Italian group books 5x exit amid fundraise

Italian private equity firm Wise has generated a 5x multiple following the sale of pharmaceutical logistics company Eurodifarm to DHL.

Wise, an Italian private equity firm, has sold a second portfolio company from its Wisequity II fund generating a 5x multiple. The firm sold Eurodifarm, an Italian temperature controlled pharmaceutical logistics company, to DHL Supply Chain, the logistics arm of Deutsche Post, for an undisclosed sum.

However, a source close to the process indicated the enterprise value of the deal was about €35 million. The investment is understood to have yielded an internal rate of return of about 75 percent, according to the source.
Wise's first disposal from Fund II occurred last May when it sold port logistics company Mar-Ter Spedizioni to Italian investment group Mid Industry Capital for a 2.8x return.

The firm first invested in Eurodifarm in mid-2006, and during its period of ownership grew turnover and earnings before interest, tax, depreciation and amortisation from €30 million and €1 million in 2007 to €52 million and €5.7 million last year.

Milan-based Wise was founded in 2000 by Paolo Gambarini and Michele Semenzato. It focuses on buyouts of small to medium-sized companies, with a special focus on Italian businesses operating in the manufacturing and services sectors.

The firm is raising its third fund, Wisequity III, which is due to close by the end of August. It has to date garnered €175 million in commitments. The investment period for Wisequity II & Macchine Italia, its current fund, closed last July.