BS Private Equity hits E550m final close

The Italian private equity firm has held a final close of Italian Private Equity Fund IV at E550m, ten per cent above the initial E500m target.

BS Private Equity, the Italian private equity firm formerly known as B&S Electra, has held a final close of Italian Private Equity Fund IV (IPEF IV), the mid-market fund which held a first close on E400m in February.


Investors in the fund include Scottish Widows Investment Partnership, PPM Ventures and SPF. The fund had previously secured commitments from a sizeable group of European and US institutions, including Adams Street Partners, Liberty Mutual, and AXA, and new investors including Danske Private Equity, NIB Capital Private Equity, and the California State Teachers’ Retirement System (CalSTRS).


IPEF IV will continue BS Private Equity’s strategy of investing in middle-sized Italian companies, mainly focusing on buyouts and buy-ins, as well as selected development capital transactions.


BS partner Francesco Sironi said the firm would invest in the E30m to E100m value range.


IPEF IV has to date completed two Management buyouts, for a total equity commitment from the fund of more than E75m.


Earlier this month, the firm backed a management buy-in at Pilosio SpA, a company that supplies the construction industry with scaffolding and formworks. Founded in 1961, Pilosio registered a total turnover of approximately E22m and an EBITDA of E6.5m in 2002.


The firm also joined with Centrobanca, the investment banking unit of Banca Popolare di Bergamo in a management buyout of food packaging maker Radici Film for E190m. Radici Film made 2002 consolidated revenues of E160m and has factories in Italy and Hungary.


Sironi said the firm would continue its previous strategy of investing in mid-market industrial opportunities in Italy in the E30m to E100m value range.


IPEF IV was advised by International Private Equity Services, the fund placement agent, and SJ Berwin, the law firm.