Eurogroup Laminations switches to FountainVest, tender offer ready at EUR 3.85
Incumbent shareholders sell 45.7 per cent and reinvest, 7.9 per cent of Tikehau also exits
2' min read
2' min read
A year and a half after its debut on the stock exchange in February 2023, Eurogroup laminations is also preparing to bid farewell to Piazza Affari: the Asian private equity firm FountainVest has concluded an agreement to acquire a majority stake in the Italian manufacturer of components for electric motors and, once the closing is finalised, will delist the listed shares.
Ems Euro Management Services, assisted by Rothschild&Co in the transaction, agreed to sell its 45.7 per cent stake in EuroGroup Laminations to an investment vehicle owned by the Hong Kong-based fund for €3.85 per share, a 64 per cent premium on the day of the announcement over Friday's closing price. Ems, under the terms of the agreements, will then reinvest 50% of the sale proceeds into a new holding company formed with FountainVest to hold ownership of EuroGroup. FountainVest has also concluded an agreement to acquire Tikehau Capital's 7.9 per cent stake in the Italian group for the same price, which means that at the closing of the transaction, expected in the first half of 2026, the new holding company will hold 55.3 per cent of the voting share capital. Subsequently, a tender offer will be launched on the remaining shares, also at EUR 3.85, for a valuation of the company of EUR 626 million (USD 730 million), with the aim of delisting it.
On Monday, the day of the announcement, EuroGroup Laminations' shares closed trading in the evening with an increase of 52.62%, to €3.56, aligning with the proposed purchase price, a threshold which, as Kepler Chevreux analysts pointed out, is still 30% lower than the February 2023 IPO price (€5.5), although 42.6% higher than the investment house's target price of €2.7 and 31.4% higher than the average target price of €2.93. EuroGroup Laminations specialises in stators and rotors, two key components of electric motors and generators, and has eight plants in Italy and seven abroad, including China and the US.
As part of the agreement, the managing director of EuroGroup Laminations, Marco Arduini, and other senior executives will be confirmed in their roles.
