M&A transactions

Our Firm offers its assistance in M&A Sell Side and Buy Side transactions.
Sell Side
There are many factors that today lead people to consider an M&A operation more frequently: the huge liquidity and dynamism of the market, the absence or impossibility of a generational change in the company, the desire to renew their challenges.
In particular, in transactions involving SMEs (i.e. mid-market transactions), the entrepreneur on the seller’s side often does not know how the transaction will develop, remaining confused and uncertain. Therefore, the first step is to become aware of the consequences of such an important and definitive choice, also understanding the various stages of development of the negotiation.
In this context, it could also happen that the valorisation (as well as the expectation) does not take into account all the elements that need to be considered, or that latent risks are not considered in advance, or that the practical implications of certain agreements are not considered.
We therefore assist the entrepreneur in the overall process, starting from focusing on the economic desiderata, but not only (as mentioned, first and fundamental step, often underestimated), compared to an event that is generally unique in life.
Buy Side
Our Firm supports investors during the target evaluation activities, in particular we deepen the analysis and quantification of a possible tax risk as a significant element.
In M&A transactions area, our Firm conducts tax due diligence.

Concluded transactions of public relevance

Partners of

Finrel S.p.A. (the holding company of the Casappa Group), carried out a major corporate and family reorganisation.

Year: April 2023

Role: Family trusted advisor and sell-side financial advisor

Sector: Industrial

The shareholders of Finrel S.p.A. have completed an important corporate reorganization process. + -

The shareholders of Finrel S.p.A., the Casappa family holding company that controls a group active in the design, production, and marketing of hydraulic components, have completed an important corporate reorganization process. The goal is to ensure the continuity of the significant development, investment, and international growth project.

The Casappa family has undertaken a corporate journey that, on one hand, preserves the continuity of the current management team and, on the other, consolidates governance under Renato, Luciano, and Filippo Casappa, with Stefania and Elena Casappa exiting the corporate structure. The agreement was finalized through the full cooperation of all parties involved.

The entire Casappa family was assisted by Dr. Carlo Bertoncello and lawyer Massimo De Vincenzo in a process aimed at finding a better redefinition of the family organizational structures of the Finrel Group.

Subsequently, Elena and Stefania Casappa were assisted by Dr. Carlo Bertoncello, as financial advisor, and lawyer Massimo De Vincenzo for all legal and corporate aspects.

STPG Scouting Capital Advisors assisted Luciano, Renato, Filippo Casappa, and Finrel S.p.A. with the financial aspects of the operation, also coordinating the debt advisory activity aimed at raising funds for the operation, which involved a pool of banks composed of Credit Agricole (agent bank), Banco BPM, BPER, and BNL. The STPG Scouting Capital Advisors team was coordinated by managing partner Filippo Bratta and included Associate Director Elisa Rivi and Analyst Eleonora Preto.

PwC TLS Avvocati e Commercialisti assisted the shareholders Luciano, Renato, and Filippo Casappa throughout the entire corporate reorganization process.

In particular, PwC TLS handled all legal, corporate, and fiscal aspects (structuring, negotiation/contractual assistance), with a team of lawyers coordinated by partner Filippo Zucchinelli and consisting of director Michele Fava, senior manager Giulio Della Casa, manager Laura Spazioso, and senior associate Valeria Chiocca, and with a team of accountants coordinated by partner Simone Marchiò, senior managers Marco Messina and Paolo Bettinardi, and senior associate Francesca Mariani.

Regarding the negotiation of bank financing contracts, the team of PwC TLS lawyers was coordinated by partner Tommaso Tomaiuolo and consisted of director Gianluca De Donno and senior manager Luca Salvatori.

The banks involved in the operation were assisted by lawyer Davide D’Affronto (Simmons & Simmons).

Partners of

they transferred the entire share capital to employees of the same company, completing a management buyout.

Year: August 2023

Role: Sole financial advisor for all parties involved

Industry: Chemical

The shareholders of Elettromunari S.r.l. have conducted a generational transfer, ensuring the continuity of the team built over the years. + -

Partners of

they sold the majority of the capital to

Year: June 2022

Role: Sell-side financial advisor

Industry: Luxury Furnishing

Italian Design Brands (IDB) acquires a majority stake in Gamma Arredamenti International S.p.A. + -

Italian Design Brands (IDB), the Italian hub of high-quality designer furnishings, has concluded its ninth aggregation operation with the acquisition of a majority stake in Gamma Arredamenti International S.p.A., a company specializing in the production of sofas, armchairs, and other furnishings primarily in leather.

Under the agreement, the two founders and main shareholders of Gamma - Gabriele Ghetti and Carla Botti - will remain at the helm of the company, in which they have reinvested while retaining a significant stake.

Founded in 1974 in Forlì, where its main headquarters are still located today, Gamma Arredamenti International operates a facility spanning over 10,000 square meters, complemented by a wholly-owned subsidiary in the United States, in North Carolina, promoting Italian-made products in the North American market. The company has always been distinguished by its commitment to the quality of raw materials used and over the years has become a prominent ambassador of Made in Italy worldwide, thanks to its strong expertise in leather craftsmanship and innovative product design. It exports to over 70 countries through its two proprietary brands, Gamma - renowned for its leather collection - and Dandy Home - a line designed in collaboration with Studio Viganò, offering products characterized by a blend of materials, details, and creative solutions aligned with current trends. In 2021, the company achieved a consolidated turnover of nearly 26 million euros, with an export share exceeding 90%, and currently employs approximately 110 people.

Thanks to Gamma's strong presence in these markets, its entry allows Italian Design Brands to further consolidate its presence in the United States and China, high-potential markets for Italian furnishings, where IDB is pursuing significant commercial reinforcement projects, including the establishment of foreign subsidiaries. The Group recently opened a new office in the US, complementing the one inaugurated in early 2020 in China and the London branch active since last year. Gamma's extensive expertise in leather processing will also support other IDB companies and their designers in developing new elements and products, expanding the commercial offering and strengthening the Group's internal capabilities.

Andrea Sasso, Chairman and CEO of IDB, commented: "We are delighted to welcome another excellence of Made in Italy into the IDB family. When we first met Gabriele and Carla, we were impressed by their vision and deep industry knowledge, which have made the company a solid reality with a strong presence in international markets. With the strategic and operational support of IDB, Gamma will continue to grow, expand its commercial network, and maintain its distinctive identity, enhancing its unique features even further."

Giorgio Gobbi, Managing Director of IDB, added: "We believe this operation is highly strategic for the Group: Gamma's products complement IDB's current Furniture portfolio, in addition to the opportunity to add new significant production capabilities within the Group. Gamma has the potential to become the Group's reference center for leather processing and, leveraging its expertise, can support other companies and their designers in developing new products, creating important industrial synergies."

Gabriele Ghetti, Executive Chairman of Gamma Arredamenti, stated: "One of the most important reasons that led us to this operation is our desire to continue growing our brand. The decision to join IDB stems from the value we see in the team as a whole: a group of complementary companies that successfully promote Made in Italy in international furnishing markets, combining the expertise and support of entrepreneurs and managers with extensive experience in their specific sectors. I believe that the opportunity to create strong synergies in areas such as research, production expertise, and go-to-market strategies will enable us to conquer new spaces and markets as true leaders."

Gamma Arredamenti was advised by Carlo Bertoncello as financial advisor, and Piero Belloni Peressutti (Studio Belloni) and Mara Ossani as legal advisors.

IDB was supported by Marco Franzini (Grimaldi Studio Legale) as legal advisor; Matteo Ennio, Giacomo Perrone, and Francoise Tincani (KPMG) for due diligence; and Marco Valdonio (Studio Maisto e Associati) for tax matters.

The transaction was financed by Unicredit.

Partners of

they sold a share of the capital to

Year: December 2022

Role: Sell-side financial advisor

Industry: Food & Wine

M&A transactions

Concluded transactions of public relevance

The shareholders of Finrel S.p.A. have completed an important corporate reorganization process. + -

The shareholders of Elettromunari S.r.l. have conducted a generational transfer, ensuring the continuity of the team built over the years. + -

Italian Design Brands (IDB) acquires a majority stake in Gamma Arredamenti International S.p.A. + -

Vinicola CIDE S.r.l. joins the Piccini Group, consolidating a relationship of over a decade + -

Valiance theme