Acquisitions in Italy

MondeVita Italy S.r.l., a subsidiary of Abu Dhabi-based holding company Mondevo Group, completed the acquisition of luxury Italian menswear manufacturer and brand Caruso (Raffaele Caruso S.p.A.) from Lanvin Group. The transaction is a strategic carve-out/divestiture for Lanvin Group and makes Caruso the cornerstone of MondeVita’s newly formed luxury and lifestyle platform; Caruso is headquartered in Soragna near Parma, Italy and employs 450+ people.

NUBURU, Inc. completed its acquisition of Lyocon S.r.l., an Italian blue-laser manufacturing and systems-integration company with established customers and recurring revenues. The transaction, completed via Nuburu Subsidiary Inc. (a wholly owned NUBURU subsidiary), is intended to re-establish NUBURU’s revenue-generating industrial blue-laser platform and support its dual-use defense and security roadmap.

Stirling Square Capital Partners announced the sale of Isoclima Group, a global provider of advanced transparent solutions, to a consortium of financial investors. The buyer group is led by Fondo Italiano d'Investimento SGR and includes TEC Glass, an independent vehicle sponsored by The Equity Club.

Olio Piro LLC and Bonini SRL announced a merger combining Olio Piro’s extra virgin olive oil business with Bonini’s traditional balsamic vinegar of Modena producer and distributor operations. As part of the transaction, Bonini founder Fabio Massimo Bonini transitions the business to Olio Piro CEO Marie-Charlotte Piro, with Bonini continuing to operate within the traditional Modena framework and oversight, and Stefania Bonini remaining financial officer of Bonini’s Italian operations.

VSP Vision has completed the acquisition of Marcolin, a global eyewear design, manufacturing, and distribution company. Marcolin was acquired from PAI Partners and other minority shareholders, and both Marcolin and Marchon Eyewear will continue to operate as they do today.

Miller Industries, Inc. completed the acquisition of Omars S.p.A., an Italy-based designer and manufacturer of towing and recovery vehicles. The deal was an all-cash transaction valued at approximately €17.5 million (about $20.3 million), and is intended to expand Miller Industries’ footprint and manufacturing capacity in the European market.

CTP entered the Italian market through the €241 million acquisition of VLD S.r.l., an Italian logistics and industrial real estate development company previously controlled by FBH Group. The deal adds an 8.7 million-square-meter landbank and two standing assets totaling 30,000 square meters, forming the foundation for a new national platform to be rebranded as CTP Italy.

Poly Medicure Ltd has acquired Medistream SA (doing business as Citieffe), an Italy-based orthopedic implants manufacturer, from ARCHIMED MedTech (ARCHIMED’s MED I fund). Citieffe’s management team, led by CEO Pascal Govi, will continue to run the business under Poly Medicure, with the deal marking the final exit and full liquidation of ARCHIMED’s MED I fund.

Alcedo SGR S.p.A., as manager of the private equity fund Alcedo V, completed the acquisition of a majority stake in Operamed S.r.l. The stake was acquired from Itago SGR S.p.A. (via its Itago IV fund) and other minority shareholders.

International Wire Group (IWG), a portfolio company of Olympus Partners, announced that its subsidiary Italtrecce S.r.l. has acquired Special Corde S.r.l., a specialty conductor supplier based in Gioia Sannitica, Italy. The deal strengthens IWG’s electrification and electrical infrastructure supply capabilities across North America and Europe, particularly for transformer and grid modernization applications.

Yokogawa Electric has acquired Intellisync and WiSNAM, two Italy-based firms providing cybersecurity/digital transformation services and grid control & energy management technologies, respectively. The acquisitions will be integrated into BaxEnergy, Yokogawa’s wholly owned renewable energy software subsidiary, to expand capabilities in securing critical infrastructure and improving renewable/grid management at scale.

Ares Management completed the acquisition of a 20% stake in Plenitude from Eni for €2 billion, valuing Plenitude at more than €12 billion. The investment was led by Ares Alternative Credit funds and other affiliated Ares vehicles and is intended to support Plenitude’s growth in renewable generation and electrification/energy services across more than 15 countries.

H.I.G. Capital, through one of its affiliates, completed the acquisition of a majority stake in A.L.A. S.p.A. (ALA), a publicly listed company on the Italian stock exchange (ALA.MI). Headquartered in Naples, Italy, ALA provides mission-critical logistics, distribution, and engineering solutions to aerospace and defense manufacturers. The founding families will retain a significant minority ownership stake alongside H.I.G.

JOY GROUP (Shanghai Juyi Cosmetics Co., Ltd.) completed the acquisition of Foltène, an Italy-based dermatological hair care brand founded in Milan in 1944. The deal is described as a full global acquisition of Foltène’s brand business, including brand assets, global distribution network, supply chain system, and an Italy-based research laboratory.

Nactarome Group, a developer and manufacturer of natural flavour, taste and colour solutions for the food and beverage industry, announced it is welcoming Plantex SAS into the group. Plantex SAS produces natural ingredients for nutraceuticals, food, cosmetics and animal nutrition, strengthening Nactarome’s presence in plant extracts. Nactarome Group is majority owned by TA Associates.

NUBURU, Inc., through its wholly owned subsidiary Nuburu Defense LLC, is executing a staged transaction to acquire Orbit S.r.l., an Italian defense-grade SaaS provider focused on operational resilience, business continuity, and crisis-management digitalization. NUBURU completed an initial capital increase investment (reported as $1.5 million for ~10.7% in phase one) and later closed an additional tranche (reported as a $2.0 million capital increase), resulting in approximately 22% ownership along with governance rights that confer operating control and GAAP consolidation. NUBURU has stated its intent to acquire the remaining equity of Orbit, subject to NUBURU stockholder approval; Orbit was previously wholly owned by NUBURU Executive Chairman and Co-CEO Alessandro Zamboni.

H.I.G. Capital, via H.I.G. Realty, announced the launch of a new Italian self-storage platform branded Boxengo following the completion of its first five acquisitions in Italy. The initial portfolio consists of five self-storage facilities located in the Milan (four) and Rome (one) metropolitan areas, with the first two Milan sites expected to open by year-end and the remaining three becoming operational during 2026.

A&M Capital Europe (AMCE) has completed the sale of its portfolio company La Patria S.p.A., an Italian tech-enabled security and surveillance services provider, to two European private investment offices. La Patria, founded in 1950 and headquartered in Bologna, will continue to be led by CEO Andrea Monti and plans to pursue further acquisitions and expansion under its new owners.

Salice Group, a global manufacturer of hinges and furniture fittings, acquired Villes 2000 S.r.l. ("Villes"), an Italian producer of aluminium-based sliding systems used in furniture, interior doors, and shower box applications. The deal expands Salice’s sliding-systems portfolio, complementing its existing Bortoluzzi brand offering, and supports Salice’s broader consolidation strategy in premium functional hardware for the furniture industry.

ITAGO SGR completed the acquisition of FICIT SRL and integrated it into the Eco-Techno Group. The transaction is described as the group’s fourth strategic acquisition and leads to the creation of “Coralia Group,” focused on industrial wastewater treatment systems including a turnkey Zero Liquid Discharge offering.

Apheon, a pan-European mid-market private equity investor, acquired a majority stake in Golmar Italia S.p.A., an Italian distributor of branded professional cleaning and hygiene products. The founding Golè family will remain invested as minority shareholders alongside Apheon and CEO Didier Tisserand. Apheon plans to support Golmar’s growth and pursue a buy-and-build strategy in Italy’s fragmented professional hygiene distribution sector.

Italgas completed the acquisition of 2i Rete Gas, expanding its gas distribution infrastructure footprint. Following the deal, Italgas plans to extend deployment of Picarro’s Network Intelligence solutions across its enlarged network in Italy and Greece, where it now serves roughly 13 million customers and operates over 150,000 kilometers of distribution pipelines.

Matica Fintec S.p.A. announced the acquisition of Panini S.p.A., a global provider of check scanning and document digitization technologies, from prior owner SETA Holding. The combination brings together two banking and payments technology providers to expand Matica Fintec’s banking-infrastructure and fintech capabilities, with a particular emphasis on scaling in the U.S. market.

NUBURU, Inc., through its subsidiary Nuburu Defense, acquired an initial 3% minority equity stake in Tekne S.p.A. as the first milestone in a phased acquisition plan governed by Italy’s Golden Power rules. The binding agreement with Tekne’s shareholders provides a path for Nuburu Defense to increase ownership to an eventual 70% controlling interest, alongside commitments to finance up to €40 million of Tekne working capital. In parallel, Nuburu Defense and Tekne launched a U.S.-based 80/20 defense joint venture to execute approximately $7.5 million in contracted special-vehicle backlog outside Italy and expand Tekne’s products into the Americas.

The Middleby Corporation acquired Frigomeccanica S.p.A., an Italy-based manufacturer of food processing equipment for drying, defrosting, fermentation, refrigeration and preservation. Frigomeccanica (approximately $30 million in annual revenue) expands Middleby’s Food Processing portfolio and strengthens its full-line solutions offering, particularly for protein, cured meats, and ready-to-eat foods.

Investment vehicles affiliated with J.C. Flowers & Co. (JCF Funds) acquired Italian insurance broker Caleas Srl, a corporate and SME-focused brokerage based in Milan. Caleas’ management will continue to hold a minority stake, and the deal supports JCF’s broader roll-up strategy in the Italian insurance sector.

Graco Inc. has completed its previously announced acquisition of Color Service S.r.l. for €63 million, subject to customary adjustments. Color Service is a global manufacturer of specialized automatic precision dosing systems for powder and liquid applications, with €34 million of revenue in 2024. Color Service is headquartered in Italy and has approximately 140 employees worldwide.

SABSEG, an independent insurance broker in Spain and Portugal, acquired Italian insurance brokerage Asigest Broker to enter and expand in the Italian market. Asigest Broker, founded in 1992 and headquartered in Biella, Italy, will continue to be led by its founding shareholders and management team, including Alessandro Griffith, as SABSEG pursues a Southern Europe growth and consolidation strategy.

Rocscience, a geotechnical and engineering software company headquartered in Toronto, Canada, acquired 2SI, an Italy-based provider of structural engineering software solutions. The deal expands Rocscience’s engineering software portfolio and integrates 2SI’s structural engineering tools and expertise to better serve civil, infrastructure, and construction-focused engineering customers globally.

Dexelance S.p.A. signed a binding agreement to acquire a 65% stake in Mohd, an Italian premium furnishings online marketing and distribution company. The stake is being sold by Quadrivio & Pambianco’s Lifestyle Fund alongside the Mollura family, with the Mollura family reinvesting and retaining a significant role in the business.

Azelis acquired 100% of the shares of Azienda Chimica e Farmaceutica (ACEF), an Italy-based distributor of specialty raw materials and ingredients serving cosmetics, nutraceutical, galenic and pharmaceutical markets. The deal expands Azelis’s footprint in Italy and adds ACEF’s technical laboratories and GMP-compliant pharmaceutical ingredient facilities, along with its subsidiary Arda Natura focused on plant extracts and natural products.

Quadrivio Group’s Industry 4.0 Fund, through its portfolio company SKA, acquired 60% of Avitech S.r.l., an Italian designer and manufacturer of poultry (hen-egg) farming systems and equipment. The deal expands SKA’s product offering in egg farming and supports a buy-and-build strategy in poultry plant and equipment.

Ingersoll Rand Inc. acquired Italy-based Termomeccanica Industrial Compressors S.p.A. (TMIC) and its subsidiary Adicomp S.p.A. for approximately €160 million. TMIC designs and produces air and gas compressors, while Adicomp provides engineered-to-order solutions for the renewable natural gas industry; the businesses will join Ingersoll Rand’s Industrial Technologies and Services segment.

Haiki+ S.p.A. completed the acquisition of Ecobat’s battery and polypropylene recycling business in Italy. The transaction includes Ecobat facilities in Marcianise, Paderno Dugnano, and Bologna, and marks Ecobat’s exit from the Italian market.

Sandvik AB completed its previously announced acquisition of Osa Demolition Equipment S.r.l. (OSA), an Italy-based manufacturer of demolition tools and hydraulic hammers. OSA will be reported as a business unit within Sandvik’s Attachment Tools division in the Rock Processing business area.

Stonepeak completed its acquisition of Italy-headquartered Forgital Group, a manufacturer of advanced forged and machine-finished components serving aerospace and industrial end markets. The Carlyle Group agreed to sell Forgital to Stonepeak (with the transaction previously expected to close in Q2 2025, subject to regulatory approvals). Following completion, former GE Aerospace executive John Slattery was appointed Chairman of Forgital’s Board of Directors.

J.C. Flowers & Co. has completed the acquisition of Wefox Italia, an Italian insurance enabler serving the insurance ecosystem. Financial terms were not disclosed, and Wefox Italia will continue operating independently under its existing leadership team with a focus on technological innovation and growth.

Oakley Capital Origin II, a fund advised by Oakley Capital, has agreed to acquire a majority stake in Join Business Management Consulting (JBMC), an Italian management and IT consulting firm focused on financial services. Headquartered in Siena and founded in 2013, JBMC supports banks, insurers, and payments companies with operational improvement, IT project management, digital transformation, and data/tech-enabled initiatives. Oakley Capital Investments Limited noted it expects to contribute approximately £8 million indirectly via Origin II toward the investment.

Worthington Steel, Inc. completed the acquisition of a controlling equity stake (approximately 52%) in Italy-based Sitem S.p.A. and its subsidiaries (Sitem Group) through its subsidiary Tempel Steel Company, LLC. The transaction involved cash, purchasing shares from existing shareholders, and contributing Worthington Steel’s Nagold, Germany facility, with an option for Worthington Steel to increase its ownership in the future.

Corporación América Airports S.A. (CAAP) acquired the remaining 25% interest in Corporación América Italia S.p.A. (CAI) from the Investment Corporation of Dubai (ICD), increasing CAAP’s ownership of CAI to 100%. The transaction was completed via a share swap in which CAAP issued 1,996,439 new shares to ICD. As a result, CAAP increased its indirect economic interest in Toscana Aeroporti S.p.A. by 15.6%.

Palella Holdings, via the Sicily Investment Fund, has acquired control of La Sicilia, Sicily’s leading newspaper, through the establishment of a new publishing company. The deal represents the handover from the Ciancio Sanfilippo family after 80 years of ownership and includes the publishing company Dse S.p.A. and its stake in ANSA.

Charterhouse Capital Partners has agreed to sell Casa Optima, a global provider of artisanal gelato and pastry ingredients, to a group of investors led by Terlos LLP. Casa Optima is headquartered in Rimini, Italy, and the transaction is subject to customary regulatory approvals with closing expected by Q1 2026.

CVC Strategic Opportunities II (StratOps II) agreed to sell its entire stake in Genetic S.p.A., a pharmaceutical contract development and manufacturing organization (CDMO), marking CVC’s exit from its investment. Following the transaction, NB Renaissance and NB Aurora will become shareholders alongside the founding Pavese family, which will also increase its stake, subject to customary regulatory approvals.

Safety21 S.p.A., a smart road and smart city software provider majority-owned by Bregal Unternehmerkapital Funds, completed the acquisition of 100% of Cross Control S.r.l. Cross Control operates in road safety enforcement and IoT detection in Central Italy, and the deal strengthens Safety21’s regional presence and buy-and-integrate growth strategy.

Valeo Foods Group acquired Italian sweet bakery producer Freddi Dolciaria S.p.A., strengthening Valeo’s position in packaged wafers, cakes, and biscuits and expanding its South-West Europe footprint. Freddi, founded in 1949 and headquartered in Castiglione delle Stiviere (Lombardy), specializes in pre-packaged sponge cakes and Swiss rolls, generating close to €20 million in annual turnover with 48 employees. Valeo Foods Group is owned by Bain Capital.

FOX Innovation & Technologies (FOX), backed by specialist energy private equity firm Bluewater, announced the acquisition of Sirio Solutions Engineering (SSE) S.p.A. SSE, headquartered in Prato, Italy, adds turbomachinery systems and controls engineering plus international field service capabilities to FOX’s high-speed rotating equipment aftermarket platform. Financial terms were not disclosed.

Funds advised by Gyrus Capital agreed to acquire a majority stake in ACBC (Anything Can Be Changed), a Milan-based sustainability and circular innovation services provider focused on fashion and lifestyle. ACBC’s co-founders and existing management team will reinvest and continue to lead the business, with the investment aimed at accelerating international expansion and growth, including targeted acquisitions. The transaction is expected to close in the second quarter of 2025, subject to customary conditions.

Prada Group has officially acquired Versace from Capri Holdings for €1.25 billion. Versace will join Prada Group’s portfolio alongside flagship brands Prada and Miu Miu, while maintaining its creative identity and leveraging Prada Group’s platform and capabilities.

Aliplast, a Herambiente (Hera Group) subsidiary focused on plastics regeneration, acquired Gurit Italia’s business unit dedicated to PET recycling operating at the Carmignano di Brenta (Padua) plant in Italy. The deal adds roughly 15,000 tonnes per year of recycled PET capacity and brings additional production and logistics capabilities (including storage yards) into Aliplast’s network.

SITA, a global air transport technology provider, has completed the acquisition of CCM, an Italian specialist in the design, production, and delivery of airport interior spaces. The deal combines SITA’s passenger processing and airport operations technology with CCM’s high-end interior design and execution capabilities to provide airports an integrated, end-to-end offering aimed at improving space utilization, passenger flow, and terminal flexibility.

Bain Capital signed a definitive agreement to acquire a controlling stake in Namirial, a provider of digital transaction management software solutions. The stake is being acquired from Italian private equity firm Ambienta, with the transaction expected to close in Q2 2025 subject to customary conditions and regulatory approvals.

H.I.G. Capital, through an affiliated entity, has completed the acquisition of a majority stake in Protos S.p.A., an independent technical advisory and consulting firm. The investment was made in partnership with Protos’ existing management team. Protos is headquartered in Rome, Italy and provides technical consulting services including inspections, certifications, due diligence, engineering, and ESG/environmental advisory across infrastructure, energy, real estate, and financial services end markets.

DOC Pharma (formerly DOC Generici), an Italian pharmaceutical company focused on generic and branded medicines, announced an agreement to acquire the Geopharma nutraceuticals portfolio, expanding its presence in osteoarticular nutraceutical treatments. The announcement also notes the closing of DOC Pharma’s previously announced acquisition of Muscoril as part of its broader strategy to diversify beyond generics.

AnaCap has closed the acquisition of a majority stake in Edge Group, an Italian commercial insurance broking platform headquartered in Milan. AnaCap will partner with Edge’s founder and CEO Manfredo Sciarretta and the existing management team to accelerate Edge’s organic and inorganic growth strategy, including further consolidation in Italy’s fragmented insurance brokerage market.

Fremman Capital acquired a majority stake in Italian specialty in-vitro diagnostics (IVD) company DIESSE Diagnostica Senese from healthcare-focused private equity firm ARCHIMED (MED II). DIESSE’s management team is retaining a meaningful minority stake and will continue to lead the business; ARCHIMED’s exit follows a five-year ownership period after acquiring DIESSE as a carve-out from PZ Cormay.

The Fibonacci Group, controlled by funds advised by Apax Partners LLP, announced the acquisition of Quid Group and its subsidiary Cabel from Equinox. Quid provides consumer credit software and Cabel provides core banking software and Banking-as-a-Service capabilities, strengthening Fibonacci’s European financial software platform alongside prior acquisitions including OCS, Finwave, and altermAInd.

Hexagon’s Asset Lifecycle Intelligence (ALI) division has acquired CAD Service, a developer of advanced visualisation tools that integrate CAD drawings, BIM models, and Reality Capture data into HxGN EAM. The deal will allow Hexagon to fully integrate CAD Service’s capabilities into its EAM software offerings and accelerate its product roadmap. CAD Service will operate within Hexagon’s ALI division and be fully consolidated immediately.

Investcorp signed a definitive agreement to acquire Epipoli, an Italian alternative payments enabler, from Bregal Milestone and founder & CEO Gaetano Giannetto. Giannetto will remain a significant minority shareholder and continue to lead the business; financial terms were not disclosed. Epipoli is headquartered in Milan and operates across payments, gift cards/prepaid products, employee rewards, and customer engagement services.

Presidio Investors, an Austin, Texas-based private equity firm, acquired 100% ownership of Hellas Verona Football Club. The club’s prior owner Maurizio Setti (via his holding company Star Ball) will remain involved as Senior Advisor of Football Operations following the change in control.

Blastness acquired Athena Solutions, an Italian travel tech company specializing in accommodation, which provides software under the ErmesHotels brand. The transaction expands Blastness’ portfolio of hotel reservation technology (including booking systems, channel management, GDS connectivity and payments) and strengthens its position in the Italian luxury hotel market. Athena Solutions’ founders will remain in managerial roles to ensure business continuity.

LIAN Group launched Vitaura, a consolidation platform in aesthetic medicine, surgery, and longevity, and announced its first acquisition. Vitaura acquired the Medicina Estetica Zazzaron clinic in Veneto, with founder Dr. Michela Zazzaron continuing to lead the business as Vitaura plans additional acquisitions across Italy.

SRAM acquired Italian bike components maker Ochain, adding the chainring-based drivetrain performance technology to SRAM’s family of cycling brands. Ochain founder Fabrizio Dragoni will continue to lead a dedicated team from a new headquarters in Italy following the deal, which was finalized in 2025.

Turkish unmanned aircraft manufacturer Baykar has acquired Italian aircraft and engine maker Piaggio Aerospace after Italy’s Ministry of Enterprises and Made in Italy approved the sale following a competitive tender. Piaggio Aerospace, in government-controlled special administration since seeking creditor protection in 2018, is expected to be relaunched with commitments to preserve jobs and continue aircraft production and MRO/engine activities; financial terms were not disclosed.

CareHub, a portfolio company of Silver Economy Fund (Quadrivio Group), acquired a 95% stake in Cormedica S.r.l. through its vehicle Brexia Med S.r.l. Cormedica operates multi-specialty outpatient clinics in Italy’s Friuli-Venezia Giulia region, and the deal supports CareHub’s buy-and-build strategy in outpatient diagnostics and local private healthcare.

Accenture has agreed to acquire IQT Group, an engineering managed services provider for large infrastructure projects headquartered in Rovigo, Italy. The deal will expand Accenture’s infrastructure and capital projects capabilities (Industry X) by combining its digital and generative AI strengths with IQT Group’s expertise in net-zero electricity, water, and telecommunications infrastructure projects. Financial terms were not disclosed and the transaction is subject to customary closing conditions, including antitrust approvals.

Platinum Equity completed the acquisition of a majority stake in F.lli Polli S.p.A. ("Polli"), an Italian producer of pasta condiments and vegetable preserves. The stake was purchased from affiliates of the founding Polli family, which retained a minority ownership position alongside CEO Marco Fraccaroli; financial terms were not disclosed.

C.M.C. Sud Srl, an Italy-based provider of non-destructive testing (NDT), material analysis, and inspection services, has joined the CERTANIA Group. The acquisition expands CERTANIA’s Testing, Inspection & Certification (TIC) capabilities and supports C.M.C. Sud’s growth and international footprint, with existing management remaining in place.

DexKo Global Inc. (DexKo) announced the acquisition of Cerma Srl, a family-owned Italian manufacturer of high-precision hydraulic components. Cerma, based in Vezzano sul Crostolo, will strengthen DexKo’s (via AL-KO Vehicle Technology) hydraulics value chain and expand its hydraulic valves and manifolds product offering. Financial terms were not disclosed.

Bureau Veritas acquired LBS Luxury Brands Services S.R.L. Group (LBS Group), an Italy-headquartered provider of laboratory testing and upstream supply chain quality assurance/quality control services for premium and luxury fashion brands. The deal expands Bureau Veritas’ Consumer Products Services division, strengthening its luxury and fashion assurance offering, supply-chain quality and sustainability capabilities, and presence in the Italian market.

MA Solar Italy, a subsidiary of McLaren Applied Group, acquired Italian solar inverter manufacturer FIMER for an undisclosed fee. The transaction comes as FIMER undergoes Extraordinary Administration and is intended to support FIMER’s restructuring, business continuity, and future growth through technology synergies.

AUCTUS announced the sale of Italy-based PPM Industries S.p.A., a European producer of masking and adhesive tapes, to Atlas Tapes S.A. Following AUCTUS’s majority investment in 2022, PPM grew into a more internationally oriented business and is now transferring to a new strategic owner. Financial terms were not disclosed.

The Middleby Corporation acquired Gorreri Food Processing Technology, a baked goods equipment manufacturer headquartered outside Parma, Italy. Gorreri produces industrial and semi-industrial dessert and bakery line solutions (e.g., cakes, pies, muffins and tarts), adding complementary capabilities to Middleby’s food processing group.

An affiliate of H.I.G. Capital signed a definitive agreement to sell its portfolio company, Deenova S.r.l., an Italian provider of hospital drug and medical device traceability and automation systems. Deenova is being acquired by Equiter Infrastructure II (managed by Ersel Asset Management SGR) and Amundi Private Equity Italia, in partnership with founder Sergio Giglio, subject to customary regulatory approvals.

TSG has acquired Italian solar energy specialist SKY-NRG as part of its strategic transformation plan to provide fully integrated electrical solutions. The deal is described as TSG’s largest external growth operation and represents its 27th build-up in three years, further strengthening TSG’s position in responsible mobility and expanding its solar energy capabilities.

ASSA ABLOY has acquired IXLA, an Italy-based manufacturer of advanced laser and color personalization systems for cards and passports. Following the transaction, IXLA will join ASSA ABLOY’s HID division as part of the Secure Issuance Business Area, strengthening HID’s document and government card personalization equipment offering and supporting geographic expansion. IXLA was founded in 2003, has about 50 employees, and reported approximately €13 million in 2023 sales; the deal is expected to be accretive to EPS from the start.

Funds advised by AUCTUS Capital Partners AG have acquired SPIG S.p.A. and Götaverken Miljö (GMAB), which provide industrial cooling systems and flue-gas treatment technologies. The combined group serves energy generation and industrial applications globally, including renewable and thermal power, hydrogen production, and large data centers.

Graco Inc. has completed its acquisition of Corob S.p.A. for €230 million (subject to customary adjustments), with up to an additional €30 million in contingent consideration. Corob designs and manufactures high-performance dispensing, mixing, and shaking equipment used in tinting applications for paints and coatings, and is headquartered in Italy.

ZAPI GROUP acquired UBIQUICOM, a provider of real-time locating systems (RTLS) used to improve safety and efficiency in manufacturing, transportation, and logistics processes. The deal strengthens ZAPI GROUP’s portfolio in electrification and warehouse automation, expanding its capabilities as a systems integrator for OEMs in AGV, material handling, and industrial automation.

Dieffenbacher acquired Italian family-owned Pagnoni Impianti S.r.l., a manufacturer of wood composite press machinery headquartered in Aicurzio, Italy. The business will operate as Pagnoni Dieffenbacher S.r.l., with the transaction including the company’s assets, expertise, and its four-person team led by managing director Michele Pagnoni.

Seven2, a European private equity firm, acquired Fulgard, an Italian workplace safety specialist, from Argos Wityu. Fulgard provides fire safety installation and maintenance services as well as occupational health services and plans to accelerate organic growth and consolidate the fragmented, highly regulated Italian workplace safety market with Seven2’s support.

SF-Filter Group, majority-owned by funds advised by Equistone Partners Europe, completed two add-on acquisitions: Filter Center and Filter Agri. The deals expand SF-Filter’s pan-European filtration distribution platform, adding a major foothold in Italy via Filter Center and strengthening its offering in agricultural filter solutions through Filter Agri.

LVMH sold Off-White LLC, the company that owns the luxury streetwear brand Off-White, to New York-based brand management company Bluestar Alliance, LLC. Financial terms were not disclosed. A later announcement noted that Hilco Global and TPG Angelo Gordon co-invested with Bluestar in the acquisition of Off-White from LVMH.

Axius Water, a provider of nutrient management solutions for municipal and industrial wastewater treatment, acquired MITA Water Technologies, a wastewater filtration systems supplier headquartered in Siziano, Italy. The deal follows a commercial partnership begun in 2022, including manufacturing MITA pile cloth filters for North American customers at Axius’ Columbia, Missouri facility; MITA Water Technologies was formerly part of MITA Group.

Oakley Capital portfolio company 7NXT (owner of online fitness and mindfulness platforms Gymondo and 7Mind) is acquiring Buddyfit, a leading online fitness platform in Italy and Spain. The deal expands 7NXT/Gymondo’s European footprint and increases the group’s subscriber base to more than 800,000, strengthening its position as a pan-European digital fitness and wellbeing consolidator.

Bain Capital agreed to acquire a controlling stake in Somacis, an Italy-headquartered manufacturer of high-mix/low-volume, high-specification printed circuit boards. The stake is being purchased from Chequers Capital, which will reinvest in Somacis alongside the management team led by CEO Giovanni Tridenti; financial terms were not disclosed.

Antin Infrastructure Partners, ICAMAP, and Borletti Group signed an agreement to sell Grandi Stazioni Retail (GSR) to a consortium of infrastructure investors comprising DWS and OMERS. Headquartered in Rome, GSR holds long-term exclusive rights to commercial leasing and advertising spaces across 14 major Italian railway stations. The transaction is expected to close in Q4 2024 and financial terms were not disclosed.

Salice, a global producer of hinges and furniture fittings, has completed the acquisition of Atim S.p.A., an Italian manufacturer of 100% aluminum-based hardware solutions for the furniture industry. The deal adds Atim’s transformable and extensible table systems to Salice’s portfolio and enables broader international distribution through Salice’s global commercial network.

Wide Group acquired A.I.C. Broker S.r.l. (AIC), a commercial lines insurance broker based in Italy’s Abruzzo region. Backed by Pollen Street since 2023, Wide Group is using the deal to expand its regional presence and add technical insurance capabilities, with AIC’s leadership joining Wide as senior partners.

Wide Group has acquired Assco Broker Srl, a Pordenone-based commercial insurance broker with an agency subsidiary. The deal expands Wide Group’s presence in north-eastern Italy and adds an operational headquarters in Udine, continuing Wide Group’s M&A-driven growth following Pollen Street’s 2023 investment.

Keyline Industries (the umbrella brand of Keyline S.p.A.) completed two Italy-based acquisitions in 2024 to expand in security automation and access solutions. One of the acquisitions was Allmatic, a Belluno-founded home automation products company, acquired from the Raineri family; the deal supports Keyline’s expansion into home and building automation alongside its existing security and key-cutting businesses.

Wide Group acquired Anglo Lombarda Insurance Brokers Srl, a commercial insurance broker based in Naples and Treviso, Italy. Backed by Pollen Street since 2023, Wide Group is pursuing an M&A-led consolidation strategy in Italian insurance broking, with this acquisition expanding its regional presence and capabilities around Naples.

ProMach has acquired MBF, an Italy-based producer of bottle-filling and closing machines for the wine and spirits industries. MBF will join ProMach’s Primary Packaging business line, expanding ProMach’s filling and closing capabilities and strengthening its presence in the global spirits market.

One Equity Partners (OEP) agreed to and subsequently completed a majority investment in Comau S.p.A., an Italian industrial automation and advanced robotics company previously owned by Stellantis N.V. Following the carve-out/spin-off transaction, OEP became Comau’s majority shareholder while Stellantis remains an active minority shareholder; financial terms were not disclosed.

Silver Economy Fund, the private equity vehicle of Quadrivio Group, invested in CareHub to enter and consolidate Italy’s outpatient diagnostics and proximity medicine market. The investment will support Brexia Med S.r.l., the promoter of the CareHub project, to build a national hub-and-spoke network of outpatient clinics and AI-enabled screening services via a buy-and-build strategy.

H.I.G. Capital announced that an affiliate has acquired Naturalia Tantum S.p.A., a Milan-based leader in Italian organic beauty and personal care products. The investment is in partnership with the company’s current management to support continued growth in Italy and internationally.

Fressnapf Group agreed to acquire full control of Arcaplanet Group, a leading Italian pet care retailer, from Cinven funds (which are exiting their majority stake). In a separate concurrent transaction, Cinven will make a new minority strategic investment in Fressnapf Group, which remains majority owned by founder Torsten Toeller.

Verallia has finalized the acquisition of Vidrala's glass business in Italy for an enterprise value of €230 million, following satisfaction of regulatory and other closing conditions. The acquired business is Vidrala's Italian subsidiary operating a Corsico (near Milan) glass container plant with two furnaces serving beer, food, and spirits markets, strengthening Verallia's footprint in Italy.

Charme Capital Partners SGR, through its Charme IV fund, is investing in Animalia via a capital increase and will acquire a 56% stake in the Italian veterinary care services provider. Founders Antonino Santalucia and Giorgio Romani will remain co-CEOs and shareholders, and the investment is intended to fund Animalia’s continued consolidation and organic growth strategy across Italy.

Funds managed by TDR Capital LLP agreed to acquire (and subsequently completed the acquisition of) a majority stake in Acqua & Sapone, Italy’s leading non-food discount/value retailer of household and personal care products. H.I.G. Capital is selling its portfolio company stake, while H.I.G. and the Barbarossa family will retain a significant minority equity interest following the transaction, which is subject to antitrust clearance.

Funds advised by Bregal Unternehmerkapital (BU) entered into a binding agreement to acquire a majority stake in Relatech S.p.A., a listed Italian provider of digital transformation solutions. Following closing, BU plans to launch a mandatory tender offer for the remaining shares with the intention to delist Relatech from Euronext Growth Milan, with management reinvesting in the company.