Biesse Acquires GMM Group
PESARO, Italy – Biesse S.p.A. will acquire the worldwide assets of the GMM Group in a €72 million cash and debt-assumption deal.
The deal, announced on Dec. 21, includes fabrication-machinery manufacturers GMM S.p.A, Bavelloni S.p.A, and Techni Waterjet Ltd. The sale should be final next Feb. 15.
GMM Group, founded in 1993 in Gravellona Toce, Italy, has products installed in 90 countries. It operates six production plants in Italy and one in Thailand and employs over 450 people.
The selling shareholders are Consilium Private Equity Fund III (managed by Milan, Italy-based Consilium SGR p.A.) holding 75% and FGL Holding (of founding shareholders) holding 25%.
The GMM Group’s consolidated returns for 2022 showed sales of €124 million and EBITDA (adjusted) earnings of €12.5 million, with this year’s results expected to be in the same range.
The transaction, according to a statement from Biesse, aims to develop external growth and increase the portfolio generated by machines for processing stone, glass, and other materials by integrating the company’s technologies in these specific segments.
GMM began as a bridge-saw manufacturer for the stone industry and expanded into edge-polishing machinery and CNC-based cutters. It acquired a minority share of polisher-manufacturer Cemar SRL in 2007 and full ownership in 2013.
GMM added Techni Waterjet in 2018, and acquired a majority share of stone/glass processing-machine manufacturer Bavelloni in February 2022.
Biesse manufactures integrated lines and machines to process wood, glass, stone, plastic and composite materials, with its current lineup including Intermac and Montresor machines and Diamut tooling.
The company’s total revenues in 2022 totaled €822.4 million and adjusted earnings of €47.5 million. Charlotte, N.C.-based Biesse America Inc. accounted for €68.2 million in sales/service revenue.
Founded in Italy in 1969, Biesse S.p.A. and listed under the BSS symbol in the Euronext STAR segment of the Italian Stock Exchange (Milan).
