Italy

The transaction will accelerate Telme's growth phase with the aim of creating a national hub for ice cream and pastry machines Milan, 29 October 2025 – Pirola Corporate Finance assisted Telme's shareholders in the sale to the F4 holding company, which is supported by Equity Factory and headed by the Faelli family, a historic family from the Lodi area active in the world of industry and engineering through the company Tecnim. The transaction is part of a new strategy to create an independent national player in the ice cream and pastry sector, capable of acting as a hub in a growing industry. Telme S.p.A. has been operating since 1987 in Codogno (LO) and is a leading manufacturer of medium-sized machines and complete lines for pastry shops, ice cream parlors, bars, restaurants, and hotels, also offering technical assistance and spare parts supply services. The company generates 85% of its turnover abroad, operating in over 80 countries through a widespread global sales network. Telme, which has always been attentive to customer needs and technical-industrial innovation, has recently developed a new range of soft yogurt machines, which is set to be one of its flagship products for the coming years. The company, which has around 40 employees, recorded a turnover of more than €11 million in 2024. F4 is the industrial holding company of the Faelli family, a historic entrepreneurial family from Lodi who founded Tecnim in 1982, a company specializing in the design, construction, and maintenance of industrial plants for the Oil & Gas, Power Generation, Chemical Plants, Iron & Steel Plants, Gas and Oil Pipelines, and Waste Treatment Plants sectors. Michele Bartyan, CEO of Telme and president of the national trade association Acomag (National Association of Manufacturers of Ice Cream Machines, Equipment, and Furnishings), comments: "We are very pleased with this transaction, which represents an important step in Telme's history. The entry of the Faelli family will further strengthen our ability to innovate and grow in international markets, while at the same time enhancing the skills and experience gained in almost forty years of activity. The prospect of contributing to the creation of an independent national hub in the ice cream and pastry sector is a source of great pride for us and an incentive to continue the technological and qualitative development that has always distinguished the Telme brand." Luca Faelli, Director of Tecnim and F4, commented on the transaction: "We are excited to become part of the history of Telme, a company that stands out for its innovation, quality, and strong international presence. This acquisition represents a strategic opportunity for us to enter the food sector, focusing on dynamic and growing segments such as ice cream and pastries. We share Telme's values of technological excellence and customer focus, and we are ready to make our industrial expertise available to support an ambitious project of growth and consolidation at the national level." Pirola Corporate Finance assisted Telme's shareholders in relation to the negotiation and commercial aspects and provided direct support in the preparation and coordination of due diligence activities with a team coordinated by Ludovico Mantovani (founding partner), Marco Gregorini (managing director), Andrea Ancarani (Associate Director), and Sabino Fortunato (Analyst). With this transaction, Pirola Corporate Finance confirms its specialization in the industrial automation sector, following transactions involving EMS, Turatti, ICF Welko, Teknoice, Pama, Escher Mixers, FBL, TMCI Padovan, Bondani, Frigomat, and Acmi. Bonelli Erede, with partner Monica Iacoviello and Francesca Peruzzi (Managing Associate), advised Telme's shareholders on the legal aspects of the transaction. Equity Factory, an M&A advisor based in Milan, assisted F4 in negotiating the transaction with its partner Guidalberto Gagliardi. The Accinni & Associati law firm, with partner Paola Cigolini and associate Francesca Protopapa, assisted F4 with legal due diligence and the preparation and negotiation of contracts for the transaction. LawaL Legal & Tax Advisory, with a team led by Partner Mauro Raffaghelli, assisted F4 Holding with the labor law aspects of the transaction, also performing labor due diligence for the buyers.

LawaL Legal & Tax Advisory assisted Arca Defence Italy SpA in the transaction Milan, October 7 – Arca Defence Italy SPA, the Italian subsidiary of the Turkish Arca Defence group, has completed the purchase of the business unit of Esplodenti Sabino SpA in a negotiated settlement of the crisis. Founded in Ankara in 2020, the ARCA Group operates in the defense sector, engaged in a wide range of activities such as military defense systems, arms and ammunition trade, management, production, training, and consulting in the defense sector. Based in Casalbordino in the province of Chieti, Esplodenti Sabino is a historic Italian company founded in 1972, specializing in the demilitarization of conventional ammunition and the recovery of materials from weapons. Esplodenti Sabino SPA, assisted by lawyer Sergio Della Rocca, began a process of negotiated settlement of the crisis, which led to the sale of the company to the Arca Defence group under the supervision of the settlement procedure expert Diego Bracciale and with the approval of the Court of Vasto presided over by Dr. Monteleone. Following the transaction, the approximately 65 employees of Esplodenti Sabino, after several periods of temporary layoffs, including under special provisions, will gradually return to their jobs thanks to the support of local institutions, particularly the Abruzzo region, as part of an overall operation that includes further investments in production sites planned by the Arca Defence group. LawaL Legal & Tax Advisory assisted Arca Defence with a team led by Managing Partner Piergiorgio Mancone and composed of Partner Giuseppe Massaro for the negotiation of the crisis aspects, Partner Alberto Picariello for tax aspects, and Partner Andrea Marziale for labor law aspects. The corporate and golden power aspects were handled by Piergiorgio Mancone with Senior Associate Luca Gobbi and Associate Emanuele Rizzuti. Sergio della Rocca and his team assisted Esplodenti Sabino S.p.A.. The President of Esplodenti Sabino Spa, Gianluca Salvatore, stated, "On behalf of myself and the entire company, I would like to express our deepest gratitude to all the workers who, during these difficult years, have always maintained a responsible and trusting attitude, and above all, our thoughts go out to those colleagues who are no longer with us. Transferring so many years of dedication and sense of duty to a solid group such as Arca is a source of great satisfaction, and we are confident that it will be a precursor to a relaunch of activities that is important both for the region and, with the importation into Italy of the culture of a prominent European entity, for the creation of a culture of safety in a complex sector such as explosives." The CEO of ARCA DEFENSE ITALY SpA, General Ciro Milano, also stated on behalf of the Arca Defence group that "fully aware of the great commitment required of myself and the entire Arca Defence Group, we will do everything necessary to continue the great tradition of Esplodenti Sabino S.p.A. in the area, doing everything possible to preserve and further implement the know-how of the workforce, which is the real added value of the acquisition. ARCA will make significant investments to start the new production activities as soon as possible in conditions of maximum safety for personnel. The hope is to have the workers and all the authorities involved at our side to minimize the time needed to resume activities."

Rome, 19 September 2025 – White Italia - a reserved Alternative Investment Fund (AIF) investing in majority stakes in companies providing social and healthcare assistance services as well as outpatient clinics and diagnostic laboratories - has completed the acquisition of the entire share capital of Unimed Group S.r.l. from Orizzonti Luminosi S.p.A. Unimed Group S.r.l. operates in the field of outpatient healthcare services and diagnostic imaging. LawaL Lergal & Tax advisory advised White Italy S.r.l., on the deal with a team led by Marco Pallucchini Wrede and including Emanuele Rizzuti. Legance advised Orizzonti Luminosi S.p.A. in negotiating the contractual documentation with a team led by partner Giandomenico Ciaramella, supported, for M&A matters, by senior counsel Giovanna Russo, senior associate Davide De Franco, and associate Nicola La Cesa. Enteleia, represented by Eng. Paolo Cacurri, took part in the transaction as sell-side M&A Advisor.

Belluzzo International Partners is pleased to announce the arrival of Avvocato Rodolfo Gherardo La Rosa as Equity Partner and Head of the newly established Legal Corporate and M&A practice, further expanding the firm’s integrated, multi-jurisdictional, and multidisciplinary professional offering. The firm strengthens its positioning in serving businesses, investors, and entrepreneurial families, in line with its long-standing tailor-made approach. The new practice complements the existing Wealth, Law, Tax, and Finance practices, which are supported by over 100 professionals across seven offices in Italy, the UK, Singapore, Switzerland, and the United Arab Emirates. Rodolfo La Rosa, who graduated with honours in Law from La Sapienza University of Rome, spent over twenty years at the international law firm Baker & McKenzie, where he served as Partner until 2019. He brings extensive experience in corporate law, M&A transactions, private equity, and extraordinary finance, with a solid track record in advising both Italian and international clients across various industrial sectors. “I am delighted,” says Rodolfo Gherardo La Rosa, “to join, together with my team, a group of over one hundred professionals, including lawyers, tax advisors and accountants, with complementary skills and a shared vision based on creativity, efficiency, and bespoke quality.” “The arrival of Rodolfo and his team marks an important step for our firm,” commented Luigi Belluzzo, Founding Partner “We are enhancing our ability to offer a comprehensive and integrated service, also in support of Private Capital and the Corporate world, generating high value-added synergies with our Tax Advisory, Wealth Planning, Legal-Tax Advisory & litigation and Compliance services, in an increasingly international context while maintaining strong roots in the entrepreneurial environment.” With offices in five countries and a global outlook, Belluzzo International Partners continues to invest in talent and expertise to meet the challenges of an ever-evolving market. Belluzzo International Partners is a professional firm providing advisory services through its Wealth, Law, Tax, and Finance practices to businesses, entrepreneurial families, institutions, and corporate clients. International, independent, and multidisciplinary, with qualified professionals across multiple jurisdictions and offices in Milan, Verona, London, Singapore, Lugano, Rome, and Abu Dhabi, the firm operates under a “one-firm” model. With over 100 in-house qualified professionals and international correspondents in major financial and commercial centers worldwide, the firm is particularly active in Wealth Planning & Governance, Extraordinary Transactions & M&A, Legal Advisory, Tax Advisory & Litigation, Internationalization, and also delivers professional services in Business & Compliance, Accounting, and Assurance.   Contacts: Belluzzo International Partners Maritana Rinaldi – Marketing Director – [email protected] Milan – Via Andegari 4 – Tel. +39 02 365 69657 www.belluzzo.net