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AXA PE, Intesa Sanpaolo partner for Limacorporate deal

25 Sep 2012

The private equity arm of French insurance giant AXA and Italy’s largest retail bank have beaten European buyout giant Permira to buy a controlling stake in Limacorporate, an Italian maker of orthopaedic devices.

AXA Private Equity and Intesa Sanpaolo announced today that they have signed an agreement to buy a 66 per cent stake in the business for an undisclosed sum.

The existing management of Limacorporate will reinvest in the remaining 34 per cent capital.

AXA Private Equity entered talks with the founding family in December last year, in a sale process that also attracted the attention of General Atlantic and CVC Capital Partners.

Limacorporate was founded by the Lualdi family in 1975 and today has 600 employees and three production facilities in Italy.

The company posted revenues of €117m last year, 66 per cent of which were generated outside Italy.

The business plans further international expansion and the enlargement of its existing product portfolio, with a particular focus on expanding its portfolio of products in Australia, France, Germany, Italy, Japan and the UK.

The company also plans to enter new growth markets with a particular focus on the US, Russia and India, and will launch new products next year to strengthen the current portfolio.

“Limacorporate SpA represents an outstanding example of Italian excellence in innovation and manufacturing know-how,” said AXA Private Equity managing director Nicolò Saidelli.

“The company has enormous growth potential thanks to its ability to successfully enter new markets and its innovative product base.”

AXA Private Equity and Intesa Sanpaolo engaged Banca IMI as financial advisors on the deal.

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