IMT Raises €21M in Equity Funding

IMT SpA, a Casalecchio di Reno, Bologna, Italy-based company that manufactures hydraulic drill rigs and grinding machines, has raised €21m in equity funding.

Backers include existing investor Paritel, which committed €11m, and Fondo Italiano di Investimento, which injected the remaining portion.

The company intends to use the proceeds from the investment to continue to consolidate the sector, which is currently recovering after being hit by the crisis in the period 2008-2009, and pursue growth opportunities.

Founded by the merger of four companies (Morava and De.Ci.Ma, which merged in 2006, Tacchella Macchine, Meccanodora and Favretto), IMT currently employs 400 people and forecasts revenue of €85m for 2011.



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