Schoenherr has advised Italian private equity firm Quadrivio SGR S.p.A. on the Hungarian and Slovakian legal aspects of the acquisition of a 70% stake in Farmol S.p.A., and its Hungarian subsidiary Farmol Hungary Kft, from Old Mill Holding S.p.A., an Italian investment holding company. The consideration was not disclosed, and the founders and management team of Farmol will retain the remaining 30% equity stake. The closing of the transaction was announced on October 21, 2016.
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.
According to Schoenherr, "Quadrivio is one of the main asset management companies in Italy with approximately EUR 1.2 billion 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 produces aerosol and cosmetic liquids, detergents, and medical-surgical devices for third-party suppliers. Based in Comon Nuovo (Bergamo), Farmol serves multinational companies through its four manufacturing sites in Italy, Hungary, and Tunisia.
The Schoenherr team advising Quadrivio was jointly led by Budapest-based Partner Kinga Hetenyi and Vienna-based Partner Markus Piuk, who were supported by Bratislava-based Partner Sona Hekelova, Bratislava-based Associate Tomas Silhanek, and Budapest-based attorneys Gabor Kordovanyi and Tamas Balogh and Associate Roland Szebenyi.
Studio Legance Avvocati Associati acted as lead counsel to Quadrivio, while financial due diligence was provided by EY, and the fiscal advisor Russo DeRosa Associati. Farmol was assisted by Deloitte Financial Advisory and Cesare Vecchio for legal advice.