BDT & MSD Partners has agreed to acquire a significant minority stake in IMA S.p.A., purchasing the entire 45% holding from private equity firm BC Partners. The founding Vacchi family will retain its majority ownership, controlling the remaining 55% of the company. This transaction marks a successful exit for BC Partners, which had partnered with the Vacchi family to take IMA private from the Milan stock exchange in 2020. During BC Partners' co-ownership, IMA executed several bolt-on acquisitions, enhanced its R&D capabilities, and achieved substantial growth in revenue and profitability. The new partnership with BDT & MSD Partners is designed to launch IMA's next phase of growth. The primary strategic rationale is to leverage BDT & MSD's expertise and long-term capital to accelerate IMA's international expansion, with a particular focus on the U.S. market. Furthermore, the investment will support IMA's leadership ambitions in the transition toward sustainable packaging materials and innovative, eco-friendly solutions, aligning with increasing customer demand for reduced environmental impact. The transaction underscores BDT & MSD's investment philosophy of providing aligned, long-term capital to successful family-controlled enterprises to help them achieve their strategic objectives.

IMA GROUP, which reported an EBITDA margin of LOGIN in 2022, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Industry & Manufacturing sector (11.0x).

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