Private equity firm Charme Capital Partners has sold its majority stake in ATOP, an automatic machines manufacturer, giving the business an enterprise value of approximately €380 million (£335.6 million).
ATOP has been sold to IMA, a large manufacturer of automatic machines which already had a minority stake in the business.
ATOP designs and produces automatic machines and lines for the production of electric motors for the automotive sector, in particular for sustainable mobility. It is also active in the traditional automotive, household appliances and power tools sectors.
The business was founded in 1993 and is headquartered in Florence, Italy. It has around 250 employees.
Under Charme’s ownership, ATOP’s revenues have grown from €38.8 million in 2017 to a forecast €88 million (£77.7 million) in 2019. Its EBITDA has grown by 65% from €9.5 million in 2017 to €25 million (£22.1 million) in 2019.
Matteo di Montezemolo, Founder and CEO of the Charme Funds, said: “Following a first phase of profound and extraordinary transformation of ATOP, which has led the company to double revenues in only two years and has created the basis for a lasting and sustainable development in the E-Mobility sector, we are pleased that ATOP can continue in its growth path under the IMA Group.”
Amedeo Felisa, Chairman of ATOP, added: “We believe that by integrating into the IMA Group we will be able to accelerate a long-established collaboration, which will allow us to achieve the goals of rapid growth that we are realizing, thanks to an effective support of our technological effort and our increasingly widespread presence in international markets.”