Argos Wityu completes the acquisition of Termoindustriale

Argos Wityu completes the acquisition of Termoindustriale

Argos Wityu completes the acquisition of Termoindustriale green_squares

Milan – Argos Wityu announces the acquisition of Termoindustriale Group through a full-equity Management Buy Out transaction, the objective being to support an important business development plan.

Founded in 1964, Termoindustriale has become an advanced engineering leader, focusing on the design and construction of cogeneration and tri-generation power plants from renewable sources, particularly from liquid biomass.

Through its investment, Argos Wityu intends to back the expected strong development of the business. Argos Wityu will also provide an international network of business contacts and appoint senior members of the Board of Directors, in order to boost the company’s growth.

The funds managed by Argos Wityu are accompanied in the acquisition of Termoindustriale, by the Company’s management, including CEO Walter Brovia and two other key managers: Giacomo Viberti and Walter Capponi. The management team acquired a 30% stake, underlining a high commitment to the project.

Walter Brovia, CEO of Termoindustriale, said: «The acquisition by Argos Wityu is an important step in a development plan which aims to further boost our company in the long term. We wished to give Termoindustriale an appropriate financial and corporate structure in order to be more proactive in gaining the enormous opportunities offered by the energy sector, leveraging on the specific know-how we have developed in the renewable energy sector in over a decade. Argos Wityu is the right choice to meet our growth targets».

Mirco Dilda, Partner, Argos Wityu, said: « Termoindustriale is a leading Italian company, featuring a high degree of technical skills, operating in a high growth market and above all, led by a highly motivated and skilled management team, looking to grow both nationally and internationally. The Group operates in the renewable energy business which shows positive growth rates basically linked to the CO2 emissions reduction targets, together with the willingness of Italy to reduce the weight of its energy imports and its dependency on oil and gas».

Argos Wityu: Mirco Dilda (Partner), Emiliano Tonelli (Associate), Andrea Oddi (Senior Advisor)
Termoindustriale: Walter Brovia (CEO), Giacomo Viberti (Managing Director), Walter Capponi (Head of Energy Division)



Buyer –
Legal: Studio D’Urso Gatti e Associati (Valerio, Zaffaroni, Magnani);
Accounting Due Diligence: KPMG (Contini, Brusa, Ennio);
Tax: Studio Chiaravalli Reali e Associati (Reali, Montagna);
Business: At Kearney (Stoiber, Bonfanti);
Insurance: Willis (Ronconi).


Seller –
M&A: Arietti & Partners (Panigada, Russo, Adorni);
Legal: Studio Pecoraro Travostino (Pecoraro, Villa)



Founded in 1964, Termoindustriale operates in the industrial engineering market. During the last decades, the Company has developed strong know-how both in energy and in the glass industry (Glass Division) with the engineering and construction of glass factories in Europe, South America and China, and in the pharma industry (Pharma Division), with, in particularly, the manufacturing of sterile chambers.

In the Energy market (Energy Division) Termoindustriale is the Italian leader in cogeneration plants up to 9 MWe fuelled by vegetable oil, powered by MAN Diesel ® engines provided by way of an exclusive agreement.

Since 2009, in response to a strong market need, the Group managed to guarantee to its customers an all-in-one service, which includes the “all inclusive” realization of the cogeneration plant, the management of  the authorization process, the multi-year maintenance of plants and the supply of the “green fuel”

Consolidated 2009 Sales of Termoindustriale Group amounted to apx. €18 million.


About Argos Wityu

Created in 1989, Argos Wityu is an independent European Private Equity firm with offices in Milan, Paris and Geneva, wholly owned and operated by its partners. Argos Wityu focuses on management buy-outs and buy-ins in small and medium sized companies across Europe, but primarily in France, Italy and Switzerland. The group of funds managed by the firm typically takes majority stakes ranging from €10m to €50m in companies with revenues of €20m to €400m. Argos Wityu prefers to invest in companies with the capacity to become leaders in a particular business niche. The acquisitions Argos Wityu has carried out include Buffet Crampon, Roc-Eclerc, Oxbow, Du Pareil au Même and Kermel in France,  Bellco, GPP, Bellco and Termoindustriale in Italy,  Maillefer, ORS, Kägi and Misapor in Switzerland.

The €275m fund that Argos Wityu V raised in 2006  has allowed the firm to carry out 14 transactions to date: seven MBOs (Sitour, GPP, FHB, Kägi, Orsyp, LEXSI, Misapor and Termoindustriale), three BIMBOs (Axyntis,  Marie Laure PLV and Bellco), one spin-off (Alkan) and two MBIs (Dinno Santé, Mertz).

Termoindustriale represents the first transaction of the year for Argos Wityu. In addition, the fund completed 3 divestments, including GPP, operating in the luxury packaging market, Dinno Santé, operating in the medical devices market, and Kägi, a Swiss company operating in the food market.


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