IMA sells control of EV motor equipment maker ATOP to Lichtenberg Capital
What's the deal? Italy's IMA GroupDealroom has a profile for this one. Try Dealroom → has agreed to sell a majority stake in ATOPDealroom has a profile for this one. Try Dealroom →, a builder of automated production lines and winding machines for electric motor stators and rotors, to a vehicle advised by Austrian investor Lichtenberg Capital. IMA will stay on as a minority shareholder and industrial partner.
Who is ATOP? Founded in 1993 and based in Barberino Val d'Elsa in Tuscany, the company employs 135 people and holds more than 680 patents. It says it was among the first to industrialize hairpin technology for electric traction motors, and counts international OEMs and Tier 1 suppliers among its customers.
Why it matters: Hairpin winding swaps round wire for rectangular copper bars that are bent, inserted into stator slots and welded. That packs more copper into the same space, lowering resistance and improving thermal performance — but the process demands automation conventional lines can't provide.
Why now? IMA acquired control of ATOP in 2019 and says it drove the company's industrialization and international expansion. It is now handing operational lead to a partner with dedicated transformation expertise while continuing to supply its industrial network and technological know-how.
What's the endgame? The two companies aim to position ATOP for an expected upswing in e-mobility investment, expanding its product portfolio and customer base across e-mobility and adjacent markets.
For IMA, the deal is about narrowing focus. "IMA is increasingly focusing on its historical core businesses, with particular emphasis on the pharmaceutical sector," said Alberto Vacchi, chairman and chief executive officer of IMA Group. He called the transfer part of "a broader strategic plan to streamline the Group's portfolio."
The signal: A pharma-focused conglomerate is offloading control of a specialist EV supplier to a dedicated investor — a bet that hairpin winding automation is best owned by hands ready to scale it into the next e-mobility cycle.
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Image credit: Generated with Gemini
