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Advent International buys Italian vending machine firm Gruppo Argenta30/06/2005. Source: AltAssets. 
 Advent International has bought Italian vending machine firm Gruppo Argenta from two local private equity firms. Advent will hold a 65 per cent stake, Italian private equity firm PM&Partners will hold a minority stake and the management will also retain an interest.
The acquisition is Advent's second in Italy in the last nine months following its purchase in September 2004 of AVIP, Italy's largest independent outdoor advertising group. The firm describes its strategy in Italy as being the acquisition of growth platform companies that can be developed into leading players in their sectors.
Gruppo Argenta has a market share of around six per cent and revenues for this year are anticipated to be €80m. Its revenue growth over the last four years has averaged an annual 11.4 per cent. Its operations are focused on the supply of hot and cold drinks and snacks and the company has almost 50,000 machines across Northern Italy.
The firm was established in 1968 and is still led by its founder Epaminonda Scaltriti. Two years ago it underwent a management buy-out backed by two Italian private equity firms, Quadrivio SGR and San Paolo IMI Private Equity.
John Singer, a managing director at Advent, said, 'We have systematically explored the European vending industry over a period of three years. In our view, Gruppo Argenta is the company best positioned to take advantage of what is a very significant opportunity in the Italian market.'
Advent International closed its latest buy-out fund with commitments of €2.5bn earlier this year.
Copyright © 2005 AltAssets.
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