July 2008

Eidos Partners announces completion of the acquisition by private equity fund Stirling Square Capital Partners (“SSCP”) of Microtecnica, the flight-critical aerospace component and sub-system manufacturer, from the US industrial group United Technologies Corporation (UTC).

Eidos Partners acted alongside SSCP to structure, negotiate and raise the acquisition debt facilities arranged by BNL-BNP Paribas and underwritten by BNL-BNP Paribas and Unicredit.

Acquisition facilities are composed of a mix of senior debt, non-recourse factoring, working capital and capex lines, leveraging on the outstanding quality of the assets of Microtecnica.

Established in Northern Italy as a family business and acquired by UTC in the early 1980s, Microtecnica designs and manufactures a range of flight-critical aerospace components and sub-systems, primarily involved in flight actuation (the movement of flaps and other control surfaces), where it is a technology leader.  Microtecnica has a well-balanced portfolio of civilian and military programmes (50:50 split) and supplies to a highly-diversified customer base, including Hamilton Sundstrand, Avio, Alenia, Bombardier, Airbus and Agusta Westland. Today, Microtecnica operates three sites in Northern Italy and employs 686 people. In 2007, it generated sales of €124m.

SSCP will support the existing management team led by CEO Alan Bean in consolidating Microtecnica’s relationships with Italian and European defence contractors and continuing to drive further growth beyond Europe. The Microtecnica MBO is highly representative of SSCP's core investment strategy. SSCP intends to invest in further developing Microtecnica’s core technology and in supporting its international growth.

 

 

 

 

 

Stirling Square Capital Partners (www.stirlingsquare.com) is a leading pan-European independent private equity fund focusing on acquiring and developing European mid-cap companies with enterprise values from € 50m to
€ 500m. Since September 2002, SSCP has closed 13 leveraged buyouts. The MBO of Microtecnica is SSCP’s fourth investment in Italy following Metroweb (2006), Sicurglobal (2008) and Jeckerson (2008).


Eidos Partners is an independent investment bank focused on the design, definition and realization of mergers, acquisitions and disposals of companies, on quotations on the stock exchange, on debt advisory services and on corporate financial restructurings.  Eidos Partners’ mission is to provide the highest-quality financial and strategic advice to Italian companies and to other international companies and entities operating in Italy.

 


Transaction Type
Acquisition

Transaction Value
Undisclosed

Sector
Industrial/Aerospace

Debt Advisory

Marco Clerici
Director
Tel. +39 02 8597 9236
marco.clerici@eidospartners.com

 

Silvia Allegri
Associate
Tel. +39 02 8597 9228
silvia.allegri@eidospartners.com