Schoenherr advised Italian private equity firm Quadrivio SGR S.p.A. (“Quadrivio”) on the Hungarian and Slovakian legal aspects of the acquisition of a 70 percent stake in Farmol S.p.A. (“Farmol”), an Italy-based producer of aerosols and liquid-based specialty products and its Hungarian subsidiary Farmol Hungary Kft, from Old Mill Holding S.p.A., an Italian investment holding company.
The consideration has not been disclosed and the founders and management team of Farmol will retain the remaining 30 percent equity stake. The closing of the transaction was announced Oct. 21.
Working in cooperation with Italian law firm Legance, Schoenherr supported Quadrivio in conducting the legal due diligence and drafting the real estate sale, purchase and lease agreements related to the acquisition of the Farmol manufacturing site in Hungary.
Quadrivio aims to support Farmol in developing internationally through the opening of a new production plant in Slovakia. In this regard, Schoenherr also drafted the sublease agreement for Farmol’s Slovak subsidiary.
Quadrivio is one of the main asset management companies in Italy with approximately EUR 1.2billion in assets under management. Quadrivio Private Equity Fund 3, which completed the transaction with Farmol, is focused on the buyout of leading Italian SMEs with an enterprise value of EUR 30 million to EUR 100 million.
This acquisition reinforces Quadrivio’s strategy of investing in Italian companies in niche sectors and supporting them in their market consolidation and international growth.
Farmol is a European leader in the production of aerosol and cosmetic liquids, detergents and medical-surgical devices for third-party suppliers. Based in Comon Nuovo (Bergamo), Farmol has served leading multinational companies through its four manufacturing sites in Italy, Hungary and Tunisia.
The Schoenherr team advising Quadrivio was jointly led by Kinga Hetenyi (partner, Budapest; corporate/M&A) and Markus Piuk (partner, Vienna; corporate/M&A), who were supported by Soňa Hekelová (partner, Bratislava; corporate/m&a), Tomáš Šilhánek (associate, Bratislava; corporate/m&a), Gábor Kordoványi (attorney at law, Budapest; corporate/M&A), Tamás Balogh (attorney at law, Budapest; real estate) and Roland Szebényi (associate, Budapest; corporate/M&A).
Studio Legance Avvocati Associati acted as lead counsel to Quadrivio, while financial due diligence was provided by EY. The fiscal advisor was Russo DeRosa Associati. Farmol was assisted by Deloitte Financial Advisory and Cesare Vecchio for legal advice.