DDA & Company advises Steliau Technology in a transformative external growth transaction, with the acquisition of Special-Ind (Milan, Italy).
Steliau Technology, a leading player specialized in value-added supply of electronic solutions, significantly broadens its European operations with the acquisition of the Italian company Special-Ind. This non-intermediated transaction is fully consistent with Steliau Technology’s strategic plan to expand throughout Europe, mainly by external growth. The newly formed Group should record pro-forma revenues of over €80 m for the current Fiscal Year.
Based in Milan, Special-Ind has a staff of around 60 people and subsidiaries in Spain, Germany, and France. The rationale for the acquisition stands in the strong product range complementarity: Special- Ind brings its positions in Automotive Harnesses, Hybrid Electric Vehicles and Electric Vehicles, Connectors, Electromechanics, Embedded systems & Display, Thermal and Energy Conversion as well as tailored products for telecommunications and radio transmission.
Special-Ind’s customer base covers a large variety of sectors, such as Automotive, Aerospace, Industry, and Consumer goods.
Massimo Loche, CEO of Special-Ind, will remain in charge whereas Fabio Pietribiasi, Chairman, should leave after an overlapping period aimed at facilitating a smooth transition until the end of 2021.
“We started searching for external growth targets operating in Italy and Spain at the end of 2019. We quickly spotted Special-Ind as a company matching our requirements in terms of critical size, complementarity between our product ranges, and culture of designing value-added solutions.” explained Stéphane Jouannaud, Chairman of Steliau International. He added: “We shall generate top line synergies by sharing with Special-Ind our know-how in the areas of Display & Touch Panel, Connectivity, and Thermal solutions.”
Fabio Pietribiasi, Chairman and co-shareholder of Special-Ind, said: “I am particularly proud of the achievements of Special-Ind’s teams. They made decisive contributions to turn Special-Ind into a preeminent player in the Italian market. I am confident about the future development of the company, which shares a common vision with Steliau Technology on the ways to address its clients’ needs, through the design of value-added and tailored solutions for its customers.”
Massimo Loche, CEO of Special-Ind, commented: “The merger with Steliau Technology carries a huge number of development opportunities for the coming years, with extended suppliers’ networks and the potential to launch new value-added activities. They will make it possible to enlarge the customer base and addressed business sectors.”
The acquisition of Special-Ind is the 5th transaction advised by DDA & Company on behalf of Steliau and its shareholders, and the 2nd transformative external growth transaction, after the acquisition of Stone in 2017. Alain Sitbon, Partner at DDA & Company comments: “After more than 7 years of collaboration with the Group and 4 advised operations, we are and proud to have supported Steliau in a new structuring operation, a key step in the European development strategy”.
Founded in 2018, Steliau Technology brings together two well established entities, each with in-depth know-how in their fields: Astone Technology, a specialist in the electronics sector for more than twenty years, which benefits from a high level of technical expertise in Connectivity, Internet of Things, Display, Energy conversion and Audio components, and Silfox, renowned for its thermal, connector and mechatronics expertise. The Group has a total headcount of around fifty people located in the offices of Fresnes and Montrouge.
Following the merger of the two entities, Steliau Technology has a commercial portfolio with complementary positioning to propose a range of products and services adapted to suit each professional customer profile.
Steliau Technology customer base includes around 1 000 companies from sectors such as Transportation, Industry, Consumer Goods, Healthcare, Retail, Defense & Aeronautics, Automotive.
Founded in 1955 and based in Milan, Special-Ind is an Italian company owned by the Pietribiasi family. Special-Ind is a value-added distributor of electronic and electromechanical components addressing Italian and international customers. The product range covers the full business value chain: sourcing, designing, distribution, technical support, logistics and after-sales services. The company mainly addresses Automotive Harnesses, Hybrid Electric Vehicles and Electric Vehicles, Connectors, Electromechanics, Embedded systems and Energy conversion.
Special-Ind also offers tailored products for telecommunications and radio transmission.
Special-Ind customer base includes around 1 000 companies from sectors such as Automotive, Aerospace, Industry and Customer goods. The company has around 60 employees based in 4 locations: Milan, Paris, Berlin and Barcelona.
Parties & Advisors to the Transaction
Steliau: Managers (Stéphane Jouannaud, Pascal Reynoud, Aurélien Bergé, Lionel Girardot)
B & Capital (Bertrand Tissot, Mikaël Schaller, Charles Gaudry)
Swen Capital Partners (Jean-Philippe Richaud, Natalia Rey Vidal, Théodore Lecomte)
M&A advisory: DDA & Company (Alain Sitbon, Clément Darcourt)
Structuring: Apollo Avocats (Guillaume de Ternay, Paul Crabié, Emmanuelle Prost, Victoire Blanc)
Due Diligence: Rossi & Associati Associati (Matteo Rossi, Mara Florianello, Mathilde Brun)
Financing: Paul Hastings (Marc Zerah, Peter Pedrazzani)
Financial, Tax & Fiscal Due Diligence: BDO (Ferdinando Fraschini, Giorgio Falcione, Francesco Bini, Ciarlo Gabriele, Gracis Pietro)
Special-Ind: Fabio Pietribiasi, Martina Clementina Passera, Alessandro Maria Passera, Marina Pietribiasi
Financial advisory: Studio Palladini (Emilio Palladini, Giovanni Palladini)
Legal advisory: Studio Legale Beccaria & Capurro (Manuel Capurro)
Idinvest Partners (Nicolas Nedelec, Olivier Sesboüé, Victoire Vanheuverswyn)
CIC Private Debt (Nicolas Offroy, Antoine Guérillon)
Legal advisory: DLA Piper (Maud Manon, Pierre Tardivo, Glenda Pereire-Robert, Méliné Torikian)