Bain Capital takes majority stake in Somacis

Structured as a leveraged buyout, this transaction enables Bain Capital to acquire a controlling 64% stake in Somacis from Chequers Capital, alongside a substantial equity reinvestment from the executive management team. Under the agreed governance structure, Chequers Capital retains a 15% equity interest, while the remaining 21% is held by minority shareholders led by Chief Executive Officer Giovanni Tridenti. The financial architecture of the acquisition relies on Castello (BC) Bidco SpA, the top-level holding company, which issued €550 million in senior secured notes alongside an aggregate equity contribution of €535 million provided by the ownership consortium. For the 2023 financial year, Somacis generated turnover of €100–200M and an EBITDA of €50–100M. The strategic rationale articulated by Bain Capital centers on accelerating cross-border expansion and capturing structural re-shoring tailwinds across the European and North American electronics sectors, where regulatory and geopolitical priorities increasingly favor localized production of mission-critical printed circuit boards. The investment thesis actively supports both organic scaling and a targeted international build-up agenda. In line with this external growth strategy, the consolidated operational perimeter incorporates the acquisition of Dyconex and includes a definitive agreement for Somacis to acquire PCB manufacturer AT&S Korea for €415 million in the second quarter of 2025. Bain Capital intends to support this development phase by applying its proprietary industrial internationalization playbook, drawing on operational methodologies developed across European platform investments such as Fedrigoni, Ahlstrom, and ITP Aero. Execution of the transaction mobilized extensive professional advisory teams. Morgan Stanley and Bank of America served as financial advisors to Bain Capital, while New Deal Advisors provided dedicated financial due diligence services under the leadership of partner Antonio Ficetti Gasco. Jefferies acted as exclusive financial advisor to Chequers Capital and Somacis, steering the transaction process through an investment banking team led by Mauro Premazzi. Completion of the transaction remains subject to mandatory regulatory clearances and customary closing conditions.

Previously, Somacis had completed the acquisition of Dyconex in 2024 as part of its consolidation strategy.