Rhiag change hands. The private equity fund Apax Funds bought the Italian auto parts company from the pan-European fund Alpha. The definitive agreement was signed yesterday and the operation should be completed by the end of 2013. The terms were not disclosed, but according to rumors the company would be valued at around 560 million euro. After the deal, Rhiag has canceled the road show which had to take place in these days to launch on the market bonds of 350 million euros total.
“Thanks to the contribution of our new shareholders – explained the CEO of Rhiag Group, Luca Zacchetti – we expect to further increase our business presence in Europe”. Fineurop Soditic has acted as financial advisor to Apax, while BNP Paribas and Credit Suisse will provide the financing to complete the transaction. Mediobanca and Goldman Sachs have instead offered their advisory services to Rhiag.
Rhiag, which has its headquarters in Pero (Milan), is the leading Italian company by turnover in the distribution of components for cars, industrial vehicles and tractors. In 2011 he had tried unsuccessfully to land on the Stock Exchange with an IPO that would have given the company a value of 398 million. A figure which, however, had been considered too low by the Alpha fund, which had thus decided to cancel the operation. Since then, after Rhiag has expanded its perimeter thanks to some acquisitions, numerous operators have set their sights on the company: from Pamplona to Bain Capital. In 2012, Rhiag had revenues of around $700 million, with an EBITDA of $77 million.
