14.03.2007

Changes at PM

Having failed in its long delayed IPO the venture capital company, BS private Equity, that owns a majority stake in the company, has initiated a management shake up that will see the departure of managing director Marco Milesi who led the management buy in of PM back in 2002.

The PM group owns Oil&Steel, Autogru-PM loader cranes, and Pilosio scaffold and formwork.

BS Private Equity joined with the IPEF III venture fund to acquire Autogru PM through a management buy-in in 2002. With its support PM went on to acquire Oil&Steel in July 2003, and Pilosio in December 2005. Pilosio had previously been bought by BS Private Equity e IPEF III through a management buy-in in 2003.

The intention of the two funds from the beginning was to expand the business to a level where it could be floated through an Initial Public Offering. This was originally scheduled for last spring and has been postponed several times. While not confirmed it looks as though the flotation was postponed indefinitely in November.

See PM acquires Oil&Steel