Pan-European middle-market private equity firm Charme Capital Partners SGR SpA agreed to sell its majority stake in ATOP SpA to IMA Group in a deal that gives the company an enterprise value of about €380 million.
Charme acquired the majority stake in ATOP in May 2017 through its Charme III fund, and ATOP has approximately doubled in size since. Revenue is expected to reach €89 million in 2019, up from €39 million in 2017.
The deal involves a disbursement for IMA of about €230 million to be paid at the closing of the deal, expected in July. IMA partnered with Charme Capital on its majority acquisition of ATOP in 2017. IMA's stake in ATOP will reach about 84% through the deal. ATOP's founders and its chairman, Amedeo Felisa, will reinvest about 6%.
ATOP manufactures machines and automatic lines for the production of electric motors. IMA Group designs and manufactures automatic machines for the processing and packaging of pharmaceuticals, cosmetics, food, tea and coffee.