News

The Maschio Gaspardo Group, a leading manufacturer of agricultural equipment, has signed an agreement for the debt rescheduling with 24 creditor banks.

The operation was organized by the Group to reschedule the bank debt, according to the business plan 2015-2018.

Between 2009 and 2014, the Group has experienced an extraordinary development by doubling the sales, from 118 million Euros in 2009 to 324 million Euros in 2014 - CAGR + 22.4% - thanks to investments and acquisitions made up to achieve the target of being the only operator in the world to offer a full range of agricultural equipment.

With the appointment of Mr.Massimo Bordi as Group CEO, chosen by the family to run the business in early June 2015, the Group has embarked on a path of consolidation and enhancement of the leadership position in its market.

The banks confirmed their trust in the Group and in the new management, renewing credit lines for a period of three years and redefining the amortization plans of medium and long debt.

Due to this agreement, management can focus its efforts on the pursuit of the ambitious industrial market target and aim to strengthen its position as a global leader in its business segment, based on the 2015-2018 business plan, whose guidelines are:

  • the redefinition of the Group's organizational structure by strengthening the first line managers reporting directly to the CEO;
  • the simplification of the Company structure with the disposal of non-core assets; 
  • the review of the industrial footprint through the rationalization of plants and warehouses;
  • the improvement in EBITDA thanks to higher sales margins and the containment of general overhead;
  • the reduction of the net financial position as a result of the rationalization initiatives and increase in margins operations outlined above.

The results at 31 December 2015 already show the positive effects of the actions undertaken, thanks to a consolidated turnover of 298 million Euros and EBITDA of 25 million Euros as forecasted. Furthermore, the net financial position at 31 December 2015 shows a significant improvement: 198 million Euroscompared to 240 million Euro at 31 December 2014.

For the bank rescheduling debt, Maschio Gaspardo Group has received the support of PricewaterhouseCoopers as financial advisor and Legance Firm in Milan for legal aspect. Banks were advised by Latham & Watkins for the legal aspects.

“The signing of the agreement with the banks is a key step in the Group's consolidation and development plan and it enables us to look to the future with great optimism”; said Massimo Bordi, CEO of Maschio Gaspardo Group.

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The Group Maschio Gaspardo is a leading manufacturer of machinery for tilling, sowing, crop treatment, maintenance of green and haymaking. Founded in Campodarsego (Padova) in 1964 by brothers Egidio and Giorgio Maschio, the Group employs worldwide 1,800 employees in 15 manufacturing facilities, including 3 abroad - China, India and Romania - and in 12 subsidiaries (France, Spain, Germany, Poland, Ukraine, Turkey, Russia, North America, China, India, Romania). With a turnover of around 300 million of which 80% is exported in 100 countries of the world, the Group ranks first in Italy and among the first manufacturers in the worldm, in the agricultural equipment sector. The Maschio family, majority shareholder, holds 86% of the share capital while the remaining 14% is owned by Friulia Finanziaria FVG Spa, historic partner of the Company.