BDT and MSD Capital Take a Minority Stake in IMA Group

Posted on 08/01/2023

Bologna, Italy-based IMA Group is engaged in the design and manufacture of automatic packaging machines. On July 31, 2023, BDT & MSD Partners entered into a definitive agreement to make a minority investment in IMA Group through its affiliated funds. BDT & MSD Partners will acquire its position from BC Partners, among other investors. The Vacchi family remains the majority owner of IMA. Alberto Vacchi is the Chairman and CEO of IMA.

Founded in 1961, IMA’s offering includes automatic machines for the processing and packaging of pharmaceuticals, medical devices, cosmetics, tea, coffee, other food products, and e-mobility solutions, as well as solutions for the automation of industrial processes. IMA Group is present in more than 80 countries and operates 53 production facilities, enabling it to serve a strong blue-chip customer base across Europe, North America, South America, Asia, and the Middle East. IMA has an installed base of approximately 60,000 machines and currently holds more than 3,000 patents and patent applications. In 2022, IMA Group had approximately €2 billion in revenue.

BC Partners partnered with the Vacchi family (SOFIMA Società Finanziaria Macchine Automatiche SpA) to take IMA Group (Industria Macchine Automatiche SpA) private from the Milan stock exchange in July 2020 during the height of the COVID-19 pandemic. That deal valued the company at about €2.9 billion. The takeover was completed in February 2021. Over the course of BC Partners’ co-ownership, IMA executed five bolt-on acquisitions.

The transaction is expected to close in late 2023, subject to the timing of customary regulatory approvals. The transaction was conceived, originated, and led by IMA’s management team and by Poggi & Associati as lead financial advisor. Mediobanca and BofA Securities also acted as financial advisor to the Company in the context of the transaction. JPMorgan Chase & Co. provided financial advice to BC Partners. White & Case and FRM acted, respectively, as legal and tax advisors to IMA Group and Chiomenti as legal advisors to BDT & MSD Partners. Kirkland & Ellis acted as legal advisors to BC Partners.

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