Rekeep S.p.A. signed a binding agreement with Argos Wityu regarding the assignment of 100% of Sicura’s capital
- The transaction has an Enterprise Value of 54.5 million euros and allows Rekeep to focus on its core business, in line with its Business Plan, which foresees – among other priority activities – the development on international markets
- Argos Wityu is a pan-European private equity fund
- Sicura is the leader in the offering of integrated services, products and systems for security management, environment and health and safety on the workplace
Zola Predosa (Bologna), February 13, 2020 – Rekeep S.p.A. (“Rekeep”), the holding company of the leading Italian integrated facility management group, announces the signing of a contract for the assignment of the entire share capital of Sicura with Argos Wityu, a pan-European Private Equity fund with over thirty years track record.
The Transaction has an Enterprise Value of 54.5 million euros and its closing is expected by the end of February.
Such assignment transaction falls within Rekeep’s strategy to focus on its core business, including through the sale of non-strategic assets, and allows the Group to allocate financial resources to implement its Business Plan, which foresees – among other priority activities – the development on international markets.
The transaction will come to completion with the creation by Argos Wityu of a newco holding controlling interests in Sicura S.p.A. The management of the Company and Rekeep will both hold minority interests of 4.5% and 6.0% respectively in newco, with the purpose of retaining the existing business partnership with the Sicura Group.
Sicura is the leader on a domestic scale in the offering of integrated services, products and solutions for fire safety, workplace safety, health, machine safety and control. With headquarters in Vicenza, 7 operating offices and nearly 300 employees, Sicura is composed of 4 specialized and integrated companies providing a comprehensive set of flexible and complete solutions to businesses.
Giuliano Di Bernardo, Chairman and Chief Executive Officer of Rekeep S.p.A., commented: “We are very satisfied with the completion of the transaction, not only because it allows us to further focus on the challenges we are about to face on international markets, but also because alongside with Argos Wityu we managed to build a transaction that meets the needs of all stakeholders, hence also adding value to Sicura’s management, which we contributed to grow in the past years”.
Jean-Pierre Di Benedetto, Managing Partner of Argos, declared: “We thank Rekeep for considering us as a key partner on an interesting, multi-sided and complex deal. The acquisition of Sicura encompasses all the requirements we seek in our transactions: highly motivated and competent management mingles with clear market leadership in a strategic strong growth project for internal lines and for acquisitions”.
Lamberto Cuppini, Chief Executive Officer of Sicura S.p.A., added: “We are thankful to Rekeep for giving us the opportunity to grow in the past years and become the leader in our sector, and it is with strong motivation that we dive into this new adventure with Argos Wityu, on which we rely to support our growth by means of future acquisitions as well”.
In the framework of this transaction Vitale&Co acted as financial advisor to Rekeep, whereas Latham & Watkins acted as Rekeep’s legal advisor. EY assisted Rekeep in the vendor due diligence, Fantozzi & Associati in tax and structuring aspects and Banca Akros acted as Sicura’s financial advisor.
Argos Wityu was assisted by BCG as business strategy consultant, Fineurop Soditic as debt advisor, Giovannelli & Associati and Fieldfisher in tax aspects, Fieldfisher in tax and structuring aspects, KPMG in the accounting due diligence, Marsh in the insurance due diligence and Banca IFIS and BPM in acquisition finance aspects.
Rekeep S.p.A. (“Rekeep”) is the leading Italian operator and one of the main European players in the Integrated Facility Management sector, i.e., it manages and provides integrated services targeted at properties, the environment and in support of healthcare services. Specifically, the services provided by the MFM Group are divided into two main business areas: 1. Integrated Facility Management – property management and maintenance services (environmental hygiene, technical and maintenance services, landscaping, logistics, auxiliary services, heat management, lighting, document management, fire prevention and video surveillance systems) delivered also through specialized companies; 2. Laundering & Sterilization – linen rental and industrial laundering services and linen and surgical instruments sterilization for healthcare operations, delivered through the subsidiary Servizi Ospedalieri S.p.A. Rekeep’s headquarter is located in Zola Predosa (Bologna) and it employs more than 25,000 employees.
Argos Wityu is a pan-European Private Equity fund with over thirty years track record and offices in Milan (since 1993), Paris, Frankfurt, Luxembourg, Brussels, Geneva. It has over 1 billion Euros under management. It has invested in over 80 medium-sized companies through Buy-out, Buy-in, Spin-off, Buy & Build operations, etc.
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