Milan/Vicenza – Global investment firm The Carlyle Group (NASDAQ: CG) announced that it has completed the acquisition of a 100% controlling stake in Forgital, an Italian based manufacturing company producing large forged and machined components for use in the aerospace and industrial sectors, from members of the founding Spezzapria family and minority shareholder Fondo Italiano d’Investimento, managed by Neuberger Berman.
The purchase agreement, which values Forgital at approximately 1 billion Euros, was first announced on 29th May 2019. Equity for the transaction will come from Carlyle Europe Partners V (CEP V), a European-focused upper-mid market buyout fund and Carlyle Partners VII (CP VII), a US-focused buyout fund.
Established in 1873 with headquarters in Vicenza, Italy, Forgital is a specialist manufacturer of machine-finished forged and laminated rolled rings, made from several different materials, including steel, aluminium, titanium and nickel-based alloys used in several applications across many industries, including aerospace, oil & gas, construction, mining and power generation. Forgital employs over 1,100 people across 9 facilities in Italy, France and United States and through its dedicated global salesforce.
Carlyle will drive the Company’s further international expansion and strengthen its presence in the aerospace sector with Luca Zacchetti, appointed as Group CEO, effective from today. Luca Zacchetti, 58 years old, was CEO at Rhiag Group, the pan-European leader in distribution of aftermarket and spare parts, for over seven years and previously worked for almost five years at AVIO GROUP, a worldwide leader manufacturer of aero-engine components, with the role of Managing Director becoming CEO in 2007. His career includes also positions of Chairman and CEO of Tecnoforge Group and Operating Partner at Alpha Private Equity.
Filippo Penatti, Managing Director, Carlyle Europe Partners advisory team, commented: “We are excited with the appointment of Luca as CEO. We worked well and successfully together in two prior Carlyle investments, including AVIO. His experience in the aerospace industry together with his passion for Forgital’s business will contribute to fueling the Group’s platform development.”
Derek Whang, Principal on Carlyle’s Aerospace, Defense and Government Services team, said: “We look forward to partnering with Luca and all Forgital employees as we embark on this next chapter. The Company has a tremendous heritage and we are committed to upholding Forgital’s exceptional track record and delivering its mission critical parts to all customers.”
Luca Zacchetti, Forgital’s new CEO, added: “I am delighted to join Forgital, a Group with an outstanding reputation for advanced technology, high quality products and world-class customer service. I look forward to contributing to its further international expansion alongside the company’s talented team.”
For more information:
The Carlyle Group:
+44 (0)207 894 1630
Founded in 1873 in Vicenza, Italy by the Spezzapria family, Forgital is the leading European vertically integrated forging company, with 9 facilities in Italy, France and the USA, c. 1,100 employees worldwide and a global network of sales agencies.
Forgital specializes in forging, laminating and machining of rolled rings, with advanced capabilities across a range of materials including: carbon steels, alloy steels, stainless steels, aluminium, nickel, cobalt, copper and titanium alloys.
For more information on Forgital, please visit https://www.forgital.com/
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $223 billion of assets under management as of June 30, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.