SACE SIMEST, the export and internationalization hub of the CDP Group, has announced a €15 million initiative to support the growth plans of SAPA, the Benevento-based firm of the Affinita family specialized in the production of automotive systems and components.

More specifically, SAPA has finalized the acquisition of SELMAT, a Piedmonts’ firm specialized in the same sector. This acquisition will enable SAPA to serve new market segments (industrial and commercial vehicles, farm machinery, and buses), enhance its know-how and industrial processes, and expand relations with the principal domestic and international carmakers (FCA, Volkswagen, Audi, Porsche and BMW).

As part of the initiative, SACE has guaranteed a €15 million seven-year bond issued by SAPA. The bond has been subscribed by Fondo Sviluppo Export, the export development fund created by SACE and managed by Amundi, which utilizes resources provided by SACE and the European Investment Bank.

“With SACE SIMEST we have finalized a major deal that will enable us to consolidate our leadership in Italy and pursue our growth process into new geographical areas," declared Giovanni Affinita, chief sales strategist and member of the Board of Directors of SAPA. “The new group will have sales of €300 million and more than 1,700 employees,”

Formed in 1974, the company has undertaken a development program over the years that has transformed it from a small artisan firm into an established industrial entity with six plants in Italy and Europe and over 1,000 employees, which, with the acquisition of SELMAT, will become 10 plants with over 1,700 employees.