Mazars advises on pan-European carve out

We are delighted to have advised Primetals Technologies Limited, a joint venture of Mitsubishi Heavy Industries and Partners, on the disposal of its Italian Subsidiary Primetals Technologies Italy (PTIT) to Callista Private Equity.

The transaction was completed on 29th October 2021 following Italian regulatory approval.

PTIT is a market leader in the long rolling mill segment of the steel industry offering full-line solutions, technological packages and services to steel producers around the world. Boasting a workforce of over 130 employees, the company has delivered solutions to over 300 steel plants in more than 50 countries across six continents.

Callista is a German investment group specialised in the acquisition and carve-out of non-core industrial assets out of large international corporations. Together with its industry experts, Callista is actively involved in its portfolio companies and supports with its many years of expertise in optimising corporate processes and structures. The target is to pursue a sustainable improvement of performance to stabilise and increase the value of the entities. Callista is a long-term investor and focuses on the future-oriented development of its portfolio companies.

The deal supports Primetals Technologies’ strategy of realigning its focus towards its key product offering, for which long rolling solutions were no longer considered a core element. Primetals Technologies will maintain a long-term relationship with PTIT, who will rebrand and trade under the POMINI trademark, following its purchase by Callista.

We engaged to perform vendor due diligence (Financial and Tax) and M&A Lead Advisory. A joint UK and Italian deal advisory team worked in unison to manage the project and coordinate with other advisors which included EY Italy (accounting review), Hogan Lovells (legal counsel) and Lockton’s (insurance broking). This deal cements our position as a leading advisor to large corporates on complex divestments and disposals. Our core team included Alessandro Motta and Sylvain Rousmant from Italy and Dave Hilton, Ryan Imison and Chris Dale from the UK.

We believe Primetals Technologies and PTIT, now trading as Pomini Long Rolling Mills S.r.l., will maintain a sustainable business relationship which will be of great benefit to both parties. We would like to thank all of our employees in Italy for their dedication and commitment over the years, and we sincerely wish Pomini Long Rolling S.r.l and Callista all the best for the future.

Koji Sakatani Head of Strategy for Primetals Technologies Limited

Get in touch 

If you would like any further information on this transaction or to understand how we can help support your business, please contact us using the contact form below:

Contact us today

The team