Ecothecnics – APE – Snap-on

Ecotechnics designs and produces devices and systems for repair of automatic climatization equipment for cars, both for OEM and aftermarket. Started in 1995, it rapidly became one of Italy’s leading producers of hi-tech systems for car maintenance.

Located near Florence, it reported sales of € 12 m in 2014.

Assietta Private Equity (APE) is a fund manager started in 2000.

It manages 5 private equity funds with 30 successful investments.

Snap-on Incorporated is one of the leading USA manufacturers of tools for the car and truck industry. Started in 1920 in Wisconsin, it is listed and part of S&P 500, with 11,500 employees, sales above $ 3 bn and presence in 130 countries.

Snap-on acquired the business of Ecotechnics which will be included in its Repair Systems & Information division.

Cross Border assisted APE and the management team of Ecotechnics in the negotiation with Snap-on, from due diligence to transaction structure and final negotiation of valuation terms, which achieved significantly higher levels than current market comparables of multiples for the automotive industry.