WindeX Investment Club, an investment holding company founded by Rolando Benedick and Domenico Sibilio with the objective of investing in the capital of excellent Italian SMEs to support the process of growth, managerialization and internationalization, has formalized the acquisition of Messersi Spa, a leading European company in the design and production of tracked dumpers, a niche in the light/compact construction equipment sector, founded in 1957 by the Messersì Brothers and held since 2005 by Finsei Partecipazioni, Marche Capital and Valerio Fedeli.
The transaction was finalized through a new special purpose vehicle (Dumpers Bidco Spa) participated, in addition to WindeX, by private investors/entrepreneurs of primary standing related to the world of Swiss and Italian entrepreneurship and was carried out through the acquisition of the entire share capital of Messersi SpA.
Messersi SpA has been growing steadily and sustained over the years to reach a turnover of about 35 million euro in 2021, of which about 90 percent is abroad, with about 6.5 million Ebitda and employment of more than 120 employees.
The mini-dumpers niche, the company’s target market, has been growing at an annual growth rate (CAGR) greater than 15 percent since 2016 driven by the increasing automation needs of the construction industry, as well as urbanization and the development of new electrical technologies.
The transaction is aimed at further supporting Messersì’s growth path through investments aimed at financing the optimization of production processes and the increase of installed capacity, as well as supporting its commercial development in some particularly strategic foreign markets such as the United States and the expansion of its product portfolio, including entering adjacent and synergic segments. In addition, the expansion and refinement of the electric vehicle range will drive the new strategies to confirm the company’s position as a technological leader in the sector.
The composition of the new BoD sees Domenico Sibilio as Chairman and Marco Vignaroli as CEO. The latter, already member of Beretta Holding’s strategic committee and with long managerial experience in Italcementi and Benelli, also participated to the transaction as co-investor with WindeX.
With the previous ownership and management of Eugenio Valere in the role of CEO and Valerio Fedeli as Chairman, the company has experienced continuous development in the recent years through large investments in innovation and technology that have ensured strategic development for the world market and led the company to become a protagonist and innovator in the construction machines sector. The tracked mini and midi dumpers allowed Messersì Spa to become a leader, allowing the company in recent years to develop, grow employment and modernize with a strong export network.
“Throughout all these years – said the former Chairman Valerio Fedeli – the goal was to ensure a management able to facilitate a generational transition, to continue the company’s success and to mature the opportunity to sell the company to a reliable, solid operator with the same entrepreneurial values such as WindeX”. “The deal guarantees – added the former CEO Eugenio Valere – continuity in development through new investments and simultaneous enhancement of the human resources present in Messersì”.
The new president Domenico Sibilio said, “Messersi represents Italian excellence, recognized worldwide for quality, reliability and technological innovation, and has important perspectives for future growth”. “Future management will guarantee continuity and the development of new products and markets – added the newly appointed CEO Marco Vignaroli – by leveraging the enormous skills and technological know-how present in the company”.
The transaction was financed by Banca IFIS as Mandated Lead Arranger, with a team led by Cataldo Conte, Head of Corporate Finance and Stefano Gianesello.
WindeX was assisted by lawyers Alessandro Giovannelli, Laura Bernardi, Marco Amoruso and Giuseppe Matarazzo of Giovannelli e Associati, Mauro Messi of Maisto e Associati for the tax aspects, Roland Berger for the Commercial Due Diligence with a team led by Francesco Castagna, PwC Deals for Financial Due Diligence with a team led by Francesco Giordano and Monia Giustozzi and AON for insurance aspects with a team led by Andrea Foti.
Finsei Partecipazioni, Marche Capital and Valerio Fedeli were assisted by the lawyer Carla Mambretti of Gattai law firm, by Michele Pietrucci for the tax aspects and by CDI Global Italy as Financial Advisor.
Banca IFIS was assisted by the lawyers Davide D’Affronto and Fabrizio Nebuloni of Simmons & Simmons.