Bonomi: 'Partnership with big families, here is the Investindustrial model'

"With the latest entry in the capital of Rcf Group, Investindustrial reaches a portfolio of 29 participations: companies with a total enterprise value of around EUR 30 billion, a total turnover of EUR 16 billion and a total of 52,000 employees. The common characteristic is that they are very often family-owned companies, but with a large entrepreneurial footprint and with great potential for globalisation'. Andrea Bonomi, founder of Investindustrial, one of the largest private equity investors active in Italy, has no doubts after his latest investment (anticipated by Sole 24 Ore on 1 August) in Rcf Group, an Italian group active in the design, production and marketing of products and systems for professional audio on a global scale.

'The objective is to create partnerships with large entrepreneurial families, alliances aimed at promoting development at a global level,' Bonomi continues. If we look at the case of Rcf, the strategy will be the same as other investments made in partnership with families. Always focusing on Emilia Romagna as a centre of excellence in which to invest, Rcf will have to grow organically and through acquisitions abroad, particularly in areas such as the Americas, Asia, and the Middle East, markets where there is great demand for audio and acoustic systems in public places, stadiums, and places of worship. The goal is to double the turnover (the company currently has a turnover of 250 million ed)'.

Founded in 1949 and based in Reggio Emilia, the Rcf group specialises in the production of loudspeakers and systems for concerts, stadiums and public venues. Underlying the agreement (where advisors were Mediobanca and Ubs) with Investindustrial is the partnership with Rcf's shareholders: Arturo Vicari and Alfredo Macchiaverna, in particular, will continue to hold the roles of CEO and chairman.

'Alliances,' says Bonomi, 'are the basis of our strategy: an example is what we did with the Ferraioli family for the development of the La Doria group: at the time of the agreement it had a turnover of 900 million, while today it reaches 3.5 billion. So after the investments in Italy in 2023 (including La Doria and Eataly), in 2024 we have already carried out four operations with the same logic: Fassi Gru, Sammontana and Piovan, which will exit the stock exchange at the end of the operation. These are family businesses that together generate 3.8 billion in turnover with an enterprise value of around 4.1 billion. In 2024 Investindustrial aims to carry out other such operations, to arrive at 6-8 investments in the year'.

Could any of these companies in Investindustrial's portfolio return to the stock market in the medium term? "The stock market," Bonomi points out, "must be seen as a tool for growth, after having found a partner with broad shoulders that allows companies to globalise. The stock market can thus become the next stage, but always with a view to development. Otherwise there would be no point. A virtuous example, in this direction, was for us the listing of Zegna on Wall Street'.