Parma – Rubbiano, Italy 28th January 2021. Lincotek Group – a leading supplier of surface solutions and coatings equipment, global integrated supply chain services and additive manufacturing solutions for medical, industrial gas turbine and aviation markets – is pleased to announce the signing of an agreement with The Equity Club (TEC) to enter as minority shareholder into its share capital.
The majority of the cash will be provided through a capital increase. The proceeds will be used to support Lincotek’s M&A strategy and the extension of its international footprint, aiming at expanding the Company’s technology and service portfolio, becoming a fully integrated supplier for key clients in the relevant industries globally. The deal will provide Lincotek more than €200 million in investment capacity. The Antolotti family will keep full control of Lincotek Group with a stake of more than 75%.
With 16 production facilities across Europe, North America and Asia, Lincotek – headquartered in Italy and founded in 1973 – has grown from a small craftsman’s shop to a leading global niche player, building on Italian entrepreneurial creativity, profound technical expertise and the strength of a dedicated and passionate team.
TEC is a private capital initiative, structured as a club deal, presenting its shareholders the opportunity to directly invest in mid-cap companies with more flexibility in terms of governance and exit strategy compared to a private equity fund. The initiative, promoted by Roberto Ferraresi and Mediobanca (which is also the largest shareholder with a 10% stake), involves 80 of the most prominent Italian entrepreneurial families. Since its launch, TEC has promoted three investments: Jakala in 2018, La Bottega dell’Albergo and Philogen in 2019.
Roberto Ferraresi, previously Partner of PAI Partners and currently CEO of The Equity Club, and Gianmarco Gandolfi, previously at Lazard, Banca Leonardo, Gruppo Percassi and currently Senior Partner of The Equity Club will join the board of Lincotek after completion of the transaction.
Linda & Nelso Antolotti, majority shareholders in Lincotek Group, commented: Lincotek, as a family-owned company founded nearly 50 years ago, has a long history of technology leadership and global growth. To accompany the succession plan of the group and ensure the future of the company in a dynamic and rapidly globalizing setting, we have decided to open the capital to a minority shareholder with a common set of values, ensuring on the one hand the long-term perspective of running a family-owned business and, at the same time, addressing the market potential in terms of acquisitions and growth. TEC entering with “patient” capital backed by very important entrepreneurially minded companies aligns perfectly to our expectations. We are very excited to enter together with TEC, our management and all the employees into this new phase of growth for Lincotek creating even more value to our customers.
Winfried Schaller, CEO of the Lincotek Group commented: This is another very important step in our globalization strategy. Following several acquisitions in the last two years and the rebranding of the Group to Lincotek, the combination of the entrepreneurial spirit and drive of the Antolotti family and the experience and long-term orientation of “The Equity Club” will give Lincotek another boost in terms of our growth. Lincotek, as an agile global technical leader in specific niche markets, has huge potential for bolt-on acquisitions and customer-dedicated supply chain solutions, that would complete our portfolio in terms of technologies, services and geography and align with the needs of our global customer base.
Roberto Ferraresi and Gianmarco Gandolfi commented: We are delighted to be investing in Lincotek and partnering with Nelso and Linda Antolotti to support their ambitious growth plans for the group. Lincotek has proven to be a very reliable partner for some of the top global players in the medical, energy and aerospace sectors. We are excited to start working with the existing management team to continue to grow their businesses and support them in doing what they do best – delivering innovative, high quality and reliable products and services to industrial customers.
Banca Euromobiliare and Gatti Pavesi Bianchi respectively acted as financial and legal advisors to TEC. Deloitte Tax & Legal acted as advisor to the Antolotti family. New Deal Advisors and Studio Volpi supported TEC in the financial and tax due diligence, while Efeso Consulting worked on the operational due diligence.
The transaction is subject to the approval by the Italian Government in accordance with the Golden Power regulation and is expected to close by March 2021.