Global law firm White & Case LLP has advised Piovan S.p.A., a global leader in the development and manufacturing of automation systems for the storage, conveying and processing of polymers, bio-resins, recycled plastic, food fluids, food and non-food powders, on the acquisition of the entire share capital in Sewickley Capital, which owns 100 percent of IPEG, from the selling shareholders of Sewickley Capital.
IPEG, Inc. is a Delaware-based company active in industrial automation for polymer conveying and processing and industrial chiller manufacturing, with operations and subsidiaries in the US, India, Mexico, Germany, China, Taiwan and Singapore.
The transaction will be financed through a mix of a new €100 million debt line, for which Piovan has already received a commitment from Banco BPM S.p.A., and a portion of available cash. It will be effected through a merger by incorporation whereby Sewickley Capital will be merged into a newly formed Delaware corporation wholly owned by Piovan, with the result that IPEG will become an indirect subsidiary of Piovan.
The completion of the transaction is subject to receipt of antitrust clearance in the US.
The White & Case team that advised on the US M&A aspects of the transaction consisted of partners Michael Immordino (London & Milan), Ferigo Foscari and Leonardo Graffi (both Milan) and associates Caitlin Powell Gimpel (Chicago) and Mariasole Maschio (Milan); the team which advised on Italian corporate governance and securities laws aspects consisted of partner Ferigo Foscari (Milan) and lawyer Stefania Maracich (Milan); and the team which advised on financing aspects consisted of partner Iacopo Canino (Milan), associate Bianca Caruso (Milan) and lawyer Beatrice Bertuzzi (Milan).
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