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IP Cleaning bought by private equity firm Ambienta18th of July 2014
IP Cleaning, Italy-based group of professional cleaning solutions producers, has been wholly acquired by private equity fund Ambienta. Its investment of 50 million euros will finance an industrial revamp and reorganisation of the company.
IP Cleaning ranks number three in the European professional cleaning market, with six manufacturing plants in the north of Italy and around 1,000 employees. Around 90 per cent of its sales are outside Italy and its international network of distributors sell in over 100 countries worldwide.
"IP Cleaning is an example of Italian excellence, with a strong international reach, operating in a market with growing economic fundamentals driven by innovations in energy efficiency and a reduction in the environmental impact of detergents," said Mauro Roversi, partner and chief investment officer of Ambienta.
"We believe this transaction offers a number of value creation opportunities, both internally through the further integration of the company's different businesses and externally through implementation of a more aggressive commercial strategy and external growth avenues," added Francesco Lodrini, investment manager at Ambienta.
Following the acquisition, Federico De Angelis will be appointed as ceo and chairman. De Angelis has a strong track record in executing repositioning and growth strategies in large industrial corporations. The business plan will be focused on increased investment in product development, further integration of existing business units, development of key accounts and consolidation of the geographical footprint.
"I believe IP Cleaning represents an industrial platform with a significant growth potential, and with a product range, production footprint and commercial organisation which are fit to compete in all segments of professional cleaning, globally," commented De Angelis, "I look forward to working alongside Ambienta to drive the industrial growth of IP Cleaning".