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.”