Entangled capital sgr acquires the majority of tecnomaster as eighth deal
EC I Fund managed by Entangled Capital SGR has finalized its eighth deal acquiring the 70% of the shares of Tecnomaster, a leading company based in Udine active in the design, prototyping and production of high-tech printed circuit boards.
Thanks to the knowledge developed over the years, the company boasts an excellent competitive positioning on the Italian and European market where it stands out for the speed and customization of the service offered as well as the quality of its products.
Established 40 years ago today Tecnomaster represents one of the major players in the PCB (“Printed Circuit Boards”) sector, capable of offering a wide portfolio of printed circuits (i.e. multilayer, double-sided, rigid, semi-flexible and flexible circuits), thanks to a profound production specialization, the strong automation of industrial processes, the quality of internal processes and the various certifications that allow it to operate all over the world with different applications in electronics in sectors such as industrial automation, telecommunications, information technology, lighting, automotive, avionics, railway, defence, consumer electronics. Tecnomaster presents itself as a “one-stop-shop” following the customer from co-design and circuit planning, to prototyping up to the production of small and medium series and special “non-standard” circuits. With a production capacity of approximately 30,000 m2 of PCBs per year, corresponding to over 100 m2 per day, the Company achieved a turnover of over 20 million Euros in June 2023, serving its customers all over the world.
The operation is configured as a majority LBO for EC I Fund which invests a share equal to 70% of the capital, the current shareholders, in particular the Pattaro family who controls and manages the company, will re-invest with a 30% share. The aim of the investment is the company growth, both organically and externally, through a “Buy & Build” process which will allow Tecnomaster to consolidate its leadership in the sector on both the European and domestic markets.
This eighth operation presents the requirements pursued by EC I Fund in the target companies in portfolio: a primary Italian deal, active in niche sectors with an excellent competitive positioning which stands out for the speed of the service offered and the quality of its products. Tecnomaster and the Pattaro family were looking for a partner who could support them in their ambitious growth plan both organically and through acquisitions, in Italy or abroad. In a market moment characterized by an increase in demand for printed circuits driven by expanding sectors such as e-mobility and everything related to the digitalisation and smartization of products and processes, Tecnomaster positions itself in the niche of the PCB market defined HMLV («High-tech, high-mix/low-volume»), characterized by more complex products both in terms of construction and type of material used. The general trend the market is witnessing, also expected for the next few years, sees a substantial increase in the incidence of HMLV products compared to the global production of PCBs. This reason, valid in all the main markets (Asia, Europe and USA), is driven by the progressive increase in demand for ever smaller, lighter and complex electronic components, necessary to respond to market needs characterized by a path aimed to create products that are increasingly smaller in size but at the same time more performing.
Roberto Giudici, CEO of Entangled Capital SGR, commented “In Tecnomaster we have found all the requirements that make a company an interesting target for the EC I Fund portfolio such as an efficient business organization and attention to sustainability even in a complex industrial process. Together with the CEO Arduino Pattaro we aim to create an excellence hub in the HMLW PCB sector with the aim of both organic growth and add-on opportunities in Italy and abroad”.
Arduino Pattaro, shareholder and managing director expressed satisfaction for the operation: “We have chosen Entangled Capital EC I Fund as a partner to support us in this significant phase of development and growth, both dimensional and organisational. We share with Entangled their operational approach and the desire to grow continuously and solidly in a market that today presents great challenges that need be addressed.”
The EC I Fund managed by Entangled Capital SGR has been supported by Advant NCTM with a team led by the Alessia Trevisan for the legal aspects, by Deloitte and Spada Partners for the accounting and tax due diligence, by HPC in the environmental analysis and by Gianluca Ruffilli and Chiara Biguzzi by ADMA Partners as advisors of the deal.
Tecnomaster and the Pattaro family has been supported by FinPro studio with a team led by Daniele Cattaruzzi for corporate, fiscal, and administrative aspects and by Emanuele Urso for the legal aspects. A.r.c. Investments with Alessandro Vitali acted as advisor for the deal.