IGI Private Equity acquires a majority stake in Matec Industries

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The Massa-based company is active in the design and construction of plants for the filtration of wastewater from industrial processes

IGI Private Equity, with a co-investment by Private Equity funds managed by  Unigestion SA, has taken over the majority of Matec Industries, a company founded in 2004 by two  entrepreneurs, Matteo Goich and Massimo Bertolucci, and active in the design and construction of  plants for the filtration of wastewater used in industrial processes in various sectors, such as mining, aggregates, construction, concrete, marble and granite, ceramics, glass, plastics and in the chemical  and pharmaceutical industry.  

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Over the years Matec has grown and is now a group of 16 companies, including production and sales  companies, employs about 185 people, of which about 60 in production at the Massa plant, and can  count on a network of about 120 distributors and 150 agents around the world. 

The Group is one of the leading operators in the world of industrial process water filtration plants,  with more than 4,000 installations worldwide and an export share of over 80%, thanks to a  consolidated presence in almost all continents, with subsidiaries in the USA and Brazil and sales  offices in India, Australia, the UK, France, Turkey, Germany, Scandinavia, and Morocco.  

“IGI Private Equity invested in Matec for two very good reasons: firstly, because the company is a  leading player in the application of principles of sustainability and reuse of natural resources, through  the recovery and reuse of waste materials and the recycling of water used in industrial processes;  secondly, because of the ambitious growth and development project shared with Matteo Goich and  Massimo Bertolucci,” says Angelo Mastrandrea, partner of IGI Private Equity and Chairman of  Matec Industries. “After having studied the reference sector, joining Matec represents the best way  to concretely realise our investment strategy, which is increasingly focused on environmental  protection, sustainability and the efficient use of natural resources, but always combined with the  search for Italian industrial excellences eager to realise ambitious growth plans. “We chose IGI for its professionalism and experience in this type of operation on industrial assets, as  well as for the entrepreneurial approach of its partners and the team as a whole. The partnership we  have created aims to strengthen the company from an organisational and managerial point of view  while improving its financial and balance sheet results. The commitment is to guarantee the Group  an increasingly global future, increasing brand awareness and market share, and expanding its  geographical presence by opening new branches and expanding its distribution network,’ says  Matteo Goich

“The prospect of an ambitious project that would focus even more on Made in Italy, which Matec has  always proudly carried around the world, got us involved from the very beginning. The presence and  support of IGI Private Equity will allow the Group to further accelerate the industrialisation process,  also with a view to lean, increasing efficiency, production capacity, innovation in terms of research  and development, and above all competitiveness,’ says Massimo Bertolucci.

The Group ended the financial year 2021 with consolidated revenues of around EUR 50 million, more  than doubled compared to 2020. In June 2022, Matec realised an aggregate turnover of 31 million  euro, a 60% increase compared to June 2021.  

On the basis of the development trends just described, the new commercial opportunities envisaged,  and the economic and equity consolidation achieved with this operation, the Matec Group has laid  the foundations for an ambitious industrial plan that will see turnover exceeding 60 million euros in  2022 and the achievement of the 100 million euro milestone in the coming years. This important  milestone will be realised by maintaining the operational headquarters in Massa and the coming on  stream of the new 20,000 m2 production site in the municipality of Mulazzo, also in the province of  Massa Carrara. This important development of the production set-up is essential to realise the  important orders already acquired and to be acquired from major international customers. 

In the transaction, the Company and the sellers were assisted by Azimut Group‘s investment banking  team as financial advisor, by Studio Legale Craia for legal due diligence and contractual support, and  by Studio Sacco & Partners for accounting and tax due diligence support. 

The IGI Investimenti Sei fund managed by IGI Private Equity was assisted by KPMG for financial due  diligence, by Goetzpartners for business due diligence, by Chiomenti Studio Legale for legal due  diligence support and for the sponsor-side banking, by Molinari Agostinelli for the tax aspects of the  acquisition and financial structure of the transaction as well as for tax due diligence, by Ramboll for  environmental due diligence and by Prometeia for ESG due diligence. 

The financing banks of the pool formed by BNL BNP Paribas S.p.A., BPER Banca S.p.A. through its  Corporate & Investment Banking division, Intesa Sanpaolo S.p.A. and Crédit Agricole Italia S.p.A.,  were assisted by Simmons & Simmons.