The Carlyle Group agrees to acquire a majority interest in Sematic Group, a Global Elevator and Elevator Components’ Manufacturer based in Italy
London and Milan – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced that it has agreed to acquire a majority interest in Sematic Group, a global manufacturer and supplier of elevators and elevator components based in Osio Sotto, Bergamo Province. Equity for the transaction will come from Carlyle Europe Partners IV, a European upper-mid market buyout fund. This will be the fund’s third investment. The transaction is expected to close in the first quarter of 2015, subject to customary closing requirements and regulatory approvals.
CEO Roberto Zappa said: “We are excited to partner with The Carlyle Group. We are confident their industrial expertise and global network will be a positive contribution to Sematic, as we work to grow our business internationally. We remain committed to the continuing development of our business and to support the next phase of our growth”.
Founded in 1959 by Francesco Zappa and today led by his three sons Roberto, Marco and Paolo Zappa, the Sematic Group has seen annual double digit top-line growth over the last decade and invested significantly to become a global supplier of elevators and elevator components. The Group has more than 1,000 employees, seven production sites and sales offices around the world, including China, Mexico, India, four European sites, Turkey, Singapore, Hong Kong and the USA.
In recent years, Sematic has seen significant growth in revenues, and is expected to generate sales exceeding €150 million in 2014.
Marco De Benedetti, Managing Director and Co-Head of Carlyle Europe Partners, said: "Sematic is a great example of an Italian business with global reach due to its world-class products, quality and management. The Zappa brothers and management team have delivered notable success in recent years, and Carlyle is delighted to partner with them.”
Mr. De Benedetti added: “This has been an exceptionally strong year for Carlyle in Europe and we are pleased to add Sematic to the Carlyle family of investments.”
Carlyle’s legal advisors were Latham & Watkins, while Chiomenti Studio Legale and Banca IMI assisted Sematic respectively as legal and financial advisors.
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About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $203 billion of assets under management across 129 funds and 141 fund of funds vehicles as of September 30, 2014. Carlyle's purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs 1,700 people in 40 offices across six continents.
Sematic Group is a leading supplier in the world of elevators and elevator components. Its activities include the production and distribution of standard and special automatic elevator doors, rope and hydraulic complete elevators, subsystems and components, home lifts as well as cabins, car packages and entrances. With headquarters in Osio Sotto (Bergamo, Italy), manufacturing facilities and commercial offices in Italy, UK, Germany, Hungary, Turkey, China, Singapore, Hong Kong, India, Mexico and the USA, Sematic is able to offer customers, architects and designers a wide range of products even for the most challenging projects: from standard and one-of-a-kind solutions for high-rise, residential and civil buildings to marine, commercial and heavy-duty applications as well as specific solutions for modernization
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