Stefano Scarpis - Biography



Stefano Scarpis In private equity since 1996.
In Alto Partners , Stefano Scarpis focuses on deal origination, negotiation and strategic vision on investee companies, with significant expertise in group restructuring and strategic development.

He has particular expertise in the food and beverage and luxury sectors. Prior to joining Alto Partners , S. Scarpis established in 1997, with the role of General Manager, Prudentia, a 10-year retail-targeted private equity fund whose management company's capital was equally owned between Mediobanca, Banca Commerciale Italiana, Credito Italiano and Banca di Roma, with a capital endowment in excess of € 250 million.

S. Scarpis previously worked for ten years in the corporate finance department of Mediobanca in Milan, where he was in charge of the financial restructuring of a number of large Italian industrial groups such as Ferruzzi-Montedison, Pirelli and Premafin. S. Scarpis holds a degree in Business Administration from Siena University and an MBA from Bocconi University in Milan. He was a member of AIFI's executive committee from 2003 to 2009.




Raffaele de Courten - partner of Alto Partners

S.G.R.



Mario Visioni Prior to joining Alto Partners , Raffaele de Courten worked for 11 years in the corporate finance department of Mediobanca in Milan, where he first worked on equity transactions and later had responsibility for the funding strategy of the bank on the debt capital markets side as well as the organisation of debt operations for the bank's clients (including Enel, Ferrovie dello Stato, Assicurazioni Generali, Italcementi, the EIB and the World Bank). R. de Courten holds a degree in Business Administration from LUISS University in Rome. He is a member of AIFI's executive committee.



Mario Visioni - Partner of Alto Partners



Mario Visioni Between 1995 and 2000, M. Visioni worked for Westdeutsche Landesbank where, prior to departure, he was an Executive Director with responsibilities within its private equity and structured finance operations in Italy. In this role, he managed a number of investments and was active as a consultant for the investment operations in Italy of West Private Equity, the group's pan-European private equity fund. Previously, he also worked in the corporate finance department of Mediobanca. M. Visioni holds a degree in Business Administration from Bocconi University in Milan.

Press


Alto Partners acquires Monviso from 3i


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Stefano Scarpis Headquartered in Andezeno, Monviso was founded in 1936 as a producer of hand-made food for children and diabetics. In the early 70s the company started to increase its production and also expanded into the non-dietary food segment. Today, under the brand Panmonviso, the company ranks at the top of the Italian market far bread substitutes, producing rusks, breadsticks, gluten-free products, biscuits and croutons. Monviso has a workforce of 110 and operates through three dedicated manufacturing facilities.

The company has gross revenues of more than €30m and an EBITDA of approximately 15%. In 2007 the Italian market for bread substitutes reached approximately €950m and in the last three years the market has been growing at a significantly higher rate than that of the general food market (4.1% versus 1.6%). The investors plan to support the company by improving distribution, in particular in the HORECA sector, strengthening the presence in important markets such as central and northeastern Italy, and by assessing strategic acquisitions.

Alto Partners has acquired an 89% stake in Monviso from private equity fund 3i. The balance is held by the management, led by CEO Massimo Chinarelli, and the shareholders, Franco Gribaldi and Franco Vitale. The proprietary deal took two months to complete and represents the sixth investment of Alto Capital II fund.

Massimo Chinarelli will remain as the company's CEO. Stefano Scarpis , Mario Visioni , and Alice Barberini handled the deal for Alto Partners. Lorenzo Zamboni led for 3i.



Alto Partners buys Rubinetterie Toscane Ponsi


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Stefano Scarpis Viareggio-based Ponsi was established in 1948 by four brothers and until recently was owned by 12 shareholders, children and nephews of the founders. The company specialises in the manufacture of bathroom taps and mixers. It has a presence in Tuscany, Emilia Romagna, Umbria and Lazio while 20% of its sales originate from Greece, The Netherlands, Germany and the Far East.

Ponsi employs over 70 staff. The backers' plan is to support the continued growth of the company, to promote M&A activity mostly in Italy and to improve exports to reach international sales in the range that sector competitors currently operate (50%) through a more efficient sales channel and through increased communication and marketing investments.

Stefano Scarpis , Mario Visioni and Alice Barberini led the deal for Alto Partners ; Visioni and Barberini will join the company's board. Umberto Grazzini will remain the company's general manager. Davide Ramelli, Gabriele Colla led the deal on behalf of Interbanca.



Alto Partners expands its stake in Rancilio


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Rancilio Alto Partners has completed a capital increase in traditional manufacturer Rancilio elevating its stake to 31% and allowing Rancilio to enlarge its stake in superautomatic machine manufacturer Egro Coffee Systems (ECS).
The remaining 69% stake is held by the founding owners. The deal was agreed last September at the time of the acquisition by Alto Partners (October 2007, page 20). The capital increase has served to increase Rancilio's stake in ECS from 25% to 77%.

The balance will be retained by one of ECS' managers. Founded in Parabiago in 1927, Rancilio established itself as a traditional manufacturer of semi and for fully automatic coffee machines for households and businesses. Represented in Europe, the US and the Far East, Rancilio current1y employs 133 staff. It expects a turnover of approximately €35m for 2007. Niederrohrdorf-based Egro Coffee Systems was founded in 1849 by Castor Egloff. With offices in Switzerland, Germany and Hong Kong and 80 staff, it reported a CHF 25m turnover in 2007.

The investment represents a strategic and unique opportunity for commercial synergies. Rancilio will direct1y control the fast growing product category of fully-automated coffee machines, reaching consolidated revenues of approximately €45m.

Mario Visioni and Alice Barberini led the deal for Alto Partners .



Alto Partners completes Rancilio buyout


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Stefano Scarpis Coffee machine maker Rancilio has sold 16.67% of its share capital to Alto Partners via a limited auction process managed by KPMG Corporate Finance.

The investors valued the business based on its multiple of earnings and will support the company's growth via acquisitions in Italy and abroad. To that end, the GPs may consider underwriting further capital increases. Upon completion of the deal, existing owners Giorgio, Roberto, Silvia and Luca Rancilio will own a joint stake of 83.33%. The acquisition is forecast to close by the end of September. By that time, the GPs will have decided on the leveraged finance aspects of the transaction.

Stefano Scarpis , Mario Visioni and Alice Barberini of Alto Partners handled the deal.