BS sweeps up IPC for €220m

Italy’s BS Private Equity has teamed up with the private equity arm of Italian bank Mediocredito Centrale to purchase listed cleaning company IPC.

Milan-headquartered private equity firm BS Private Equity has acquired a 47 percent stake in listed Italian cleaning company IP Cleaning (IPC) in a transaction valuing the company at €220 million ($287 million).

The transaction is the first deal from MCC-Sofipa’s fund SEF II, which will invest €16 million in the deal.


Joining BS in the acquisition is MCC-Sofipa Sgr, the private equity division of Italian merchant bank Mediocredito Centrale.

MCC-Sofipa funds SEF I and II will take a 34 percent stake in the company, with selling parent company Interpump Group retaining a 17 percent shareholding. The new management team will subscribe for a 1.7 percent stake in the business, according to a press release.

IPC produces and distributes cleaning machines and equipment and recorded sales of €293 million in 2004.

The two private equity firms were advised by Fineurop Soditic (finance), Studio Gianni Origoni Grippo (legal) and Deloitte (tax/financial).

The transaction is the ninth investment made by BS Private Equity from its latest buyout fund IPEF IV, which closed in August 2003 on €550 million and is approximately 50 percent invested.

Antonio Perricone, managing partner BS Private Equity



In December, BS announced that Antonio Perricone, one of the firm’s threemanaging partners would be the firm’s new chairman, replacing co-founder Luigi Sala.

The transaction is the first deal from MCC-Sofipa’s fund SEF II, which will invest €16 million in the deal. SEF I will invest €8.5 million, the fund’s fourth investment. The two funds were launched in June 2002 for Italian retail and institutional investors.