reached sales of 20 million and 23 million euros respectively in 2016.

Igenomix
Charme Capital Partners agrees the sale of Igenomix to EQT
Igenomix logo
Charme Capital Partners agrees the sale of Igenomix to EQT

  • Igenomix is one of the world’s leading biotechnology companies with a proprietary portfolio of products and therapies focused on women’s health and reproductive genetics
  • Since 2016, Charme Capital Partners has successfully partnered with management actively supporting Igenomix’s international expansion by creating a global platform of labs in leading markets; further invested and developed its world-leading R&D function; and launched new and innovative proprietary products
  • Charme is a strong believer in the industry and is currently working in order to recommit in a broader transaction also involving a minority stake in Igenomix that will be announced in the next weeks

Charme Capital Partners (“Charme”), the pan-European mid-market private equity firm, has announced today that Charme III, its €650m buyout fund, has reached an agreement to sell a majority stake in Igenomix to EQT, the global investment firm founded by the Wallenberg family in the 90’s with more than 50 billion of commitments raised since inception. Igenomix is the leading global provider of woman health and reproductive genetic services. As part of the transaction, Igenomix’s senior management will reinvest in the company, in order to continue to support its long-term growth and success.

Igenomix, headquartered in Valencia, Spain, uses the most advanced technology to offer pioneering genetic testing services in reproductive medicine. It works closely with IVF (In-Vitro-Fertilization) clinics around the world to help increase the chances of successful pregnancies and aid medical professionals in delivering healthier babies. Today, Igenomix helps patients across the globe from 15 advanced laboratories in 13 different countries and has multiple promising new patents currently undergoing pre-clinical studies.

Charme first invested in Igenomix in 2016 and since then it has actively worked together with the CEO David Jimenez and the R&D team composed of 25 top class scientists and researchers led by Professor Carlos Simon.

Charme, leveraging on its 15-year track record of transforming mid-market companies into global leaders, actively worked with the management to expand Igenomix internationally by strengthening its market position in the US and expanding into several new markets such as the UK, Japan, Canada, Argentina, Italy, Turkey, and Kuwait; and widening its product offering through the launch of innovative proprietary new genetic tests.

During its ownership period, Charme has heavily invested to support the management team’s continued development of Igenomix’s world-class R&D function and the formation of joint R&D efforts with leading universities, including Stanford, Harvard and Baylor.

This active ownership model, typical of the Charme Funds, led to a 54% compound annual growth rate of revenues since 2015, and to a 53% compound annual growth rate of EBITDA.

Matteo di Montezemolo, Founder and Managing Partner of Charme Capital Partners, commented: 

“Igenomix growth story is in line with the long standing track record of the Charme Funds in supporting mid-market local companies in becoming global leaders in their respective markets and confirms, once again, the consistency of Charme’s operating model. I would like to personally thank, also on behalf of all Charme III investors, Professor Carlos Simon, David Jimenez and the full Igenomix team for their extraordinary results, that I am sure will further improve over the next years.”

Francisco Churtichaga, Partner at Charme Capital Partners, said: 

“Igenomix has been an incredible growth story and it has been a pleasure to help the founders internationalise the business and take the company to the next level. When we first invested in Igenomix we were excited by the potential of such a high-growth, technology-driven business and we look forward to continuing to support EQT, the company and its talented management team.”

David Jimenez, Chief Executive Officer of Igenomix, said: 

“Charme’s resources, industry experience and strategic vision have been a differentiating factor during the company’s period of high growth over the past few years. We would like to thank their team for all their help and we look forward that they will continue to back Igenomix’s continued development as we enter the next phase of our journey.”

Atop
Charme III announces the sale of ATOP to IMA
ATOP new logo300px
Charme III announces the sale of ATOP to IMA

Today, Charme Capital Partners (the pan-European mid-market private equity firm) signed an agreement with IMA for the sale of 63% of ATOP, a leading company in the sector of automatic machines and lines for the production of electric motors for the automotive sector, and in particular for E-Mobility.

The transaction records an Enterprise Value of approximately 380 million Euro, which involves a disbursement for IMA of approximately 230 million Euro, to be paid at the closing scheduled for July 2019. Through this agreement IMA, already a shareholder of the company since 2017 with a 21% stake and Charme acting as controlling shareholder, acquires the majority of ATOP from Charme and reaches a total stake of 84%. At the same time, the founders and the Chairman Amedeo Felisa will reinvest for a 6% stake.

Founded in 1993 and headquartered in Barberino Val D'Elsa (Florence), ATOP has been acquired by Charme III in April 2017 and is today a global leader in the design and production of innovative machines and automatic lines for the high-growth market of electric traction for sustainable mobility (E-Mobility), where, thanks to the actions implemented by Charme, it expects to generate more than 50% of 2019 revenues. The company is also active in the traditional automotive, household appliances and power tools sectors. ATOP operates with a consolidated proprietary know-how, combined with the continuous search for innovative technological solutions also developed in co-design with its customers, well diversified in more than 380 companies and represented by well-known and innovative industrial groups worldwide.

Under the active ownership of Charme, the company recorded a growth in revenues from 38,8 million Euro in 2017 to a forecast of 88 million Euro in 2019 (up 46% from 60 million in 2018), an EBITDA of 25 million Euro (up 59% from 15.8 million in 2018 and up 65% from 9.5 million in 2017), c. 250 employees (with more than 50 hires in the last 2 financial years). 

Matteo di Montezemolo, Founder and CEO of the Charme Funds, declared:

“Since the establishment in 2003, the Charme Funds have been characterized by a deep entrepreneurial and industrial know-how, a strong business culture and the ability to select and invest in leading companies in their reference markets but with significant unexpressed potential, creating for the respective companies the best conditions for a structured and lasting international development. Consistent with this approach, and after the success of the investments of the last 15 years in Poltrona Frau Group, Octo Telematics, Bellco and most recently in Igenomix, the Charme III investment in ATOP in 2017 took place with the goal of transforming an Italian champion in traditional automotive supply into one of the world leaders in the most innovative and high-growth sector such as E-Mobility, leveraging on Atop's ability to innovate matured over more than 30 years, which has led Atop to hold over 500 patents today, combined with an ambitious investment plan in research and development and a strong expansion of the industrial and production base in continuity with the excellent work already performed by the company Founders. Following a first phase of profound and extraordinary transformation of ATOP, which has led the company to double revenues in only 2 years and has created the basis for a lasting and sustainable development in the E-Mobility sector, we are pleased that ATOP can continue in its growth path under the IMA Group. We are also particularly proud of having maintained such a significant Italian technological and innovation heritage under the control of one of the most beautiful and dynamic Italian entrepreneurial realities led by a top-level management team under the leadership of Alberto Vacchi.” 

Commenting on the transaction, Alberto Vacchi, Chairman and CEO of IMA, stated:

“The growth and evolution of IMA in the markets of the future continues. Our position as a leader in relevant markets such as pharmaceuticals and food, combined with a solid presence in the world of tobacco at the service of innovations for lower impact smoking, is now enriched thanks to the credible entry of IMA into a fourth strategic segment represented by E-Mobility, which is today one of the fastest growing markets worldwide, with the production of over 50 million electric or hybrid cars expected in 2030.

Alberto Vacchi concluded:

"I would therefore like to thank the Charme Fund for the work performed in ATOP, in such a short time and at all company levels, which was instrumental in allowing ATOP to achieve credibility and a strong leadership in the E-Mobility market. I am also particularly pleased with the success of the operating model developed with the Charme Fund (well-known for its entrepreneurial and not financially driven DNA) in this interesting industrial transaction by combining our solid entrepreneurial approach with the Charme Fund's ability to identify and develop companies with significant growth potential. Also thanks to the fundamental contribution of Mr. Felisa, with a career of over 40 years in the automotive industry, involved by Charme in 2017 to lead ATOP with the goal of exploiting the extraordinary work of the founders, who will remain our partners together with Felisa.” 

Amedeo Felisa, Chairman of ATOP, declared: 

“This operation is of great satisfaction for ATOP. Together with the entire management team of ATOP, we are particularly grateful to the Charme Fund, which has always actively supported us in the development of the company and which has made available the fundamental resources and guaranteed the strategic support to achieve the extraordinary growth and leadership that today the company has achieved in the international E-Mobility market, also creating the basis for solid growth over the long term through this transaction with IMA. In fact, we believe that by integrating into the IMA Group we will be able to accelerate a long-established collaboration, which will allow us to achieve the goals of rapid growth that we are realizing, thanks to an effective support of our technological effort and our increasingly widespread presence in international markets. Personally, I will remain in the forefront of strategic management, ensuring continuity, also as a shareholder of the company together with the founders, to lead ATOP to achieve the ambitious goals that we have set.” 

Luciano Santandrea, founder of ATOP, declared: 

“After 50 years of activity in the sector, of which over 25 as founder of ATOP, I believe that this operation is for our company and for myself the best realization of an entrepreneurial path to which I have dedicated a lifetime of work. In 2017, I realized that ATOP needed a discontinuity in the shareholding base that would have allowed it to quickly establish itself as leader in the E-Mobility sector and I identified the Charme Fund as the ideal majority partner, given its track record in growing the companies in which it invests with competence and credibility. After two years, I can confirm the full correctness of this choice and, also on behalf of the other co-founders, I am personally grateful to the Charme Fund for the competence and professionalism applied to the management of ATOP that surprised to us for the extraordinary results achieved in a very short term in such a competitive market. I am sure that the acquisition of control by IMA represents the best continuity operation for the long-term interest of ATOP and its extraordinary resources.”

Milan/London, 21st May 2019

Disclaimer

This press release contains forward-looking declarations, especially in the section “IMA Group forecasts for the whole of 2019”. These declarations are based on current expectations and projections of the Group regarding future events which, by their very nature, are subject to an intrinsic element of uncertainty. They are declarations that relate to events and depend on circumstances that may or may not happen or come about in the future and, as such, should not be relied on excessively. The effective results could differ from those contained in these declarations due to a wide range of factors, including the volatility and deterioration of markets, variations in raw material prices, changes in macroeconomic conditions, growth rates and other business conditions, amendments to legislation and the institutional context (both in Italy and abroad) and various other factors, most of which are totally out of the Group's control.

About Charme Capital Partners

The Charme Funds have been established in 2003 by Luca and Matteo di Montezemolo and are backed by a unique combination of institutional and entrepreneurial investors. Total commitments raised since inception have been in excess of €1.2 billion. The Charme Funds develop long-term industrial investments in companies with a strong potential for growth and international development.

Charme III, with total commitments of € 650 million, has been launched between 2015 and 2016 with a pan-European investment focus, particularly on Italy, the United Kingdom and Spain. Charme III is investing in companies with high potential for international growth whose value ranges between € 100 million and € 500 million. In these companies, Charme III acts as a strategic partner for those entrepreneurial families and managerial teams who intend to benefit from new development opportunities, both through organic growth and structured M&A investments, in addition to capital structure strengthening aimed at consolidating their leadership.

The main investments realized by the funds Charme I and II include: in luxury goods, Poltrona Frau Group (the world leader in high-end design furniture created via the acquisitions of Poltrona Frau, Cassina and Cappellini); in technology, Octo Telematics (world leader in insurance telematics) and in med-tech, Bellco (leading provider of blood purification devices).

Charme III has already completed two investments in Spain in Igenomix (world leader in reproductive genetic diagnostics) and in Gloval (among the Spanish market leaders in the field of real estate services); two investments in the United Kingdom that include Witherslack (among the UK market leaders in the education sector, where the UK it is historically one of the world leaders for know-how and specialized expertise); and three investment in Italy in ATOP (among the world leaders in the field of industrial automation for the production of electric motors in the e-mobility sector), Fiocchi (one of the leading companies worldwide in the production and sale of small-caliber ammunitions with premium positioning and mainly for sports and leisure use) and OCS (Italian leader in the software for the specialty finance).

For further information
Greenbrook Communications
Alex Jones, Alex Campbell and John Hamlin
+44 (0)207 952 2000

About IMA

Established in 1961, IMA is world leader in the designThe Group has about 5,800 employees, about 2,400 of whom overseas, and can count on 41 production plants in Italy, Germany, Switzerland, the United Kingdom, the United States, India, Malaysia, China and Argentina.

IMA has an extensive sales network comprising 29 branches which provide sales and service in Italy, France, Switzerland, the United Kingdom, Germany, Austria, Spain, Poland, Israel, Russia, the United States, India, China, Malaysia, Thailand and Brazil, representative offices in Central and East European countries and over 50 agencies covering a total of about 80 countries. IMA S.p.A. has been listed on the Milan Stock Exchange since 1995 and in 2001 joined the STAR segment. The following manufacturing companies are part of the IMA Group: Benhil GmbH, Ciemme S.r.l., Co.ma.di.s. S.p.A., Corazza S.p.A., Delta Systems & Automation Inc., Eurosicma S.p.A., Eurotekna S.r.l., Gima S.p.A., Gima TT S.p.A., G.S. Coating Technologies S.r.l., Hassia Packaging Pvt. Ltd., Ilapak International SA, Ilapak Italia S.p.A., Ilapak (Beijing) Packaging Machinery Co. Ltd., IMA Automation Malaysia Sdn. Bhd., IMA Automation USA Inc., IMA Life North America Inc., IMA Life (Beijing) Pharmaceutical Systems Co. Ltd., IMA Life (Shanghai) Pharmaceutical Machinery Co. Ltd., IMA MAI S.A., IMA Medtech Switzerland S.A., IMA North America Inc., IMA-PG India Pvt. Ltd., IMA Swiftpack Ltd., Mapster S.r.l., Petroncini Impianti S.p.A., PharmaSiena Service S.r.l., Revisioni Industriali S.r.l., Spreafico Automation S.r.l., Tecmar S.A., Teknoweb Converting S.r.l., Telerobot S.p.A., Tissue Machinery Company S.p.A., Valley Tissue Packaging Inc.

For further information:
Andrea Baldani - Investor Relations - tel. +39 051 783111 - e-mail: baldania@ima.it

Maria Antonia Mantovani – Press Office - tel. +39 051 783283 - e-mail: antonia.mantovani@ima.it

www.ima.it (Investor Relations section)

Igenomix
Charme Capital Partners agrees to reinvest in Igenomix along with EQT
Igenomix logo
Charme Capital Partners agrees to reinvest in Igenomix along with EQT

Charme Capital Partners (“Charme”), the pan-European mid-market private equity firm, has announced today that Charme III, its €650m buyout fund, has reached an agreement to invest in a minority stake in Igenomix along with EQT, the global investment firm founded by the Wallenberg family in the 90’s with more than 50 billion of commitments raised since inception.

Charme reached an agreement to sell its stake in Igenomix to EQT in March 2019 and will continue to support the development of the company in this next phase of growth through an active collaboration with EQT. Charme will leverage its knowledge of the sector, the company and its operations to support EQT in further expanding the company internationally.

This new investment in Igenomix, demonstrates Charme’s flexibility in its investment approach as well as the will to become long term partners of companies, founders and management teams.

Igenomix
Charme Capital Partners and EQT Private Equity to sell Igenomix to Vitrolife
Igenomix logo
Charme Capital Partners and EQT Private Equity to sell Igenomix to Vitrolife

  • Igenomix is the worldwide leader in reproductive genetics and women’s health
  • In 2019 Charme agreed to reinvest, as part of its sale to EQT, in a minority stake of the company to continue to support its development and international growth
  • During its second stage of ownership, Igenomix has continued to grow rapidly taking advantage of multiple opportunities where Charme has been instrumental thanks to its knowledge of the company, its operations and management team

Charme Capital Partners (“Charme”), the pan-European mid-market private equity firm, has announced today that Charme III, its €650m buyout fund and EQT Private Equity (“EQT”), the publicly traded global investment firm founded by the Wallenberg family in the 90’s, have reached an agreement with Vitrolife, the Swedish publicly traded reproductive health company, to sell Igenomix. As part of the transaction Igenomix’s shareholders will retain a minority shareholder stake in Vitrolife.

Charme first invested in Igenomix in 2016 and since then it has actively worked together with the CEO David Jimenez and the R&D team composed of 25 top class scientists and researchers led by Professor Carlos Simon. In 2019 as part of the sale to EQT, Charme reinvested in a minority interest to continue supporting the development of the company with further international growth.

Leveraging its sector and company knowledge, Charme was instrumental in guiding the company through multiple growth opportunities to expand into new and attractive markets such as the establishment of Igenomix’s operations in China. The active involvement of Charme in this second stage of ownership, has led to a 19% compounded annual growth rate of revenues and a 17% compounded growth rate of EBITDA.

The combination of Igenomix and Vitrolife will create a global leader in the reproductive health space.

David Jimenez, Chief Executive Officer of Igenomix, said:

“Igenomix has been on a fantastic journey with EQT and Charme Capital Partners as owners. We are excited to embark on a new journey together with Vitrolife which will help us to further improve delivery of our mission to provide personalized genetic information to patients globally and further improve clinical practices in infertility, women’s health and rare diseases”.

Witherslack
Mubadala Capital Invests in Witherslack Group in Partnership with Charme and Existing Management Team
Witherlack Group Logo 2
Mubadala Capital Invests in Witherslack Group in Partnership with Charme and Existing Management Team

Mubadala Capital, a subsidiary of Mubadala Investment Company, today announced its investment in a majority shareholding of Witherslack Group (“Witherslack” or the “Group”), a leading operator of schools and associated home accommodations in the special educational needs sector in the UK. Existing investors Charme Capital Partners and Livingbridge will remain as minority shareholders of the Group.

Mubadala Capital’s investment will provide long-term stability and support for Witherslack’s continued development, supporting the creation of new jobs and key services for young people with special education needs as the Group looks to grow its presence in the UK and the Middle East.

Adib Mattar, Head of Private Equity at Mubadala Capital, said: “Mubadala Capital’s foundations lie in the ability to identify exceptional management teams that create enduring businesses that remain relevant over multiple generations – Witherslack is a perfect example of this. Phil Jones and the Witherslack team have spent the last decade building a company that addresses a major societal need for specialized services while maintaining an unwavering commitment to quality, empathy and care. We look forward to continuing to build on that progress while exploring opportunities to bring Witherslack’s knowledge and expertise to the Middle East.”

Phil Jones, CEO of Witherslack Group, added: “Mubadala Capital shares our dedication to the highest standards of education and care and we look forward to working with them to grow our operations further. Their support for Witherslack Group will enable the continued expansion of our services, improving outcomes for more children and young people with special educational needs.”

Headquartered in Cumbria, England, Witherslack is a leading provider of specialist education and care for children and young people with special educational needs. With 18 schools, 18 children’s homes and 7 integrated learning centers located across England, the Group has grown organically to become the foremost national provider of specialist education, as well as a provider of advice and support to parents, carers and their families.

Under Charme Capital Partners and Livingbridge’s ownership, Witherslack has recently invested over £80 million into new school settings and organically developed the highest Office for Standards in Education, Children’s Services and Skills (“Ofsted”) rated Special Educational Needs schools in the country, with 96% of its settings currently rated “Outstanding” or “Good”.

All shareholders remain firmly committed to maintaining Witherslack’s excellent educational and care standards. Mubadala Capital’s investment will assist the development of additional education, therapeutic and residential care settings, helping to improve the lives of even more children and young people across the UK, as well as providing opportunities to deliver the same world-class care in the Middle East.

About Mubadala Capital

Mubadala Capital is a subsidiary of Mubadala Investment Company, a leading global sovereign investor headquartered in Abu Dhabi. In addition to managing its own balance sheet investments, Mubadala Capital manages c. $9 billion in third-party capital vehicles on behalf of institutional investors in all of its businesses, including three private equity funds, two early stage venture funds, a public fund and a fund in Brazil focused on special situations.

About Witherslack Group

Witherslack Group is the UK’s leading provider of specialist education and care for children and young people with social, emotional and mental health needs, communication difficulties (autistic spectrum conditions, Asperger’s Syndrome, speech, language and communication needs) and complex learning needs.

Our focus on support, care and acceptance allows each young person to develop as an independent individual, equipped with the knowledge, experience and life skills to look to the future with increased confidence and aspiration. This is achieved through our dedicated teaching, care and therapeutic professionals who combine to create a unique and inspirational environment for every child. Their commitment and ability to genuinely connect with each child allows us to achieve long lasting outcomes and fulfil the ambitions of our young people.

We go the extra mile for all of our young people to ensure that their time in our schools and children’s homes gives them the foundations and ambitions to create their own story of success.

Charme IV

Bianalisi
Charme Capital Partners announces the acquisition of a majority stake in Bianalisi
Logo bianalisi def
Charme Capital Partners announces the acquisition of a majority stake in Bianalisi

Bianalisi is a leading platform in the sector of laboratory diagnostics, outpatient services and diagnostic imaging in Italy. Founded in 1968 and based in Carate Brianza, the company was acquired in 2000 by the entrepreneur Giuliano Caslini who, over the last twenty years, has led a significant expansion plan in Italy, mainly through acquisitions, aimed at positioning Bianalisi among the leading players of the healthcare sector in Italy.

With more than 260 laboratories and over 50 outpatient clinics, Bianalisi receives almost 13,000 patients every day to its facilities spread across 9 Italian regions. More than 50,000 laboratory tests and over 2,000 specialist medical examinations are carried out daily by over 600 doctors in Bianalisi’s centres. In 2020 Bianalisi carried out over 16 million laboratory tests. Bianalisi also offers advanced diagnostic imaging services using the latest generation scanning equipment (CT and MRI). Its widespread presence in its regions, combined with a high quality and broad service offering, make Bianalisi a point of reference for its patients.

The partnership agreement envisages the entry of Charme Capital Partners SGR S.p.A. (pan-European private equity firm with a highly entrepreneurial approach and offices in Milan, London and Madrid), through the newly established Charme IV fund, in the Bianalisi shareholding structure with a majority stake and in total continuation with the project led by the founder Giuliano Caslini. The growth strategy for the next few years will be based on the further delivery of the consolidation plan in Italy, the most fragmented diagnostics market in Europe, together with the additional expansion of the services currently offered (also through the adoption of cutting-edge solutions in preventive genetic diagnostics and telemedicine) and further growth in corporate, outsourcing and insurance services.

Giuliano Caslini will continue to hold the role of Chairman and Chief Executive Officer, ensuring full entrepreneurial and management continuity. Charme will contribute to Bianalisi's development plan thanks to its consolidated experience in supporting the growth of exceptional companies in partnership with their respective founders. The recent acquisitions of Igenomix and Veritas, which have respectively become world leaders in reproductive genetic diagnostics and in genome sequencing thanks to the industrial plans set up and supported by Charme, allowed the development of an important track record and know how in the healthcare sector that Charme will make available to Bianalisi. Closing is expected by the end of August and is subject to standard conditions for transactions of this nature.

Matteo di Montezemolo, CEO of the Charme Funds, commented: 

"It is with great pleasure that we announce today the establishment of Charme IV with the first investment in Italy in an Italian excellence such as Bianalisi in partnership with its founder, Giuliano Caslini confirming, once again, the strong entrepreneurial culture of the Charme Funds. Bianalisi represents a great investment opportunity for the new Charme IV fund in a leading company in its sector, which operates with an effective platform for the consolidation of the analysis and diagnostics laboratories market in Italy. We strongly appreciated Bianalisi's growth path, inspired by Giuliano Caslini's vision and, consistently with all the previous investments of the Charme Funds, we will also bring our active contribution to Bianalisi to continue on this path in the coming years. These are the distinctive elements that have always characterized the investment strategy of the Charme Funds and which are the basis of the strategic and operational support that we will give to Giuliano Caslini and Bianalisi to implement the ambitious development plan that we have shared".

Tommaso Beolchini, Founding Partner of Charme, commented:

"Charme IV's investment in Bianalisi is totally consistent with the Charme Funds strategy of investing, in partnership with their respective founders, in excellent entrepreneurial companies with strong growth potential. The leadership and vision of Giuliano Caslini in Bianalisi are, in total continuity, the pillars of the significant organic and M&A growth envisaged in Bianalisi's new strategic plan".

Giuliano Caslini commented: 

"The partnership established with Charme represents a new relevant page in Bianalisi’s history and is the beginning of a new chapter which, in full continuation, will lead the Bianalisi platform to grow and further strengthen to catch the significant opportunities for business development in the laboratory and diagnostics sector. I appreciated the strong business culture of Charme demonstrated in more than 15 years of activity by supporting the growth of important Italian companies, the deep respect for the history and entrepreneurial values of Bianalisi and also its consolidated network, fundamental factors that have inspired our partnership. Charme represents in fact the ideal partner to better manage the next phase of development and the consolidation of the market foreseen for the next few years, at the base of Bianalisi's future success”


The Charme Funds

The Charme Funds have been established in 2003 by Luca and Matteo di Montezemolo and are backed by a unique combination of institutional and entrepreneurial investors. Total commitments raised since inception have been in excess of €1.5 billion. The Charme Funds develop long-term industrial investments in companies with a strong potential for growth and international development.

Charme III, with total commitments of €650 million, has been launched between 2015 and 2016 with a pan-European investment focus, particularly on Italy, the United Kingdom and Spain. Charme III is investing in companies with high potential for international growth whose value ranges between €100 million and €500 million. In these companies, Charme III acts as a strategic partner for those entrepreneurial families and managerial teams who intend to benefit from new development opportunities, both through organic growth and structured M&A investments, in addition to capital structure strengthening aimed at consolidating their leadership.

The main investments realized by the funds Charme I and II include: in luxury goods, Poltrona Frau Group (the world leader in high-end design furniture created via the acquisitions of Poltrona Frau, Cassina and Cappellini); in technology, Octo Telematics (world leader in insurance telematics) and in med-tech, Bellco (leading provider of blood purification devices).

Charme III has completed six majority investments. Specifically, three investments in Italy via ATOP (one of the leading companies worldwide in the field of industrial automation for the production of electric motors in the automotive and e-mobility sector), Fiocchi (one of the leading companies worldwide in the outdoor shooting sports) and OCS (a leading company in the fintech software sector), two investments in Spain via Igenomix (world leader in reproductive genetic diagnostics) and Valtecnic/Ibertasa (a leading Spanish market player in the field of real estate services) and one investment in the United Kingdom via Witherslack (among the UK market leaders in the education sector for students with special educational needs, where the UK is historically one of the world leaders for know-how and specialized expertise).

Charme Capital Partners SGR has announced the first closing of its fourth fund, Charme IV, with €500 million of commitments, with continued strong support from Charme III investors, given the strong performance delivered to date (top quartile of European private equity, source: Preqin). The final target for Charme IV has been set at €800 million. Bianalisi represents the first investment of Charme IV in Italy.

Witherslack
Mubadala Capital Invests in Witherslack Group in Partnership with Charme and Existing Management Team
Witherlack Group Logo 2
Mubadala Capital Invests in Witherslack Group in Partnership with Charme and Existing Management Team

Mubadala Capital, a subsidiary of Mubadala Investment Company, today announced its investment in a majority shareholding of Witherslack Group (“Witherslack” or the “Group”), a leading operator of schools and associated home accommodations in the special educational needs sector in the UK. Existing investors Charme Capital Partners and Livingbridge will remain as minority shareholders of the Group.

Mubadala Capital’s investment will provide long-term stability and support for Witherslack’s continued development, supporting the creation of new jobs and key services for young people with special education needs as the Group looks to grow its presence in the UK and the Middle East.

Adib Mattar, Head of Private Equity at Mubadala Capital, said: “Mubadala Capital’s foundations lie in the ability to identify exceptional management teams that create enduring businesses that remain relevant over multiple generations – Witherslack is a perfect example of this. Phil Jones and the Witherslack team have spent the last decade building a company that addresses a major societal need for specialized services while maintaining an unwavering commitment to quality, empathy and care. We look forward to continuing to build on that progress while exploring opportunities to bring Witherslack’s knowledge and expertise to the Middle East.”

Phil Jones, CEO of Witherslack Group, added: “Mubadala Capital shares our dedication to the highest standards of education and care and we look forward to working with them to grow our operations further. Their support for Witherslack Group will enable the continued expansion of our services, improving outcomes for more children and young people with special educational needs.”

Headquartered in Cumbria, England, Witherslack is a leading provider of specialist education and care for children and young people with special educational needs. With 18 schools, 18 children’s homes and 7 integrated learning centers located across England, the Group has grown organically to become the foremost national provider of specialist education, as well as a provider of advice and support to parents, carers and their families.

Under Charme Capital Partners and Livingbridge’s ownership, Witherslack has recently invested over £80 million into new school settings and organically developed the highest Office for Standards in Education, Children’s Services and Skills (“Ofsted”) rated Special Educational Needs schools in the country, with 96% of its settings currently rated “Outstanding” or “Good”.

All shareholders remain firmly committed to maintaining Witherslack’s excellent educational and care standards. Mubadala Capital’s investment will assist the development of additional education, therapeutic and residential care settings, helping to improve the lives of even more children and young people across the UK, as well as providing opportunities to deliver the same world-class care in the Middle East.

About Mubadala Capital

Mubadala Capital is a subsidiary of Mubadala Investment Company, a leading global sovereign investor headquartered in Abu Dhabi. In addition to managing its own balance sheet investments, Mubadala Capital manages c. $9 billion in third-party capital vehicles on behalf of institutional investors in all of its businesses, including three private equity funds, two early stage venture funds, a public fund and a fund in Brazil focused on special situations.

About Witherslack Group

Witherslack Group is the UK’s leading provider of specialist education and care for children and young people with social, emotional and mental health needs, communication difficulties (autistic spectrum conditions, Asperger’s Syndrome, speech, language and communication needs) and complex learning needs.

Our focus on support, care and acceptance allows each young person to develop as an independent individual, equipped with the knowledge, experience and life skills to look to the future with increased confidence and aspiration. This is achieved through our dedicated teaching, care and therapeutic professionals who combine to create a unique and inspirational environment for every child. Their commitment and ability to genuinely connect with each child allows us to achieve long lasting outcomes and fulfil the ambitions of our young people.

We go the extra mile for all of our young people to ensure that their time in our schools and children’s homes gives them the foundations and ambitions to create their own story of success.

INDIBA
Charme Capital Partners and Miura Capital complete purchase of INDIBA from Magnum
Logo INDIBA
Charme Capital Partners and Miura Capital complete purchase of INDIBA from Magnum

Successful Investment Adds to Momentum of INDIBA

Barcelona, March. 1, 2022 – INDIBA, a global leader in the field of Radio-Frequency (RF) solutions for the physiotherapy, aesthetic and veterinary market, announced today that it has been acquired by leading private equity firms, Charme Capital Partners and Miura Capital.

INDIBA is known to the world for the development of cutting edge Radio-Frequency and its scientific research performed in the last 35 years. The ground-breaking technology based on the 448 kHz frequency has helped people to improve their lives and recover faster from injuries.

¨We invested heavily in market expansion, marketing infrastructure, regulatory, medical and operation teams to strengthening INDIBA’s core product line. The time is right to move into the next phase of our long-term growth strategy alongside new partners¨ said INDIBA CEO, Remco Schmitz. ¨During the next few months, we will remain focused on serving our customers. I look forward to joining the Charme and Miura leadership teams team to strengthen our businesses together. We will now have the ability to reach a new, diversified market of customers and expand our portfolio¨ he added.

¨It's always exciting for Charme to welcome a new team to our family, and to do it without restricting the creativity and work practices that are behind their success. The acquisition is expected to provide meaningful value-creation opportunities for patients, clinics and the industry overall¨ said Charme´s partner Francisco Churtichaga.

Prism Healthcare
Charme Capital Partners acquires Prism Healthcare
Prism logo
Charme Capital Partners acquires Prism Healthcare

Charme Capital Partners makes investment in Prism Healthcare, a leading UK provider of complex healthcare equipment and services, to support the Group’s further expansion in the UK and internationally.

London, 1 March 2022: Charme Capital Partners (“Charme”), the pan-European mid-market private equity firm, and Limerston Capital (“Limerston”) have announced that Charme IV has acquired Prism Healthcare (or “the Group”), a leading end-to-end provider of specialist healthcare equipment and services. As part of the transaction, Limerston will remain invested in the Group, providing long-term stability and support for Prism Healthcare’s continued development, while the management team will also retain a stake in the Group. Terms of the transaction were not disclosed.

Headquartered in Wakefield, Yorkshire, Prism Healthcare has a diverse portfolio of UK manufactured equipment, including safe patient handling, bathing, accessibility and pressure area care products. Its products provide healthcare professionals with affordable, clinically effective solutions to help disabled and mobility disadvantaged people remain mobile and active in their own homes, in long term care facilities or in acute care environments.

Prism Healthcare employs over 650 people and operates from nine UK locations, with a network of international distributors working across UK, EU and global markets. The Group’s customers include both public authorities and private providers, helping healthcare professionals provide excellent care, promote learning, aid movement or recovery, and support independence. Prism Healthcare develops, delivers, installs and services bespoke equipment that delivers vital improvements to the quality of life of its end users, with rapid response times enabled by its UK manufacturing footprint and nationwide team of engineers and assessors. The Group also has a strong product development pipeline, with a dedicated team continuously improving existing products and developing new ones to improve functionality for both users and carers.

Over the last three years, the business has doubled in size, successfully completing four add-on acquisitions, broadening its product range to become the most comprehensive in the country and expanding into new geographic areas to provide full UK coverage.

Charme’s investment will support the Group’s organic expansion through the continued development of its high-quality offering, to help more healthcare professionals provide the very best client care. Charme will also support the Group’s growth via acquisition, both in the UK and internationally.

Julian Huxtable, Partner at Charme Capital Partners, said: “We are delighted to be investing in Prism Healthcare and look forward to working closely with its management team to support the next phase of the Group’s expansion. Charme has proven expertise growing firms within the healthcare sector and, with local teams across Europe and extensive experience in internationalising businesses, we are well placed to help Prism Healthcare expand into new markets to bring its bespoke products and vital services to more customers.”

Paul Morton, CEO of Prism Healthcare, remarked: “We are thrilled to welcome Charme as a new investor in Prism Healthcare to support the Group’s continued development. We are confident that Charme is the right partner, with the right skills and experience, to help us realise our ambitious growth objectives. I would like to thank the team at Limerston Capital for their support in growing of the business over the past four years and I am delighted that they will remain an investor in the Group. We are excited to embark on a new chapter for Prism Healthcare, aimed at bringing our offering to more customers globally.”

Tema Synergie SpA
Charme invests in Tema Sinergie SpA
Tema synergie
Charme invests in Tema Sinergie SpA

Charme Capital Partners SGR S.p.A. and the shareholders of Tema Sinergie S.p.A. announce the establishment of an entrepreneurial partnership for the investment of Charme IV in Tema Sinergie, global leader in the highly-specialized sectors of isolators for nuclear medicine and the production of biotech pharmaceuticals. Charme IV will partner with the current shareholders in the relevant growth path envisaged for Tema Sinergie over the next years.

Founded in 1985 in Faenza by Luciano Piancastelli, Amedeo Laghi and Aurelio Romualdi and currently led by the CEO Stefano Piancastelli and the shareholder Andrea Peroni, the company has continuously grown over the years in Italy and mainly internationally, thanks to the development of a unique offer characterized by a significant and distinctive proprietary technological content.

Tema Sinergie, through a team of 200 highly skilled resources, that include 60 engineers, physicists and informatics, on average less than 40-year old, internally develops and manufactures isolators and filling and inspection systems (with relevant proprietary software) used by the most relevant radiopharma and biotech pharma companies in the world for the production of some of the most advanced pharmaceuticals for theragnostic, and for gene and cell therapy of personalized medicine. Tema Sinergie is also partner of top-tier hospitals through the integration of the products of global leading oncological radiotherapy companies, beside developing and selling worldwide systems for the administration of radiopharmaceuticals.

The partnership agreement envisages the entry of Charme Capital Partners SGR S.p.A. (a pan-European private equity firm with a strong entrepreneurial culture, with offices and teams in Milan, London and Madrid) in Tema Sinergie with a majority stake and in total continuation with the project of the founders and the current managers. The investment is carried out through Charme IV fund (€800m under management), with the specific goal to support Tema Sinergie and its management in their growth strategy, that is driven by a substantial international expansion, a significant innovation and product development and also by a further expansion in theragnostic and biotech segments.

Stefano Piancastelli will continue to hold the role of CEO ensuring, together with the current management team, full entrepreneurial and management continuity.

Closing is expected within the end of the year and is subject to the standard conditions for this type of transaction.


Matteo di Montezemolo, CEO of the Charme Funds, commented: "It is with great pleasure that we announce today the fifth investment by Charme IV, and the second in Italy after Bianalisi in 2021, in an Italian excellence such as Tema Sinergie in partnership with its founders and managers, confirming, once again, the strong entrepreneurial culture of the Charme Funds. Tema Sinergie represents a new and great investment opportunity for the Charme IV fund in a global leader in its sector, which operates with its highly-tech product offering perfectly consistent with the Charme Funds investment strategy. We strongly appreciated Tema Sinergie's growth path, inspired by the vision of its founders and its CEO Stefano Piancastelli and, consistently with all the previous investments of the Charme Funds, we will bring our active contribution, built on 20 years of entrepreneurial investment activity at global level and in diversified sectors. More specifically the most recent investments made by Charme in the healthcare and med-tech sectors, among which Bellco in Italy through Charme II, Igenomix in Spain through Charme III and Bianalisi in Italy through Charme IV, allowed the Charme Funds to develop a relevant operational experience in these fields, that Charme will share with Tema Sinergie. These are the distinctive elements that have always characterized the investment strategy of the Charme Funds and which represent the basis of the strategic and operational support that we will give to the current shareholders and to Tema Sinergie to implement the ambitious development plan that we have shared".
Tommaso Beolchini, Founding Partner of Charme, commented: "Charme IV's investment in Tema Sinergie is totally consistent with Charme Funds strategy of investing, in partnership with their respective founders and managers, in excellent entrepreneurial companies with strong growth potential. The leadership and vision of the founders and of Stefano Piancastelli are, in total continuity, the pillars of the significant growth envisaged in the strategic plan of Tema Sinergie".
Luciano and Stefano Piancastelli, respectively Chairman and CEO of Tema Sinergie, commented: "The partnership established with Charme represents a new relevant page in the history of Tema Sinergie and is the beginning of a new chapter which, in continuity, will lead the company to grow and further strengthen its positioning to catch the significant business development opportunities in the theragnostic and biotech sectors. We appreciated the strong business culture of Charme that, since its foundation, supported the growth of important Italian companies, the deep respect for the history and entrepreneurial values of Tema Sinergie and also its consolidated network, fundamental factors that have inspired our partnership. In light of this solid elements, we are convinced that Charme represents the ideal partner for the next phase of development of Tema Sinergie”.


Tema Sinergie was assisted by Mediobanca as financial advisor, by Pedersoli as legal advisor, and by Alvarez & Marsal for the financial and tax vendor due diligence. Charme was assisted by McKinsey for the market and business due diligence, by EY for the accounting and financial, HR and ESG due diligence, by Bonelli Erede as legal advisor, by AON for the insurance due diligence, by Spada Partners for the tax due diligence and by Modiano & Partnes for the IP due diligence, in addition to Leopoldo Zambeletti as advisor. Natixis, Banco BPM, BNL and Credit Agricole, assisted by Gatti Pavesi Bianchi Ludovici, have been active in the financing of the acquisition.



The Charme Funds

The Charme Funds, established in 2003 and managed by Charme Capital Partners SGR S.p.A., execute long-term industrial investments in companies with a strong potential for growth and international development and are characterized by a unique combination of institutional and entrepreneurial investors with a strong industrial approach.

Total cumulative commitments raised since inception and set-up of Charme I have been in excess of €2 billion through the fundraising and management of four funds.

The main investments realized by the funds Charme I and II include, in luxury goods, Poltrona Frau Group acquired in 2003 and transformed, under Charme’s ownership and management, into the world leader in high-end design furniture also through the acquisitions of Cassina and Cappellini and the subsequent IPO on the Milan stock exchange in 2006. In technology, Octo Telematics which went from being a single-product and single-client start-up to being the world leader in insurance telematics present in more than 20 countries with a diversified client base that includes the leading insurance companies of each country. In med-tech, Bellco which became a leading player in the design and production of blood purification devices.

Charme III, with total commitments of €650 million, was launched in 2016 with a pan-European investment focus simultaneously with the opening of offices in London, for the UK market, and in Madrid for the Spanish market, to join the Milan office. Charme III executed 9 majority investment in Italy, UK and Spain, in companies with high potential for growth and international expansion whose value ranges between €100 million and €500 million. In these companies, Charme III acted as a strategic partner for those entrepreneurial families and managerial teams who intended to benefit from both targeted investments for organic growth and structured investments in M&A, in addition to capital structure strengthening aimed at consolidating their leadership.

Specifically, in Italy in ATOP (one of the leading companies worldwide in the field of industrial automation for the production of electric motors in the automotive and e-mobility sector), Fiocchi (one of the leading companies worldwide in the outdoor shooting sports) and OCS (a leading company in the fintech software sector), in Spain in Igenomix (world leader in reproductive genetic diagnostics) and in the United Kingdom in Witherslack (UK market leader in the education sector for students with special educational needs, where the UK is historically one of the world leaders for know-how and specialized expertise).

Charme IV is currently completing its fundraising, with €800m of commitments already raised and with expected final closing within the first quarter of 2023. Charme IV has already executed 4 majority investments. In Italy, Bianalisi, the leading platform in laboratory diagnostics and outpatient clinics. In Spain, Indiba, a leading company in the design and manufacturing of innovative radio and laser-therapy devices for the physiotherapy (including Tecar therapy), aesthetic and veterinary sectors. In UK, Witherslack (UK market leader in the education sector for students with special educational needs), where Charme IV re-invested in partnership with Mubadala, UAE sovereign fund with assets under management in excess of €300 billion, with the specific objective of supporting the company in its next phase of relevant growth not only on the UK market, but also internationally; and Prism Healthcare, leading company in the silvery economy sector, active in the production of medical devices designed to assist people both at home and in long-stay clinics.

Tema Sinergie is the fifth investment by Charme IV.

Bright Futures
Charme Capital Partners backs Bright Futures
BF logo
Charme Capital Partners backs Bright Futures

London, 22 June 2023

Charme Capital Partners (“Charme”), the pan-European mid-market private equity firm, announces that Charme IV has acquired Bright Futures Care (“Bright Futures” or “the Company”), a leading provider of specialist education and care to people with autism, learning disabilities, and other complex needs in the North-West of England. As part of Charme’s investment, the mid-market private equity firm Livingbridge EP (“Livingbridge”) has retained a minority stake in the business. Terms of the transaction are not being disclosed.

Bright Futures currently operates twenty-two schemes across the Cheshire, Merseyside and Manchester regions, including two independent special schools (one of which includes a college for continuing education), six care homes for children, and thirteen care homes for adults. The company delivers person-centred and community-based residential care and education to a growing number of children and adults with acute complex needs in specialist, high-quality settings. Since its foundation, Bright Futures Care has an outstanding reputation for excellence in care and education within local communities. Individual care plans are dedicated to ensuring each person has a great quality of life and achieves their fullest potential. Bright Futures’ schools offer a holistic curriculum designed on the principle of lifelong learning and catering to a wide variety of needs including autism, communication and sensory needs, and specific learning difficulties. All care and learning activities take place in safe, comfortable and spacious environments tailored to individuals’ specific needs and integrated with the local community, thereby offering an opportunity to thrive as well as develop as active members of their community.

Bright Futures’ emphasis on the future of individuals and its ability to meet their long-term needs has earned the trust of families and meant that historically over 80% of children in its care have successfully transitioned into their Adults’ services. These proven pathways have made the Company the partner of choice for local authorities, who seek providers with the specialist skills, expertise and resources to provide holistic and long-term care solutions for the individuals they support.

This unwavering focus on educational care and operational standards is the cornerstone to the Bright Futures’ exceptional, purely organic growth to date. More than ten new fit-for-purpose sites have been opened in the last five years. In addition to maintaining the high standard of Bright Futures’ existing sites and operations, Charme’s investment will enable further organic growth beyond the current geographical base, and thus provide best-in-class care and education to even more children and adults across the UK. 

Julian Huxtable, Partner at Charme Capital Partners, said: “We are delighted to be investing in Bright Futures and look forward to working closely with its management team to support the next phase of the Company’s journey. Charme has proven expertise growing health and social care businesses. With local teams across Europe and valuable learnings from our previous investments in the sector, we are well placed to help Bright Futures bring its best-in-class care and education to a greater number of individuals across the country.”

Animalia
Charme invests in Animalia
Logo Animalia
Charme invests in Animalia

Charme Capital Partners SGR, Antonino Santalucia and Giorgio Romani announce the establishment of an entrepreneurial partnership for the investment of Charme IV in Animalia, the leading provider of veterinary care services in Italy, through a capital increase alongside the current shareholders of Animalia.

Animalia was founded in 2019 by Antonino Santalucia and Giorgio Romani, through the opening of the first clinic in Lissone (Milan). Since the foundation of Animalia, the founders have led a significant expansion plan, both through acquisitions and organic growth, aimed at integrating excellent veterinary clinics into a single group, significantly expanding the services offered and positioning Animalia as the leading platform in the veterinary sector in Italy.

With more than 75 clinics spread across 13 Italian regions, Animalia has built a leading network covering all areas of veterinary services, with a specific focus on excellent veterinary clinics with advanced medical services and second-opinion services (including advanced surgery, hospitalization, 24/7 emergency care, and advanced diagnostic imaging such as CT and MRI scans). Animalia’s success leverages on the partnership with over 1,000 highly qualified veterinaries, who are among the most experienced in Europe. The widespread presence in the regions where it operates, combined with the high quality of the services offered that meet the highest industry standards and the outstanding level of its veterinaries, make Animalia a point of reference for its patients.

The agreement envisages the entry of Charme Capital Partners SGR S.p.A. (pan-European private equity firm with a strong entrepreneurial approach, with offices in Milan, London and Madrid), through the Charme IV fund that it manages, into Animalia’s shareholding with a 56% stake and under a full managerial and entrepreneurial continuity with the project of the founders Antonino Santalucia and Giorgio Romani, who will retain their roles of co-CEOs and shareholders. The investment will be performed through a capital increase that will provide Animalia with the necessary resources to continue and accelerate its consolidation and organic growth plan. Such goals will be achieved through the continuation of its strategy based on targeted add-ons combined with the further expansion of the services of the network’s clinics, also through the adoption of cutting-edge solutions. In parallel, Animalia will continue to invest, as it has done so far, in high-level training for its veterinaries, further strengthening its internal training program.

Antonino Santalucia and Giorgio Romani will continue to hold their roles of co-CEOs and shareholders of the Group, ensuring full continuity both under a managerial and entrepreneurial standpoint. Charme will contribute to Animalia’s growth plan thanks to its established track-record in supporting the growth of excellent companies in partnership with their respective founders. The experience gained with the investment in Bianalisi, the leading independent Italian platform in the sector of laboratory diagnostics, outpatient care and diagnostic imaging, which has further expanded its platform in recent years through the continued consolidation of the sector and the introduction of cutting-edge solutions in preventive genetic diagnostics and digital health promoted and supported by Charme, has allowed to develop a significant experience and know-how in the healthcare sector and for consolidation strategies that Charme will make available to Animalia.

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Matteo di Montezemolo, CEO of Charme Funds, commented: “We are pleased to announce today the eighth investment of Charme IV (€850 million fund launched in 2021), the third in Italy after Bianalisi in 2021 and Tema Sinergie in 2022, in an Italian excellence like Animalia and in partnership with its founders, Antonino Santalucia and Giorgio Romani. Once again confirming the strong entrepreneurial culture of the Charme Funds, Animalia represents, for Charme IV, the opportunity to support the market-leading company, which operates through a highly specialized platform for the consolidation of the veterinary clinics sector in Italy, being an extremely interesting market with high growth potential and still to be consolidated in Italy as opposed to other European countries. We greatly appreciated Animalia’s growth path inspired by the vision and specific know-how of its founders and, consistently with all previous Charme Funds’ investments, we will bring to Animalia our active contribution built through more than 20 years of entrepreneurial investments on a global scale and in diversified sectors. Specifically, the most recent investments by Charme in the healthcare and medtech industry, including for Charme III Igenomix in Spain and for Charme IV Bianalisi, Tema Sinergie in Italy and Indiba in Spain, have allowed the Charme Funds to develop a significant operational experience in such fields, which we will make available to Animalia. These are the distinctive elements that have always characterized the Charme Funds’ investment strategy and are the pillars of the strategic and operational support that we have established, together with its founders, in Animalia to realize its ambitious growth plan.”

Tommaso Beolchini, founding partner of Charme, commented: “The investment of Charme IV in Animalia is fully consistent with the Charme Funds’ strategy to invest, in partnership with the respective founders and managers, in excellent entrepreneurial companies with strong growth potential. The leadership and vision of the founders Antonino Santalucia and Giorgio Romani are, in full continuity, the pillars of the significant growth projected in Animalia’s strategic plan.”

Antonino Santalucia and Giorgio Romani, founders and co-CEOs of Animalia, commented: “The partnership with Charme represents a new chapter in Animalia’s history that will continue to drive the company to grow and to further strengthen in order to best seize the new, significant opportunities for an entrepreneurial growth in the sector of veterinary clinics. We appreciated the strong entrepreneurial culture of Charme, which has supported since its foundation the growth of important Italian companies, the Italian heritage of the fund, which will allow us to maintain our flexibility in managing a diversified network spread across the national territory, and finally Charme’s profound respect for the history, people, and entrepreneurial values of Animalia, being the fundamental pillars that inspired our partnership. It is for these tangible factors that we are convinced Charme represents the ideal partner to best tackle Animalia’s next phase of growth.”

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