Banc of America Fund IV in first European exit

Banc of America Capital Partners Europe has sold Italian PVC film manufacturer Alfatherm to PM & Partners, returning 2.5x its original equity investment.

Banc of America Capital Partners Europe (BACPE), the European private equity arm of Banc of America, has sold Alfatherm, a PVC film manufacturer, for an undisclosed sum to Italian private equity firm PM & Partners and management.

PM & Partners invested from the €215 million ($267 million) Emerald fund, which is now approximately 50 percent committed.

The secondary sale of the company marks the first realisation for the firm in Italy. It is also the first European exit from BACP Europe Fund IV. The firm acquired Alfatherm by way of management buyout in October 2002 and will return 2.5x its original equity investment from the deal.

Fund IV is a $500 million (€403 million) dollar-denominated vehicle investing in Europe, which closed in July 2001.

According to Carlo Mammola, managing director of the Italian office, the fund is currently just over one-third committed.

The Milan office of BACPE employs three investment professionals including Mammola. The firm has a further 12 professionals in offices across Europe and the combined group has invested approximately €800 million in 20 companies across the region.

In March, the firm acquired French automotive services firm Cesar Vuarchex for an undisclosed sum. The business is to be combined with automotive company Enricau Group, which was acquired in April 2003.

Banc of America’s global private equity operation has currently over €8 billion of capital under management.