Stefano Ferraresi
Partner, Private Equity, Head of Industrials, Member of the Management Committee
I.M.A. Industria Macchine Automatiche S.p.A.
Visit website
BC Partners first invested in IMA in 2020. Founded in 1961, IMA is a global manufacturer of packaging and processing machinery serving the pharmaceutical, food, cosmetics, and e-mobility sectors.
Recognising the company’s strong market position and growth potential, BC Partners first invested in 2020, partnering with SOFIMA, the controlling shareholder, to acquire a stake.
By 2021, IMA operated 45 production sites across Europe and Northern Italy, catering to a blue-chip customer base, and demonstrated robust potential for innovation and international expansion. Its strategic focus on automation and sustainability aligned with global trends in digital transformation and the demand for environmentally responsible solutions, reinforcing its long-term growth trajectory.
Despite COVID-19-related supply chain disruptions, IMA remained resilient, providing essential equipment such as vaccine and face-mask production lines to governments and pharmaceutical companies.
In 2021, BC Partners and the Vacchi family acquired full control of IMA Group and delisted it from the Milan Stock Exchange, in what was one of the largest European take-private transactions of that year.
- Sector
- Services & Industrials
- Strategy
- Private Equity
- Investment year
- 2020
- Exit year
- 2023
- Region
- Europe
- Investment status
- Realised
The BC Angle
Unique sourcing engine
Leveraging 35 years of sector experience, BC Partners’ extensive Italian network unlocked a bilateral, proprietary agreement.
Partner of choice
A strong local reputation and entrepreneurial mindset made BC Partners the preferred partner for IMA’s management team and founding Vacchi family.
Sector expertise
BC Partners’ sector insight, thematic focus, and expertise in pharma, packaging and industrial automation built strong conviction even amid the uncertainties of COVID-19.
Investment thesis
- Tailwinds in the packaging and automation industry: Sector growth has been driven by increasing industrial automation and a rising demand for sustainable solutions — aligning with two major global trends.
- A ‘jewel’ in the Italian manufacturing sector: IMA’s market position, R&D strength, and innovation provided a competitive edge, high barriers to entry, and pricing power.
- Scale advantage and network: A network of local suppliers enabled flexibility, efficiency, and higher margins.
- A leader in sustainability: As an early mover in environmentally sustainable packaging through its IMA ZERO initiative.
- Accretive M&A supplementing robust organic growth: 28 bolt-on acquisitions accelerated IMA’s international expansion and supported its long-term, technology-driven growth.
Building a better business
Following the acquisition, BC Partners worked closely with management, guiding the company through a strategic transformation that diversified the business and reinforced its global leadership position.
Key initiatives included:
- Increasing R&D spending by 30%, enabling innovation in automation technologies, improvements in operational efficiency, and expansion into eco-friendly packaging solutions.
- Diversifying its portfolio through five bolt-on acquisitions, enhancing its product offerings and extending its geographic reach.
- Corporate innovation, including the creation of a new Automation division, almost fully dedicated to the Life Science sector
- Making sustainability a key strategy pillar with new initiatives such as the No-Plastic Programme (IMA NoP) and the Low-Impact Programme (IMA Low), reinforcing its reputation as an industry leader in sustainable innovation
Under BC Partners’ ownership, IMA achieved €2 billion in revenue by 2022 and increased EBITDA by 70%.
This strong momentum drew significant inbound interest, with BC Partners agreeing to sell its stake to BDT & MSD Partners in July 2023.
The sale valued IMA at €6.9bn, more than double its value since BC’s initial investment.
Continued success
IMA now operates in over 80 countries and 53 production facilities. The company serves a broad customer base across multiple regions, including Europe, North America, South America, Asia, and the Middle East. IMA’s installed base of approximately 60,000 machines and its more than 3,000 patents reinforce its leadership position in the packaging and automation sectors.
Team involved
Marco Castelli
Partner, Private Equity
Matthew Evans
Managing Director, Private Equity
Gabriele Marino
Principal, Private Equity
Company news
Portfolio in the News
PE Wire ‘Stories of Transformation’: IMA
Find out more about BC Partners’ investment in IMA, a global leader in the design and manufacture of automatic packaging…
Press Release
IMA Group Announces Strategic Investment from BDT & MSD Partners
BDT & MSD Partners to acquire stake from BC Partners in IMA Group Investment to accelerate IMA’s growth as a…
BC in the News
Financial Times: Buffett’s favoured advisory firm takes stake in Italian machinery maker IMA
Will Louch and James Fontanella-Khan report on BC Partners latest exit in the Financial Times: *The IMA deal provides an…
Press Release
BC Partners Completes Take Private of IMA Group Alongside Vacchi Family
Feb. 10, 2021, London: BC Partners, a leading international investment firm, alongside the Vacchi family, has completed the take private…
Portfolio in the News
IMA’s Board of Directors Approves the Periodic Financial Information at 30 September 2020
Consolidated results at 30 September 2020 The Board of Directors of IMA S.p.A., world leader in the production of automatic…
Portfolio in the News
The Shareholders of SOFIMA Enter into an Agreement with Funds Advised by BC Partners LLP with Respect to an Investment in IMA SPA
Bologna, Italy – July 28th, 2020 – The Board of Directors of IMA S.p.A. (“IMA”) announces that it has been…
Our portfolio
At BC, we provide our portfolio companies with the access and expertise to scale into leading global businesses. We are a partner for growth.