MIGAL GROUP acquired by EQUINOX
Context
Equinox acquired a 60% majority stake in MIGAL Group. The transaction was structured as a partnership with the founding family, who reinvested significantly to retain a 40% minority stake and continue leading the operational management. The deal creates a platform to accelerate international growth, particularly in the US, Canada, and UK markets. It also establishes a war chest for external growth, with the aim of acquiring complementary players in the forging and machining industry.
MIGAL GROUP, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average currently observed in the Industry & Manufacturing sector (11.7x).
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Target
Founded in 1983 in the Corporate heartland of Brescia, MIGAL Group is a leading European player in process engineering and the production of complex components made from non-ferrous metals (brass, copper, and aluminum). The group comprises three entities: MIGAL S.r.l., Metal Technology S.r.l., and Zucchetti Mario S.p.A. It specializes in hot forging and high-precision mechanical machining, serving critical industries such as water management, electricity, gas, and medical sectors. Its product portfolio includes water meter shells, fluid control valves, high-pressure pump components, and switchgears.
Ent. Value
€50–150M
Equity Value
[members only]
Multiples
EV / Revenue
below 1.5x
EV / EBITDA
5x–12x
EV / EBIT
[members only]
Historical Financials (EUR)
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| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 07/2021 | LT CAPITAL | ROLLAKIN (BOLLIN / ROLLIN) | FRANCE | Components |
| 07/2021 | CAPZA | NOVARC | FRANCE | Components |
| 06/2021 | XEBEC | TIGER FILTRATION | UNITED KINGDOM | Valves, Pumps & Taps |
| 04/2021 | HITACHI RAIL | THALES GROUND TRANSPORTATION SYSTEMS (GTS) | FRANCE | Industrial Equipment |
| 04/2021 | KINGSPAN | LOGSTOR | DENMARK | Valves, Pumps & Taps |
| 03/2021 | NSK | BRÜEL & KJÆR VIBRO | GERMANY | Instrumentation & Measurement |
| 03/2021 | FRANCE ELEVATEUR | MOVEX (TALLERES VELILLA) | SPAIN | Lifting & Handling |
| 03/2021 | VANDEWIELE | SAVIO GROUP | ITALY | Robotics & Automation |
| 02/2021 | BC PARTNERS | IMA GROUP | ITALY | Robotics & Automation |
| 02/2021 | SULZER | NORDIC WATER | SWEDEN | Valves, Pumps & Taps |
Other operations with EQUINOX
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2021 | EQUINOX | GRUPPO SALPA | ITALY | Ingredients |
REFERENCES
Valuation range: EV €50–150M
Revenue range: €100–200M
EBITDA range: €5–25M
EV/Revenue range: below 1.5x
EV/EBITDA range: 5x - 12x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of MIGAL GROUP by EQUINOX are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: migal group
Acquirer: equinox