Transaction Details

December 10, 2018
Milan

Sector

Industrials and Industrial Technology

Deal Type

M&A

Deal Value

N/D

Deal Team

Carlo Dawan, Valentina Osele, Emilio Pestarino, Jacopo Belfatto

GCA Altium advises Hydro Holding on the sale to NB Renaissance Partners

GCA Altium acted as financial advisor to Mandarin Capital Partners, Atlante Private Equity and the founding shareholders of Hydro Holding, the largest European independent manufacturer of mission critical hydraulic components, on its sale to NB Renaissance Partners (“NBRP”), Neuberger Berman’s private equity business in Italy.

With four production plants in Italy and one in the Czech Republic, Hydro Holding is the result of the strategic combination of several leading Italian producers of fittings for oleodynamic flexible hoses – Tieffe, one of the largest European producers of carbon steel fittings, FB Hydraulic, a leader in the production of hose fittings and in the assembling of flexible hoses and rigid pipes, MCS Hydraulics, which is specialised in the production of stainless steel fittings, and Raccorfer, a cold forming technology specialist.

The Group enjoys a comprehensive product offering with a full range of fittings for flexible hoses, adaptors, assembled hoses and rigid pipes for high-pressure hydraulic systems. The main areas of use are in agriculture, construction, mining, material handling and transportation. Hydro Holding serves a global customer base including assemblers and distributors, which dominate the aftermarket channel, as well as OEMs.

In recent years, Hydro Holding experienced strong growth, increasing sales from approximately €40 million in 2016 to over €60 million expected for 2018, with an EBITDA margin of approximately 25%. The Group is well positioned in the hydraulic components market where Italy represents the second largest European producer and the fifth worldwide with an aggregated production value of €2.6 billion and more than 17,000 FTEs.

Alberto Camaggi, Partner at Mandarin Capital Partners, said: “We are extremely proud of the road we’ve travelled together with this wonderful management team and with Atlante Private Equity. We are sure NB Renaissance is the best partner to continue this successful story. We also want to thank GCA Altium for the great job they’ve done in this transaction and for their crucial contribution to the success of the deal.”

Carlo Dawan, Managing Director at GCA Altium, added: “We are delighted to have led the sale of this outstanding business. The shareholders wanted us to find the right buyer who would support the founders and management team in ensuring the long-term growth of the business. We wish the team and NB Renaissance every success in the future.”

The transaction is subject to customary closing conditions.

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