ATOP

Charme III Case Study

  • #

Investment Highlights

  • Origination: Charme acquired ATOP through a primary and proprietary transaction, attracted by the opportunity to professionalise a typical Italian founder-owned company and the potential to achieve a strong growth leveraging on the unique IP (more than 500 patents), know-how and technology of ATOP
  • Strategic Investor: Used Charme’s unique investor base to help ATOP grow and scale effectively, coupled with the co-investment of Amedeo Felisa, ex CEO of Ferrari, who acted as Executive Chairman in order to accelerate the acquisition of new automotive clients and accelerate the international growth
  • Hands-on Approach for Transformative Growth: An extremely hands-on investment approach which included strengthening the management team, supporting international growth with the most important carmakers worldwide and scaling operations (both in terms in employees and number of sites)
  • Managed exit: An efficient and value-maximising exit to IMA, world leader in the automation for packaging food and pharma products, who wanted exposure to the fast-growing electric vehicle sector
Production images

Investment Summary

In 2016 Charme identified Atop as an attractive acquisition candidate, being a typical Italian family-owned business (located in Tuscany), with a number of features consistent with Charme investment strategy

Atop is a leading player in the design and manufacturing of automated lines for the production of stators and rotors for electric motors, focused in in the highest value-added segment of E-traction, with a proprietary IP (more than 500 patents) for an innovative technology called Hairpin

Charme envisaged an acceleration of Automotive Market electrification and identified the strong potential of Hairpin to become the reference technology for large scale production of traction electric motors

Therefore Charme created a management team headed by CEO Amedeo Felisa, former CEO of Ferrari with over 40 years of automotive experience, and Vice-Chairman Mihir Kotecha, former CEO of Getrag, with over 30 years of automotive experience in Germany, US and China

Under Charme’s guidance, ATOP transitioned from a local Tier 2 provider to a global provider of automation for e-traction for the top automotive OEM manufacturers such as BMW, Volkswagen, Geely and Hyundai and top system integrators including Magneti Marelli and Huayu (China)

This growth led to ATOP hiring 65 new employees which included new senior positions such as CFO, Commercial Director, Production Director and a Purchasing Director

Following two years of strong growth which saw revenues more than double, IMA approached Charme seeking to acquire its controlling stake in ATOP to gain exposure to a fast-growing sector

After much negotiation, Charme agreed to sell its stake to IMA for €380m of Enterprise Value

Value of Production

<p>Value of Production</p>
<p>Value of Production</p>

EBITDA

<p>EBITDA</p>
<p>EBITDA</p>

Privacy Statement

This website is operated by Charme Capital Partners SGR S.p.A. for Charme Capital Partners Limited and its affiliates (“we” or “us”). This privacy statement outlines how we use any information you may provide to us when you visit our website, and includes details of our use of cookies. If you wish to contact us in relation to our use, storage or processing of your personal data, please contact us.

If you contact us via the ‘Get In Touch’ form on our website we will hold your name and email address (as well as any other personal information you may send us, such as your phone number), which we will use to respond to your enquiry. We may also use this information to send you other business and marketing communications. If you do not wish to receive such communications you should opt out by contacting us at the email address above. As part of our processing activities we may transfer your personal information outside the EEA. While some countries outside the EEA do not offer the same level of protection for personal data as countries within the EEA, we will take all reasonable steps to ensure that your personal data is processed securely and with an adequate level of protection.

Cookies

We use cookies as set out below. Cookies are text files containing small amounts of information which are downloaded to your device when you visit a website and sent back to the originating web domain on your subsequent visits to that domain. Most web pages contain elements from multiple web domains. If you do not agree to our use of these cookies please disable them by following the instructions for your browser set out here or use the cookies’ own automated disabling tools.

We make use of analytic cookies to analyse how our visitors use our website and to monitor website performance. This allows us to provide a high quality experience by customising our offering and quickly identifying and fixing any issues that arise. Our website currently uses the following performance cookies:

Cookie name Source Purpose Further information
_utma,
_utmb,
_utmc,
_utmz
Google Analytics These cookies are used to collect information about how visitors use our website. These cookies collect information in an anonymous form, including the number of visitors to the portal, where visitors have come to the site from and the pages they visit. Persistent (except _utmc, which is a session cookie). Google Analytics provides an opt-out facility at: https://tools.google.com/dlpage/gaoptout Further information about Google’s privacy measures can be found at: https://support.google.com/analytics/ answer/6004245

We may also use your IP address and browser type to help diagnose problems with our server, to administer our products and to improve the functionality of our website. An IP address is a numeric code that identifies a user’s computer on the internet. It might also be used to gather broad demographic information. We do not use IP addresses to derive the identity of the person using the IP address.

We may make changes to this privacy statement from time to time. We therefore encourage you to review it periodically to stay informed of how we are using personal information.