The Biesse Group which designs, manufactures and distributes machinery for processing stone, wood, glass, plastic and metal has announced it is acquiring the entire share capital of GMM Finance S.r.l., (the holding company of the GMM Group) for approximately €72 million (equity value).

Due to complete in February, the deal will see Biesse taking on GMM S.p.A., Bavelloni S.p.A. and Techni Waterjet Ltd – and in addition, its Italian and foreign subsidiaries. In total, the GMM Group has 450 employees across the world and is present in 90 countries. It is being sold by Consilium Private Equity Fund III (managed by Consilium SGR p.a.) with a 75% holding, and FGL Holding s.r.l. (owned by the founding shareholders) with a 25% holding. 

GMM was founded in Gravellona Toce, Piedmont in 1993 and started out designing and assembling bridge cutters for the stone industry. In 2018, it acquired the Australian company Techni Waterjet and, in 2022, took over Italian company Bavelloni.

Financial reports from 2022 reported that the GMM Group had a turnover of €124 million, EBITDA of €12.5 million and net financial debt of €4.4 million.