JOINT PRESS RELEASE
FSI acquires 28% of Adler Group in partnership with the Scudieri family
Naples and Milan, Monday, April 23rd 2018 – Adler Plastic, owned by the Scudieri family, and FSI, on behalf of FSI Mid‐Market Growth Equity Fund, signed a binding agreement for a partnership focused on strengthening Adler Group’s global leadership.
At closing, Adler Plastic will own 72% of Adler Group, while the remaining 28% will be owned by FSI. Adler Group is the owner of 100% of Adler Pelzer Holding GmbH.
According to the terms, FSI may invest up to a total of €200 million in order to further strengthen the competitive position of the Group. The FSI investment will include a cash component at closing, a deferred consideration and a potential capital increase to finance future organic and external growth opportunities. Adler Plastic and FSI have entered into a shareholders agreement.
The FSI investment further enhances the sound financial structure of Adler Group, with the objective to achieve the company’s ambitious growth plan and position the company for an IPO in the future.
With forecasted revenues of €1.4 billion in 2017, more than 70 locations and over 11,000 employees worldwide, Adler Group is a worldwide leader in the design, engineering and manufacturing of acoustic and thermal components and systems for the automotive sector.
“Today is an extremely important day for Adler Group, its managers and employees. The partnership with FSI lays the ground for a new phase of our Company. The investment objective is to create a global listed leader in the automotive sector, with an Italian headquarter and the Scudieri family as long term shareholder”, said Paolo Scudieri, Chairman of Adler Group.
“The partnership with the Scudieri family and Adler Group perfectly mirrors FSI investment philosophy. We are pleased to support the ambitious growth plan of an excellent company of the Made in Italy in the mechanical and automotive industry, with the objective to list it on the Milan Stock Exchange”, said Maurizio Tamagnini, CEO of FSI.
ABOUT ADLER PLASTIC
Adler Plastic is the holding company controlling Adler Group, which wholly owns the Adler Pelzer Group, producer of acoustical and thermal insulation components for the automotive sector, supplying at least 40% of the global market with forecasted sales of €1.4bn in 2017, more than 70 locations and over 11,000 employees worldwide. Established in 1956 in Ottaviano (Naples) by Achille Scudieri, today Adler Plastic is led by his son Paolo, Chairman and controlling shareholder of the Group.
FSI manages the closed-end alternative investment fund FSI Mid-Market Growth Equity Fund. The investor base includes Italian and international investors, comprising CDP, the European Investment Fund (EIF), sovereign wealth funds of Middle East, Far East and Central Asia, asset managers, European insurance companies and banks, bank foundations and family offices of large industrial groups.
FSI investment formula is based on a patient approach and moderate recourse to leverage. FSI targets Italian companies, with the objective of creating value through organic growth and acquisitions, sector consolidation and succession management. FSI pursues both minority investments with active governance rights and majority investments.
The European Investment Fund (EIF) acted as cornerstone investor committing to the Fund through the European Investment Bank (EIB) with a guarantee from the European Union under the European Fund for Strategic Investments (EFSI).
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