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LJUBLJANA (Slovenia), August 22 (SeeNews) - Italian investment firm Palladio Holding Group is considering the sale of car parts maker Cimos, just over two years after it bought it, local media reported.
TCH Cogeme, part of Palladio Holding Group, completed the acquisition of Cimos from Slovenia's 'bad bank', DUTB, in May 2017, paying 100,000 euro for the then troubled car maker and putting in a further 18.3 million euro ($20.3 million) in fresh funds in the company's recapitalisation.
Unofficial sources familiar with Palladio Holding's business plans have confirmed for Slovenian news daily Dnevnik the possible sale of Cimos, regional news wire SeeBiz reported late on Wednesday.
According to Dnevnik, Palladio Holding has managed to achieve its targeted results for Cimos and is now ready, in line with its investment policy, to sell it to interested investors.
Under the new owner, Cimos managed to turn to 6.3 million euro profit in 2018 from 34 million euro loss in 2017, the report said.
In June, Slovenian state broadcaster RTV SLO quoted TCH Cogeme's CEO Gino Berti as saying that Cimos signed new deals worth 330 million euro last year and has a further 140 million euro of new orders in the first quarter of 2019.
Berti has also said that Cimos plans 175 million euro in revenue in 2019.
Koper-based Cimos manufactures mainly turbo compressor and turbine housings, power train components, chassis and car-body parts. Cimos has a production footprint in four countries across Southeast Europe.
Back in May 2017, the sellers of the company were DUTB with a 47.5% share, the Slovenian government with a 24.26% stake and lenders NLB with 9.44%, Gorenjska Banka with 5.74%, Abanka Vipa with 2.42%, Nova KBM with 2.2% and SID Banka with 0.74%. They acquired their shareholding interest in Cimos following a 168 million euro debt-to-equity swap in 2014.