mynth
04/2017

ONE EQUITY PARTNERS invests in USCO

ITALY Industrial Equipment / Components EV 300M - 700M EUR

Context

One Equity Partners acquired a 49% stake in Usco, the Modena-based supplier of aftermarket and OEM parts for the global earthmoving machinery industry, in a transaction announced on 3 April 2017 that valued the company at an enterprise value of . The investment combined the purchase of shares from controlling shareholder ITR World, held by co-founders Massimo Galassini and Rolando Barbieri together with Paolo Galassini, with a simultaneous capital increase, and brought One Equity Partners in alongside Massimo Galassini to pursue acquisitions. At the time of the deal, Usco generated consolidated revenue of and an EBITDA of , operated through a network of more than 30 subsidiaries and employed about 1,350 people. It ran manufacturing centres in Italy, Spain, South Korea and China, distributed through 40 hubs worldwide and exported to more than 120 countries. In October 2014 it had issued a five-year amortising minibond, subscribed in full by the Finanziaria Internazionale minibond fund. Eidos Partners acted as financial adviser to Usco and the selling shareholders, with Simmons & Simmons and the Modena firm Rebecchi & Barbieri as legal counsel, while Chiomenti advised One Equity Partners.

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Target

Founded in 1989 and based in Modena, Italy, USCO manufactures and distributes undercarriage components and wear parts for tracked earthmoving machinery, sold under its ITR brand. Its range covers track chains, rollers, idlers, sprockets, track shoes and the related spare parts, used on excavators, bulldozers and other tracked equipment working in construction, mining, quarrying and agriculture. The group supplies machine manufacturers as well as the aftermarket, where dealers, rental companies and fleet operators replace undercarriage parts worn down by use. It produces at its own plants and delivers through a network of distribution and service centres across Europe, the Americas and Asia.

Ent. Value

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Historical Financials (EUR)

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2016
2015

Other operations with USCO

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
09/2026USCOITALTRACTOR ITMITALYComponents

REFERENCES

Valuation range: EV 300M - 700M EUR

Revenue range: 250M - 500M EUR

EBITDA range: 25M - 50M EUR

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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: usco

Acquirer: one equity partners