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Hangzhou, June 17 2019 - SECO, an Italian technology manufacturer specializing in cutting edge solutions in the field of embedded computer miniaturization and “ready-to-use” integrated systems, with the shareholder FII Tech Growth Fund endorsed by Cassa Depositi e Prestiti, is pleased to announce the completion of the transaction. After having obtained the necessary authorization from the Chinese government, SECO acquired the majority shares of Fannal Electronics Co. Ltd., an international leading manufacturer of Human-Computer Interaction technologies based in Hangzhou (China).
SECO has acquired a majority share of Fannal Electronics CO. Ltd corporate capital.
From the beginning while in full operation, the post-closing activities will have amongst the primary objectives the doubling of the Fannal Electronics production plant infrastructure, and a more than proportional growth of its production capacity.
With the conclusion of the acquisition, the appointment of Fannal’s new Board of Directors took place in which, the founder Lesen Ding, was appointed President and CEO and will be supported by Ivan Brambilla as Vice President. SECO’s Directors Claudio Catania and Massimo Mauri have been appointed, along with Zhou Ying “Andy” as members of the Board of Directors.
The transaction has a strategic value for SECO group, as the acquisition will increase the investments in R&D and strengthen the production capabilities, while increasing the competitiveness of an excellent Italian company, boosted by the financial instruments made available by the CDP Group. The acquisition will enable SECO to make available to its clientele which includes Cimbali, Esaote, Evoca and Technogym, the exceptional expertise of Fannal in the field of touch-screen technology.
In April 2018, FII Tech Growth, a fund promoted by CDP and managed by Fondo Italiano d’Investimento SGR, invested 10 million of euros in SECO to accelerate its expansion and internationalization.
“With this acquisition, we are investing in an excellent company, specialized in the display touch technology, a very important component for our products” – said Massimo Mauri, SECO’s Managing Director. “SECO’s objective is to invest in Fannal to strengthen its supply-chain and build a group logistic-commercial platform in the favorable Chinese market”.
Lesen Ding, Fannal’s founder, will retain a minority share and continue to guide the company as its General Manager and CEO. “We are very glad to grow the relationship with our long standing partner SECO – Ding said – and look at this operation as the beginning of a very solid and successful partnership aimed at further accelerating our growth. We can share SECO’s reputation and its relationship with international clients, while SECO will be able to benefit from Fannal’s considerable technical competencies”.
SECO is an Italian industrial group which produces miniaturized computers and integrated systems for industrial and private use. The ability to offer its clients innovative solutions using frontier technologies is one of the qualities that have enabled SECO to grow and expand steadily over time. To maintain and implement these capabilities, the company has developed a close-knit network of collaboration with universities and research centers such as the Università degli Studi of Siena, Università degli Studi of Pisa, Sapienza Università of Rome, University of Singapore, Politecnico of Milan, University of San Diego, INFN, ESIE of Paris, Politecnico of Torino, CERN, Carnegie Mellon University and Barcelona Supercomputing Center.
The company, founded by Daniele Conti and Luciano Secciani forty years ago, currently employs about 300 people and will approve the consolidated financial statements in mid-June. Seco estimates a revenue of 54,6 million euro and 9 million euro of EBITDA in December of 2018.
Deloitte Financial Advisory and Deloitte Legal have respectively acted as financial and legal advisors.
About Fannal
Fannal Electronics Co., Ltd. was founded in 2011 with the goal of developing and producing cutting-edge touch technology for the industrial market.The company is a market leader in the design of high-end touch display custom solutions. Quality, high-precision and reliability are guaranteed by the internal control of all manufacturing processes. Fannal Electronics is widely known for its world leading technical expertise and customer support, with an international presence and consolidated customer relationships worldwide. For more information, please visit: www.Fannal.com
About FII Tech Growth
FII Tech Growth, with a fundraising target of 150 million of euros, is the first Italian private equity fund specializing in investments in technological businesses. The fund, managed by Fondo Italiano d’Investimento SGR, announced its first successful completion in September 2017 with Cassa Depositi e Prestiti as a Cornerstone Investor. Fondo Italiano d'Investimento SGR currently manages a total of eight closed-end investment funds, reserved for qualified investors, for a total of about 3 billion euros of Assets Under Management. For more information, please visit: www.fondoitaliano.it
