Private equity in Italy

BonelliErede

Co-ordinated by M&A, private equity (PE), joint venture and commercial agreement expert Eliana CatalanoBonelliErede's lawyers 'have uncommon technical qualities and strong negotiating skills'; they are also highly experienced in executing sophisticated leveraged finance structures and acquisitions. The practice, additionally, includes luxury sector specialist Umberto Nicodano, who has acted on some of the most important deals closed in Italy; Augusto Praloran, who specialises in M&A, corporate law and business contracts; and Giulia Bianchi Frangipane, who has particular sector expertise in retail, energy, financial services, telecoms, transport and insurance.

Practice head(s):

Eliana Catalano

Other key lawyers:

Umberto Nicodano; Augusto Praloran; Giulia Bianchi Frangipane

Testimonials

BonelliErede’s private equity team is one of the most recognised in the industry.

The level of partners and associates is absolutely above average in terms of professional qualities – BonelliErede’s professionals have technical skills that are far superior to those of competitors.

The BonelliErede lawyers have uncommon technical qualities and strong negotiating skills.

A great team that is able to understand business logic well and support the client by suggesting suitable solutions.

Eliana Catalano and Augusto Praloran are recommended for their competence, but also for their approach to counterparts, which is much appreciated. They always aim to find solutions without legal obstinacy.

Work highlights

  • Assisted UK-based PE firm Apax Partners and Italy-based PE firm NB Renaissances Partners with the sale of a controlling stake in Engineering Group to a consortium, which included Bain Capital Private Equity.
  • Assisted Ardian with an agreement with TIM for a consortium of Ardian-led institutional investors to invest in a newly formed holding company, into which will be transferred TIM’s 30.2% stake in Infrastrutture Wireless Italiane.
  • Assisted Advent International Corporation, Bain Capital, Clessidra with the sale of a 76% stake in Depobank, which provides lending depository banking services to asset management companies and financial institutions, to Banca Farmactoring.

Chiomenti

A pioneer in the development of LBO strategies, Chiomenti has a significant track record in all types of structured investments in private and listed companies. National and cross-border PE transactions expert Franco Agopyan co-heads the PE business unit, alongside New York-based Salvo Arena. The sizeable team of highly experienced partners also includes M&A head Massimiliano Nitti and pharma business unit leader Luca Liistro, along with senior partner Carlo Croff, Luca FossatiLuigi VaccaroVincenzo Troiano and Antonio Sascaro. Also key to the group are Edoardo Canetta Rossi Palermo and Corrado Borghesan, who were made managing counsels in 2020.

Practice head(s):

Franco Agopyan; Salvo Arena

Other key lawyers:

Carlo Croff; Luca Fossati; Luigi Vaccaro; Vincenzo Troiano; Massimiliano Nitti; Luca Liistro; Antonio Sascaro; Edoardo Canetta Rossi Palermo; Corrado Borghesan

Key clients

SK Capital Partners

One Equity Partners

Ontario Teachers’ Pension Plan

BC Partners

H.I.G.

Capvis

Cerberus

Charterhouse

CVC

Lonestar

Lion Capital

Investindustrial VI L.P.

Cinven

NB Renaissance

Clessidra

F2i

FSI Sgr

Searchlight

OpCapita

QuattroR

Investindustrial Group Holdings S.A.

Pitney Bowes Inc.

IGI SGR S.p.A.

Apollo

Work highlights

  • Advised the Mastrotto family on the sale of 70% of the share capital of Rino Mastrotto Group to PE fund Nb Renaissance Partners.
  • Advised Lion Capital on the acquisition of the entire corporate capital of Menghi Shoes & Co, Alemplast and Menghi Shoes from the Menghi family (through a Newco).
  • Advised ASTM on its integration project with SIAS, which was carried out through a partial voluntary tender offer launched by ASTM on 5% of SIAS’s share capital and the merger of SIAS into ASTM.

Gattai Minoli Agostinelli & Partners

Predominantly focused on PE transactions, Gattai Minoli Agostinelli & Partners' practice ranges from venture capital (VC) to large, as well as mid-sized, deals. Clients additionally benefit from related capabilities in corporate law, finance and tax. Throughout his approximately 30-year career, Bruno Gattai has been involved in Italy’s most significant and complex PE deals; the 'reliableStefano Catenacci focuses on PE, M&A and venture capital matters; and Gerardo Gabrielli advises PE funds across the whole spectrum of deal size. Additional support is provided by Federico Bal and counsel Damiano Battaglia, who joined from Chiomenti.

Practice head(s):

Bruno Gattai

Other key lawyers:

Stefano Catenacci; Gerardo Gabrielli; Federico Bal; Damiano Battaglia; Lorenzo Fabbrini

Testimonials

Availability, competence and client care.

Stefano Catenacci is reliable and patient.

Key clients

CVC Capital Partners

Bain Capital

Intermediate Capital Group (ICG)

Investcorp

Clessidra

Tikehau

Ambienta

Green Arrow Capital

FSI SGR S.p.A.

21 Investimenti SGR S.P.A.

Ardian

Aksia

Work highlights

  • Advised Bain Capital on the high-profile acquisition of Engineering Ingegneria Informatica.
  • Advised CVC on the acquisition of Genetic.
  • Assisted Investcorp with the acquisition of Vivaticket, which is active in the management of integrated electronic ticketing and access control systems.

Gianni & Origoni

With longstanding experience in assisting Italian private equity pioneers, Gianni & Origoni is traditionally active in the retail, fashion and luxury, insurance, infrastructure, and healthcare and pharmaceutical sectors. Internationally esteemed rainmaker Francesco Gianni  is frequently instructed to advise large European companies and investment banks; Stefano Bucci is regularly involved in major private equity deals in Italy; and Gianluca Ghersini has spent most of his career advising on PE deals. Former partner Roberto Cappelli left the firm in 2020 for Studio Legale Cappelli RCCD.

Practice head(s):

Francesco Gianni; Stefano Bucci; Gianluca Ghersini

Other key lawyers:

Gabriele Arcuri

Key clients

AEA Investors

Alcedo

Apax Partners

Ardian

Bain Capital

BC Partners

Blackstone

BlueGem Capital Partners

Bridgepoint

Cassa Depositi e Prestiti

CDP Equity S.p.A.

CDP Venture

Cerberus

Charterhouse Capital Partner

Cinven Partners LP

Cobepa – Compagnie Benelux Committee

CVC Capital Partners

DeA Capital Alternative Funds SGR

EQT Partners

Ergon Capital Partners

FSI SGR SPA

Fondo Italiano d’investimento

Groupe Siparex

Kohlberg Kravis Roberts

International Investment & Underwriting Limited

Only The Brave S.r.l. (OTB)

Panakes

Peninsula Capital

Qatar Foundation

Terra Firma

Trilantic Capital Partners Europe

Triton

United Ventures

Value Italy

Varde Partners

Work highlights

  • Advised TIM on an agreement for institutional investors (led by Ardian) to invest in a newly formed holding company, into which a 30.2% share of a co-controlling stake in Infrastrutture Wireless Italiane will be transferred.
  • Assisted Cassa Depositi e Prestiti, through its holding company CDP Private Equity, with the acquisition of all the shares in Sia.
  • Assisted Ardian with an agreement for the acquisition of a majority stake in Swiss pharmaceutical company, Sintetica.

Latham & Watkins LLP

Well-known for its cross-border capabilities, Latham & Watkins LLP is consistently involved in major PE sector transactions in Italy. Highly rated for large deals, local corporate department chair Stefano Sciolla is also co-chair of the firm’s retail and consumer goods industry group; Cataldo Piccarreta advises  PE sponsors and companies on complex domestic and cross-border transactions; and Giovanni Sandicchi's practice focuses primarily on contract and corporate law. Also key to the group is Giancarlo D’Ambrosio, who regularly acts for PE funds and their portfolio companies, while Giorgia Lugli is the associate to note.

Practice head(s):

Stefano Sciolla

Other key lawyers:

Cataldo Piccarreta; Giovanni Sandicchi; Giancarlo D’Ambrosio; Giorgia Lugli

Testimonials

High levels of professionalism, always the right advice, punctuality and precision.

Giancarlo D’Ambrosio is a champion of a lawyer.

Key clients

The Carlyle Group

Bain Capital

BC Partners

Bluegem

CVC Capital Partners

EQT

Global Infrastructure Partners

Capvis

Pai Partners

Platinum

Five Arrows

Morgan Stanley Infrastructure Fund

TA Associates

L Catterton

SK Capital

Hellman & Friedman

Work highlights

  • Acted for The Carlyle Group on the sale of the Golden Goose Deluxe Brand, known for its iconic sneakers, to PE fund Permira.
  • Advised Apollo and Gamma Bidco on the acquisition of 48.67% of the issued share capital of Italy’s Gamenet.
  • Advised the Carlyle Group on the €1.3bn acquisition of Forgital, which produces large forged and machined components for use in the aerospace and industrial industries.

Cleary Gottlieb Steen & Hamilton

With experience in high-end, PE deals, Cleary Gottlieb Steen & Hamilton's team, which offers 'great competence and quality', regularly works alongside its M&A, leveraged finance, tax, employee benefits, and capital markets colleagues. The principal advisers are PE-related M&A expert Roberto Bonsignore; public and private M&A specialist Giuseppe Scassellati-SforzoliniMatteo Montanaro, who advises on corporate matters; and leveraged finance and restructuring expert Carlo de Vito Piscicelli, who divides his time between Milan and London. Gerolamo da Passano is an experienced senior attorney.

Other key lawyers:

Roberto Bonsignore; Giuseppe Scassellati-Sforzolini; Matteo Montanaro; Carlo de Vito Piscicelli; Gerolamo da Passano

Testimonials

Great competence and quality from a team that is results oriented, and with the ability to adapt to different situations.

Roberto Bonsignore is recommended for profound legal and corporate issues.

Key clients

Allianz Capital Partners

Alpha Associati

Lone Star

F2i

Warburg Pincus

General Atlantic

JC Flowers & Co.

Macquarie

Peninsula Capital

TPG

Pillarstone Italy

Neuberger Berman

Clifford Chance

Clifford Chance acts for global and regional financial investors, including PE houses, banks and specialised infrastructure funds, sovereign wealth funds, direct lenders and pension funds, on all aspects of PE transactions, as well as throughout the investment lifecycle. PE and M&A specialist Claudio Cerabolini leads the Italy PE group, which includes Giuseppe De Palma, who assists with PE-related financings; and Paolo Sersale, who is experienced in all aspects of PE work. Filippo Isacco is the experienced counsel to note.

Practice head(s):

Claudio Cerabolini

Other key lawyers:

Giuseppe De Palma; Paolo Sersale; Filippo Isacco

Key clients

Allegro S.à.r.l.

Amundi PE

Ardian

Cinven

CLP S.r.l.

CVC Strategic Opportunities II

Macquarie European Infrastructure

Paladin Capital Partners

Work highlights

  • Advised Ardian and Dedalus on the acquisition of part of the healthcare software business of Agfa-Gevaert.
  • Advised Lixil Group Corporation on the sale of Permasteelisa Group to US PE fund Atlas Holding.
  • Assisted Macquarie European Infrastructure Fund 4 with the sale of renewable energy company, Renvico Holding, to Engie Italia.

Gatti Pavesi Bianchi Ludovici

Gatti Pavesi Bianchi Ludovici's PE team is highly active in both large and middle-market matters; it has earned a strong reputation for buyouts, growth equity deals and growth company representations in the technology, healthcare, finance, consumer and manufacturing sectors. M&A expert Gianni Martoglia heads the PE practice, which also fields civil and commercial law specialist Carlo Pavesi; and extraordinary corporate finance transactions expert Andrea Giardino. Other names to note include Giorgio GroppiGianpaolo Scandone and Giuseppe Toia.

Practice head(s):

Gianni Martoglia

Other key lawyers:

Carlo Pavesi; Andrea Giardino; Giorgio Groppi; Gianpaolo Scandone; Giuseppe Toia

Work highlights

  • Advised NB Renaissance Partners, Neuberger Berman’s PE business in Italy, on an agreement with Bain Capital to jointly acquire a controlling stake in Engineering Ingegneria Informatica.
  • Assisted Fondo Italiano di Investimento with the sale of its participation in Forgital, which produces large forged and machined components for use in the aerospace and industrial industries, to The Carlyle Group.
  • Assisted Golden Goose managers with the sale of their shares and a subsequent reinvestment in the company.

Legance - Avvocati Associati

Part of its corporate finance practice, Legance - Avvocati Associati's PE department regularly assists leading national and international investors and PE funds with M&A and equity capital markets transactions. Experienced corporate finance head Filippo Troisi is a regular adviser to primary domestic and international private equity funds; Bruno Bartocci is a cross-border transactions specialist; and Alberto Giampieri acts on major M&A public and private transactions. Other key partners are Giovanni Nardulli, Andrea Fedi, Federica Pomero and recently promoted partner Andrea Botti.

Practice head(s):

Filippo Troisi; Bruno Bartocci; Alberto Giampieri; Giovanni Nardulli; Andrea Fedi; Andrea Botti; Federica Pomero

Other key lawyers:

Piero Venturini; Marco Gubitosi; Laura Li Donni; Riccardo Paganin

Testimonials

‘Great industry experience and excellent business sense.

A very reasonable, user-friendly approach to negotiating legal documents, with the possibility of drawing on excellent sectoral experiences.

Commercial flexibility, ability to involve senior partners when necessary and full willingness to understand clients’ needs.

Key clients

Advent International

Alpha Group

Apax Partners

Apollo Global Management

Ares Life Sciences

Armònia SGR S.p.A.

Bain Capital

Blackstone

Bridgepoint

Cabot Square Capital

CapVest

Centerbridge

Change Capital Partners

Charme Capital Partners SGR

Charterhouse

Clessidra

CVC Capital Partners

DWS – Deutsche Bank infrastructure fund

European Investment Fund

F2i SGR

Fondo Italiano d’Investimento SGR

Fortress Investment Group

GIC – Sovereign Wealth Fund Of Government of Singapore

Green Arrow Capital SGR

Goldman Sachs

H.I.G.

York Capital

GTCR

Lone Star Funds

Mandarin Capital Partners

Neuberger Berman

Oaktree Capital

Permira

Progressio SGR

Quadrivio

VAM Investments

Waypoint Capital

Work highlights

  • Assisted Raffles Infra with the de-merger of ConnecT.
  • Assisted Nexi and funds Advent International, Bain Capital and Clessidra (and their controlled entity Mercury UK Holdco) with agreements with Intesa Sanpaolo for the acquisition by Nexi of Intesa Sanpaolo’s merchant payments business.
  • Assisted CVC Capital Partners with the acquisition (through CVC Fund VII) of 50% of Multiversity, which owns Italy’s largest online university, Universitá Telematica Pegaso, as well as Mercatorum University.

Linklaters

Dual-qualified in both Italian and English law, Linklaters' experienced partner Giorgio Fantacchiotti heads up the firm's Milan PE practice. Fantacchiotti is an expert in cross-border, public and private M&A, as well as complex PE transactions. He also represents Italian and international funds on strategically important investments. Providing further high-level partner support are corporate and commercial law specialist, Pietro Belloni, who has a wealth of experience in M&A transactions in Italy; and leading corporate specialist Roberto Casati.

Nctm Studio Legale

Acting on all stages of PE deals, Nctm Studio Legale is highly rated for its assistance to industrial companies, PE investors, equity companies and investment banks with closing PE transactions. Experienced in international and Italian deals, Simone De Carli leads the PE department, which also includs Paolo Montironi, who plays prominent roles in PE transactions; pharmaceutical, medical, food and fashion sector deal specialist Pietro Zanoni; and M&A and PE expert Matteo Trapani. Lucia Corradi and Alice Bucolo are other key names.

Practice head(s):

Simone De Carli

Other key lawyers:

Paolo Montironi; Pietro Zanoni; Matteo Trapani; Lucia Corradi; Alice Bucolo

Key clients

IGI Private Equity

Intermediate Capital Group (ICG)

Equinox III

FVS SGR S.p.A.

Chequers Capital

L Catterton

Gradiente SGR S.p.A.

AUCTUS Capital Partners

Coller Investment Capital

H2 Equity Partners

Investcorp

Arcadia SGR

LBO France

DeA Capital Alternative Funds

Rhône Group

Clessidra SGR S.p.A.

Work highlights

  • Advised the shareholders of Sofima on the sale of approximately 20% of Sofima to funds advised by BC Partners.
  • Advised Oxford Pharma Holding and the Pavese Family on the sale of Genetic SpA and Max Pharma.
  • Advised Chequers Capital on the acquisition of MTA.

Pedersoli Studio Legale

Pedersoli Studio Legale fields specialist lawyers in key PE areas, such as funds, financial services regulation, tax structuring, and acquisition finance. With longstanding experience in domestic and international transactions Alessandro Marena leads the PE, VC and financial sponsors sector group; Antonio Pedersoli's sector experience includes fashion, luxury and design, and food and beverage; and Carlo Re is a corporate, commercial and M&A expert. Also key to the group are Carlo PedersoliAscanio Cibrario and Luca Saraceni, while Giovanni Pedersoli rejoined from Linklaters in 2020.

Practice head(s):

Alessandro Marena

Other key lawyers:

Antonio Pedersoli; Carlo Re; Carlo Pedersoli; Giovanni Pedersoli; Ascanio Cibrario; Luca Saraceni; Andrea Faoro; Marta Sassella; Luca Rossi Provesi;

Testimonials

A highly competent group.

The Pedersoli team is technically very prepared and extremely focused on the conclusion of deals, which in private equity is an absolutely must-have quality.

The advice that our fund receives from the Pedersoli teams is not only impeccable from a legal, fiscal and regulatory point of view, but is, above all, pragmatic and commercial, which helps us to frame exhaustively the risks and opportunities of each deal and decide how to protect ourselves.

Their availability and reactivity, especially in deals with tight deadlines, are commendable.

The Pedersoli law firm stands out for the excellent preparation of its lawyers in many areas, as it offers a broad and complete service. The close and fruitful collaboration between the various teams is also always evident, and I really appreciate the professionalism, precision, friendliness and readiness, with which the firm responds to any request. Thanks to these characteristics, these lawyers stand out from other professionals.

In addition to Alessandro Marena’s negotiation skills, he delivers advice on delicate issues with great wisdom.

Ascanio Cibrario is an extremely friendly and pleasant person to work with. He is an expert in the private equity sector, but, above all, an adviser in the true sense of the word.

Ascanio Cibrario is a professional who helps to understand the real risks (as opposed to the theoretical ones) of a deal, and with innovative proposals to solve any impasse in the most difficult negotiations. Thanks to his experience, he is also highly appreciated by managers and counterparties.

Key clients

Ainvest Private Equity

Alpha Private Equity 7

Ambienta SGR

Aromata Group

Clessidra SGR

Made in Italy Fund

Quadrivio Group

Route Capital Partners

Work highlights

  • Acted for Ambienta SGR, a European PE fund focused on sustainability, on the acquisition of Create Flavours, one of the UK’s largest producers of natural flavourings for the food and beverage industry.
  • Assisted the Made in Italy Fund (promoted by Quadrivio & Pambianco) with agreements to acquire a majority stake in MOHD, which is known for the design and distribution of high-end quality furniture.
  • Assisted Alpha Private Equity Fund 7 with the acquisition of Laminam, which is known for large ceramic slabs, from the Stefani family and Alberto Selmi.

White & Case LLP Italy

White & Case LLP Italy is regularly sought out by PE and alternative capital provider firms for its integrated M&A deal team and debt and equity capital markets practices. It also has notable pharmaceutical and healthcare sector expertise. Leonardo Graffi has extensive experience in the PE sector; other experienced partners include public M&A expert Ferigo Foscari and M&A, PE and corporate restructuring specialist Maria Cristina Storchi, along with Alessandro Seganfreddo and Michael Immordino, who works across the London and Milan offices.

Practice head(s):

Ferigo Foscari; Leonardo Graffi; Michael Immordino; Maria Cristina Storchi; Alessandro Seganfreddo

Key clients

BC Partners

Blackstone Tactical Opportunities Advisors

Centerbridge

CEE Equity Partners

Cobepa

CVC Capital Partners

Elliott Capital

First State Investments

FSI SGR

Goldman Sachs International

Infracapital

InfraVia Capital Partners

Muzinich

PFH Palladio Holding

Summit Partners

Tengram Capital Partners

Trilantic Capital Partners

Work highlights

  • Advised BC Partners on its acquisition of an up-to approximately 45% stake in SOFIMA, the holding company that controls IMA, which is known for the design and production of automatic machines.
  • Acted for TCP Lux Eurinvest, an entity controlled by PE fund Trilantic Capital Partners Europe, on the €111.8m sale of  approximately 29% of Gamenet to Gamma Bidco.
  • Advised Enodev (a Cobepa portfolio company that is known for wine and spirits closure solutions) on the acquisition of the Sparflex group, which creates premium and ultra-premium packaging for champagnes, sparkling wines, wines and spirits.

Allen & Overy - Studio Legale Associato

Providing 'high levels of technical competence and great commercial sense', Allen & Overy - Studio Legale Associato's PE group comprises corporate, leveraged finance, securitisation and investment fund experts. Giovanni Gazzaniga specialises in investments and divestments, and Paolo Ghiglione has over 20 years’ experience in the corporate and M&A space. Paolo Nastasi was made partner in 2019.

Practice head(s):

Giovanni Gazzaniga; Paolo Ghiglione; Paolo Nastasi

Testimonials

Great ability to work on highly complex transactions.

The firm offers excellent quality, alongside high levels of technical competence and great commercial sense; the team is also very well structured and organised.

‘Specialised expertise and great all-round assistance.

What distinguishes the firm, by comparison with other international firms, is the ability to assist clients even with smaller transactions (mid-market), with partners who will actually dedicate themselves to such transactions.

Excellent work by Paolo Ghiglione.

Paolo Nastasi’s presence is constant, and he is always updated and prepared in relation to every aspect of the deal. Not only does he follow the most complex negotiations personally, but he is always perfectly aware of all the work being carried out by his team.

Paolo Nastasi is a very competent professional, who is very proactive in searching for investment opportunities – he is absolutely appreciated by private equity funds.

Key clients

Apax Partner

DBAG

Kew Capital

MIR Capital

Synergo SGR

Starwood Capital

The Riverside Company

Work highlights

  • Advised Business Integration Partners, a multinational consulting firm, on partnering with UK-based consultancy firm, Chaucer.
  • Advised German PE firm Deutsche Beteiligungs AG (DBAG), on behalf of its fund DBAG Fund VIII, on its investment in PM Plastic Materials, Europe’s largest producer of pre-wired and empty cable conduits.
  • Advised MIR Capital, a PE fund established by Gazprombank and Intesa Sanpaolo, on the acquisition of a stake in the share capital of an Italian ice-cream and pastry shop brand.

Dentons

Particularly appreciated for its cross-border and multi-disciplinary expertise, Dentons' practice is experienced in the entire PE cycle, from acquisitions and tax structuring to exit strategies. Corporate and M&A head Alessandro Dubini predominantly advises major industry groups, financial institutions and PE funds on extraordinary transactions, with Pier Francesco Faggiano and Luca Pocobelli providing additional partner-level expertise.

Practice head(s):

Alessandro Dubini

Other key lawyers:

Pier Francesco Faggiano; Luca Pocobelli

Testimonials

A young and agile team, with great negotiation skills as well as technical skills.

Compared to other firms, the flexibility of its approach and understanding of  business are much deeper.

Excellent responsiveness and advice – they also understand the commercial aspects of deals very well.

A team with great competence and experience, combined with maximum availability during all phases of the operation.

Absolute knowledge of the client’s needs, which saves time during the preliminary stages.

Alessandro Dubini understands the need to invest in the client, in terms of time and resources – I have utmost confidence in him.

Luca Pocobelli has a very high level of business sense, which is not easy to find in other lawyers; and in addition to being a technically excellent lawyer, he  is very good at reducing the commercial distance between parties.

Luca Pocobelli has great availability and responsiveness, as well as a deep understanding of commercial aspects.

Key clients

Equita Private Debt Fund

ArchiMed SAS

KKR

KPS Capital Partners

Annabel Holding

Lifebrain

Work highlights

  • Advsied Alto Capital III, a PE fund owned by Alto Partners, on two different transactions, which involved the sale of shares in Italian food sector companies.
  • Advised Annabel Holding, an Italian holding and investment vehicle, on an investment agreement with the controlling shareholders of Alchimia, an Italian PE and VC firm.
  • Assisted Argos and Impreglon Italia with the sale to PE Fund Gradiente III of a controlling interest in Argos Spa and Aalberts Surface Treatment, as well as a purchase agreement for Impreglon Italia.

DLA Piper

DLA Piper's strong PE and VC group consistently acts on complex, domestic and international PE transactions. Goffredo Guerra is experienced in  major private equity matters; Alessandro Piermanni focuses on M&A, joint ventures and PE deals; and Fabio del Bene regularly assists PE houses with acquisitions and sales. Corporate law experts Wolf Michael Kühne and Giulio Maroncelli are also key contacts.

Practice head(s):

Wolf Michael Kühne; Giulio Maroncelli

Other key lawyers:

Goffredo Guerra; Alessandro Piermanni; Fabio del Bene; Matteo Almini; Sira Franzini

Key clients

Arsenal Capital Partners

CDP Equity

DeA Capital

Fondo Italiano di Investimento

Hesira Group Limited

HG Capital

Idea Cinquanta

NEIP III Sicaf S.p.A.

Oakley Capital

Orange Capital Development

Itago SGR

Work highlights

  • Assisted the founder and majority owner of Finproject (known for the production of cross-linkable compounds and thermoplastics) with VEI Capital’s exit.
  • Assisted team.blue and HgCapital Trust with the partial acquisition of Register Group, which is known for digital services for professionals.
  • Assisted Idea Cinquanta with various acquisitions, including a secondary deal for the purchase of shares in NEIP III from Finanziaria Internazionale Holding.

Giovannelli e Associati Studio Legale

Giovannelli e Associati Studio Legale's PE practice regularly advises on complex deals, with its assistance covering all stages of PE matters, including both structuring and closing. Alessandro Giovannelli recently acted for private equity funds and entrepreneurs on investment transactions and sales of companies; and Fabrizio Scaparro is a corporate law and M&A and PE specialist.

Practice head(s):

Alessandro Giovanelli; Fabrizio Scaparro

Other key lawyers:

Matteo Delucchi; Nicoletta Carapella

Key clients

Ardian

Argos Wityu

Dedalus Holding

F2i SGR

IDeA Taste of Italy

Mandarin Capital Partners III

Melrose Industries PLC

Whitebridge Investments

Work highlights

  • Advised Ardian and Dedalus Group on the closing of the acquisition of part of Agfa-Gevaert’s healthcare IT business.
  • Advised Ania F2i Fund on the acquisition of a majority stake in Compagnia Ferroviaria Italiana, which operates in the rail freight transport sector.
  • Advised Ardian Growth, an investment house, on its acquisition of a stake in ProduceShop, a Swiss e-commerce platform that specialises in the production and sale of indoor and outdoor furniture.

Molinari e Associati

Molinari e Associati regularly advises major Italian and foreign PE funds on a range of transactions and corporate matters, including corporate governance issues and the implementation of structures for complex deals. Ugo Molinari  handles an array of matters for PE clients; and Margherita Santoiemma is an M&A, LBO, acquisition finance and joint venture expert.

Practice head(s):

Ugo Molinari; Margherita Santoiemma

Key clients

Attestor Capital

DeA Capital Alternative Funds

York Capital Management

Alto Partners

Progressio

Sony Innovation Fund

Signal Capital Partners

Work highlights

  • Advised Nuova Sorgenia Holding on the sale of Sorgenia to PE funds F2i and Asterion.
  • Advised Sony Innovation Fund on the subscription of a capital increase in Mainstream, a streaming provider of real-time live and on-demand video.

Pavia e Ansaldo

Pavia e Ansaldo is a 'dedicated and professional' go-to practice for Italian PE houses that pursue buy-and-build strategies in the luxury, food, agriculture and industrial sectors. Stefano Bianchi is experienced in cross-border transactions, Giuseppe Besozzi is a seasoned PE lawyer, and Alberto Bianco acts for several Italian funds.

Practice head(s):

Stefano Bianchi

Other key lawyers:

Giuseppe Besozzi; Alberto Bianco; Paola Carlotti; Anna Saraceno; Carlo Trucco; Maria Chiara Puglisi

Testimonials

Dedicated and professional, as well as attentive.

Key clients

Alcedo SGR

Arcadia SGR

Astorg Partners

Dea Capital Funds SGR S.p.A.

Devi Kroell

Equilybra

Ethica Global Investments

F2i Fondi italiani per le infrastrutture SGR SpA

HIG Capital

IPE (Investments in Private Equity)

Itago Partners

Italglobal Partners

Itelyum Regeneration S.r.l. (formerly Viscolube S.r.l.)

Litorina Capital Advisors

Oaktree Capital Management

Orienta Partners

Quadriga Capital Beteiligungsberatung GmbH

Stirling Square Capital Partners LLP

Surfaces Technological Abrasives S.r.l.

Synergo SGR

Tecno Pool S.p.A.

Xenon Private Equity

Work highlights

  • Advised on the €110m sale by XHL S.à r.l., a Luxembourg company controlled by Xenon Private Equity, to cruise ship designer and outfitter, DW Group.
  • Assisted the shareholders Menghi Shoes and Alemplast with the sale of the company to an Italian company (indirectly controlled by UK PE firm Lion Capital).
  • Advised a Chinese fund on its €120m investment in Italian electronics player Meta System.

Simmons & Simmons

Simmons & Simmons' Italy practice advises PE funds on investments, disinvestments, corporate governance, tax structures, financing, restructuring, and related disputes. It also acts for VC and turnaround funds. Andrea Accornero is a PE and M&A specialist, and Dario Spinella is experienced in Asia-related matters. Of counsel Moira Gamba and managing associate Bernadetta Troisi are also experienced advisers.

Practice head(s):

Andrea Accornero

Other key lawyers:

Dario Spinella; Moira Gamba; Bernadetta Troisi

Key clients

Charterhouse Capital Partners

Chequers Capital

Wise Equity SGR S.p.A.

IGI Private Equity

Value Italy SGR S.p.A.

Work highlights

  • Advised PE fund Charterhouse Capital Partners on the sale of Nuova Castelli, an Italian cheese producer, to the Lactalis Group.
  • Advised Wise Equity SGR on the sale of Controls Group to Nova Measurements, a US holding company that is active in the testing and measurements sector.
  • Advised Wise Equity SGR on the acquisition of Fi.mo.tec. from IGI Private Equity.

CMS

CMSPietro Cavasola is regularly involved in significant PE deals, Paolo Bonolis acts on both PE and VC transactions; and Paolo Scarduelli primarily advises entities in the insurance, banking, automotive and TMC sectors. Other key group members are Massimo Trentino and of counsel Andrea Arcangeli.

Practice head(s):

Pietro Cavasola; Paolo Bonolis; Massimo Trentino; Paolo Scarduelli

Other key lawyers:

Andrea Arcangeli

Key clients

Abris Capital Partners

K. Invest Holding SAL

Lemanik Asset Management

Cornelia Capital

AON Investment

4AIM Sicaf

Star Capital SGR

Jupiter

JCI Capital

Mafco Investments

Optimum Asset Management

Columna Capital

STEP S.p.A.

Hedge Invest SGR

Work highlights

  • Assisted Sagitta SGR with the launch of an Italian credit fund.
  • Assisted Cornelia Capital with the listing of shares of an Italian investment company.
  • Assisted Lemanik Asset Management with the formation and launch of an alternative vehicle that specialises in blockchain venture investments.

Hogan Lovells International LLP

Hogan Lovells International LLP's PE team has particular strengths in structuring deals, particularly where international tax planning or robust restructuring schemes are required. Luca Picone has longstanding experience in advising on domestic and cross-border transactions, and Francesco Stella is regularly involved in significant PE transactions.

Practice head(s):

Luca Picone

Other key lawyers:

Francesco Stella; Leah Dunlop; Antonio Di Pasquale

Key clients

JAB Luxury Group GmbH

Forno d’Asolo S.p.A.

Work highlights

  • Advised US-based Cooper Standard Holdings on the sale of its European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations, to Mutares SE & Co. KGaA, a German-based holding company.
  • Assisted Forno d’Asolo, a BC Partners portfolio company and manufacturer and distributor of frozen bakery products, with the acquisition of the entire corporate capital of Forno e Più from its shareholders.

McDermott Will & Emery Studio Legale Associato

Offering significant cross-border expertise, McDermott Will & Emery Studio Legale Associato's 'loyal and available team' advises active PE firms on complex, high-profile deals. Emidio Cacciapuoti specialises in PE fund structures; Ettore Scandale is an experienced PE practitioner; and Agata Todarello assists PE funds with corporate and commercial matters.

Practice head(s):

Emidio Cacciapuoti; Ettore Scandale

Other key lawyers:

Agata Todarello; Enrico Raso; Fabrizio Faina

Testimonials

Great for availability and collaboration.

A loyal and available team.

Key clients

Palamon Capital Partners

ES Vedra Capital Advisors LLP

Principia SGR

Work highlights

  • Advised Palamon Capital Partners on the sale of Il Bisonte to Tokyo Stock Exchange-listed fashion distribution specialist, Look Holdings.
  • Advised Italian VC firm, Principia SGR, on the acquisition of Lambda, which is involved in the research, development, production and sale of optical, mechanical and electronic systems.
  • Advised Palamon Capital Partners and Il Sole 24 ORE, shareholders of Business School24, on an agreement for the sale of 49% in Business School24.

Orrick, Herrington & Sutcliffe

Orrick, Herrington & Sutcliffe's Italian PE team is experienced in relation to combinations and investment transactions, particularly regarding mid-market and cross-border work. Guido Testa predominantly focuses on M&A, PE and VC matters, and Attilio Mazzilli regularly assists with technology, telematics and automotive-related deals.

Practice head(s):

Guido Testa

Other key lawyers:

Attilio Mazzilli

Key clients

Mittel Design S.r.l.

The shareholder of Sinterama

Avm Gestioni Sgr

Safety21 S.p.A.

Lean Team

Hat SGR S.p.A.

Coca-Cola

Consilium SGR

Azimut

United Ventures

Work highlights

  • Advised Mittel on the acquisition of a 90% stake in bathroom furnishing company Galassia Group.
  • Advised Consilium on the corporate and financing aspects surrounding the creation of Gruppo Manifatture Italiane, a production centre for sneakers and luxury shoes.
  • Advised Avm Gestioni on an investment in Cristallina.

Ashurst

To complement its infrastructure and energy M&A expertise, Ashurst hired Italian PE team head Fabio Niccoli in 2020 from investment fund CDP Equity, where he previously served as GC. Niccoli's experience includes high-end private M&A and PE deals, with a particular focus on Italy's mid-cap market.

Practice head(s):

Fabio Niccoli

Other key lawyers:

Andrea Di Rosa

Key clients

UBS Asset Management

Tages

Work highlights

  • Assisted UBS Infrastructure Fund with an exclusive partnership with Econergy Renewable Energy for the construction and management of photovoltaic and wind power plants in Italy.
  • Advised Tages on the acquisition of the entire quota capital of Officine Solari Piano Corallo, which owns a photovoltaic plant.

Carnelutti Studio Legale Associato

Carnelutti Studio Legale Associato's experienced team has sector expertise in food and manufacturing, healthcare and life sciences, and fashion and design. Carlo Pappalettera acts for investment funds that are active in the Italian market, with managing partner Luca Arnaboldi the other name to note.

Practice head(s):

Carlo Pappalettera; Luca Arnaboldi

Other key lawyers:

Filippo Grillo; Leonardo Spina

Key clients

Biogenera

F2i

Hayrish Group

KDC (Knowlton Development Corporation)

Kedrion

KOS

Progressio SGR

Snow Phipps Group LLC

Stargate Capital GmbH

Work highlights

  • Advised the shareholders of Kedrion on an agreement with Fsi SGR for the sale of a minority stake (held by Sestant Internazionale) in Kedrion.
  • Advised Biogenera, a biotech company that specialises in the research and development of DNA biotechnological drugs, on a business combination operation with Life Care Capital.
  • Advised Swiss private equity fund Invision on the LBO of all the share capital of Margherita, an Italian producer of frozen bakery products.

DWF

DWF's team advises corporate clients, PE funds and commercial banks on significant M&A and PE investments. Luca Cuomo assists with the creation, structuring and implementation of complex transactions, and Michele Cicchetti acts for long-term investors on all phases of the investment cycle.

Practice head(s):

Luca Cuomo; Michele Cicchetti

Testimonials

They think in a very entrepreneurial way, and their focus on clients really helps when it comes to working together towards a set goal.

Their dedication and knowledge of all legal matters make a perfect combination.

Michele Cicchetti and Luca Cuomo are the most hardworking and client-focused lawyers I have ever met. They are always available, always taking into consideration our requests; they also offer exceptional service and are extremely solutions oriented.

DWF’s team is exceptional; its lawyers are highly efficient, professional and fast.

Key clients

Park Square Capital LLP

Headway Capital Partners LLP

Dr. Rothenberger Holding GmbH

VAM Investments Group S.p.A.

Astraco S.r.l.

Banca Imi S.p.A.

Finanziaria Internazionale SGR

Opera SGR S.p.A.

Eisvogel Group AG

Work highlights

  • Assisted the shareholders of I.P.A.M. with the sale of corporate capital and a reinvestment in a holding company.
  • Assisted BF & Company with the structuring of a club deal that involved Italian and international investors taking over Gardening Srl, which imports and sells gloves and other disposable safety devices.
  • Advised Consulcesi Tech SA / Albanian Government on defining the content of an Albanian law (Fintoken Act).

Eversheds Sutherland Associazione Professionale

Eversheds Sutherland Associazione Professionale is experienced in domestic and cross-border PE deals that have specific structural requirements. Marco Franzini specialises in PE, M&A, corporate lending and restructuring; and Alessandro Vischi advises Italian and international companies, PE funds and financial institutions on PE and M&A transactions.

Practice head(s):

Marco Franzini

Other key lawyers:

Alessandro Vischi; Angelo Speranza

Key clients

Health Holding Company S.r.l.

Legacy Partner Search Fund S.r.l

Italian Design Brands S.p.A.

Fratelli Polli S.p.A.

Al Dahra Holding

Work highlights

  • Assisted the founder and owner of 40% of Dedalus Holding, and Giorgio Moretti and his holding company Health Holding Company, with new agreements with French fund Ardian.
  • Assisted Riccardo Triolo with the incorporation of Legacy Partners Search Fund, one of the first search funds in Italy.
  • Advised Fratelli Polli, an Italian family-owned food sector company, on the acquisition of Valbona, which also operates in the food industry, from Europa Investimenti, an Italian distressed assets market company.

Freshfields Bruckhaus Deringer

LCA Studio Legale

LCA Studio Legale's practice regularly acts for PE and VC funds and business angels, as well as institutional investors, on equity, debt and hybrid investments; it also assists managers and PE firms with LBOs and MLBOs. Roberto de Bonis is the lead contact.

Practice head(s):

Roberto de Bonis

Other key lawyers:

Daniele Bonvicini; Edoardo Calcaterra; Benedetto Lonato; Andrea Messuti

Testimonials

Capable of providing legal support at the highest level.

LCA’s professionals provide the very highest level of client care.

Great for quality, timing, responsiveness and availability for each individual matter.

Full knowledge of the regulatory changes that impact the sector.

Key clients

Colussi S.p.A.

H-Farm S.p.A.

DeA Capital Alternative Funds SGR – Fondo Agro

Business Integration Partners S.p.A.

IKRIX S.p.A.

Ligurcapital S.p.A.

Mansutti S.p.A.

Xenon Private Equity

AVM Private Equity

Fondo Italiano d’Investimento SGR S.p.A.

Work highlights

  • Assisted Xenon Private Equity and Impresoft with a build-up project, through which Impresoft received both equity investments and bank financing in order to complete, simultaneously, the acquisition of Gruppo Formula, Qualitas and 4Ward.
  • Assisted Emera Italia with the sale of a majority stake in the Emera group to Naxicap Partners and Ardian Co-investissement.
  • Assisted the sellers (founders and private investors) with the sale of the entire corporate capital of First Advisory Srl to Riello SGR.

LMCR

LMCR's practice covers advice to investment funds and businesses on investment transactions, both at an early stage and in relation to future financing requirements, as well as LBO and buy-in transactions and VC matters. Massimo La Torre and Roberto Rio are M&A specialists.

Practice head(s):

Massimo La Torre; Roberto Rio

Other key lawyers:

Leopoldo Giannini; Angelo Romano; Elmar Zwick

Key clients

Mandarin Capital Partners

Trilantic Europe

Waterland Private Equity

Alto Partners

L Catterton

Nidec Corporation

Royal Caribbean

Doppel Farmaceutici

Giochi Preziosi Group

Ladurner Ambiente

Bregal Unternehmerkapital

Working Capital Management Group

Axpo Italia

United Petfood

Credito Emiliano

Generale Conserve

Birrificio del Ducato

Pianoforte Holding

Medidental

BanqueSyz

Samia

Laviosa Minerals

Diatec

Madi Ventura

wpd Europe

Dalmec

Work highlights

  • Assisted the shareholders of Medidental, which owns and manages dental clinics in northern Italy with the sale of share capital to private equity fund Aksia.
  • Assisted Waterland Private Equity and United Petfood (Belgian multinational group) with the acquisition of the entire shareholding of Effeffe Pet Food (and its subsidiary Pet 360).
  • Assisted Samia (which manufactures chemical products for leather finishing) and its majority financial shareholders with the sale of a majority stake in the company to Zschimmer & Schwarz, a German multinational chemical group.