ItalGlobal Partners sold CMI, of which it owned 70%, leader in the production of household appliance hinges, with around 150 employees and branches in Italy and Poland, to Guangdong Xingye Investment LLC, which is the controller of the listed Chinese Group Guangdong SACA. The operation foresees continuity with the founders and CEO retaining shares of about 9% and a development plan with CMI as a bridgehead to enter new markets and acquire other companies in Europe.
CMI Group was assisted in this industrial operation by K Finance, the Italian partner of Clairfield International, which acted as a financial advisory, and by the legal firm Studio Gattai Minoli Agostinelli & Partners firm. SACA was advised by the Chinese company Great Wall Securities, by PwC for the financial due diligence and by the legal firm McDermott, Will & Emery. The operation was financed by UniCredit.
The CMI Group (Cerniere Meccaniche Industriali), based in Bologna, Italy, has been a reference point in the home appliance mechanical hinge sector for over 25 years. The vertical integration of processes and the internalization of production have allowed for the transformation of a local production company into an industrial group with global visibility, under the guidance of founder Eros Gherardi, who, from 2014, has had the support of a group of private investors coordinated by Italglobal Partners. Today the CMI Group has a turnover of around 25 million euro, 150 employees and three production sites. At the end of 2014, the CMI Group acquired CGD, which has grown from a small Emilian artisan company to a well-known company that specializes in the design and construction of molds and metal sheet processing with presses of up to 300 tons. Rounding off the team is CMI Poland, founded in record time in 2014, which today represents the logistics and production base that assists the manufacturing plants of CMI multinational clients.
Guangdong Xingye Investment LLC. Xingye controls the Guangdong SACA Precision Manufacturing, listed on the Shenzhen Stock Exchange with a capitalization of 400 million euro, one of the largest Chinese companies in the sector. With two 150 thousand square meter factories in Qingyuan and Taizhou and 700 workers, it has the capacity to produce over 6 million slides each month. In 2016, SACA turnover exceeded 70 million dollars and the Group intends to use the significant liquidity collected on the Stock Exchange to finance an ambitious program for international growth in the future, in which CMI represents an important first step.