M&A

Investindustrial gains control of Fassi cranes

Andrea Bonomi's fund will have 70 per cent of the shares, the Fassi family 30 per cent

by Carlo Festa

23 January 2024

2' min read

Key points

The sales process
Group numbers

2' min read

The Investindustrial Group took over the majority of the Fassi Group, a Bergamo-based engineering company and one of the world's leading manufacturers of articulated cranes and other truck-mounted lifting equipment.

Elevation Investment Opportunities Sarl, an investment company managed independently by Investindustrial VII, has in fact finalised an agreement to invest in the Fassi group.

The sales process

This brings to an end a process that began in 2022. The Fassi family, founder of the group, which will reinvest in the operation, had been looking for a partner for some time, in order to help the Italian group strengthen its world leadership in its sector of expertise and to grow further internationally, including through acquisitions in North America and Asia in particular.

Upon completion of the reorganisation, Investindustrial will have 70% of the shares, while 30% will remain with the Fassi family. The Fassi Group, founded in 1965 by the Fassi family and based in Albino (in the province of Bergamo, Italy), manufactures a wide range of truck-mounted lifting equipment, including articulated cranes, tippers and hydraulic jibs, for the forestry sector, the ecological and environmental services sector, with a focus on recycling and waste management, and the construction industry. The company is also a leader in the innovation of crane control systems and stability control technology, and develops and produces electrically powered cranes.

Group numbers

With a turnover of over 470 million euros generated in 2023, Fassi employs around 1,600 people worldwide, has a significant presence in more than 80 markets at international level and manages 18 production sites in Italy, France, Sweden and Malaysia. Currently, 85% of the group's turnover is generated outside Italy: among the countries with the largest presence, France and Germany represent the largest end markets for the group. Through this partnership, Investindustrial and the Fassi family - who will retain a significant minority shareholding, with Giovanni Fassi continuing as managing director - intend to grow the company by further accelerating international expansion, product diversification and supply chain integration.

Product customisation, a strong focus on innovation and a commitment to sustainability are the pillars of the company's positioning and key growth drivers. The deal strengthens Investindustrial's track record and its focus on investing in manufacturing companies, which currently account for almost 70% of Investindustrial's capital employed. These include Amalfi (food products), Bakelite (resins and moulds), Csm Ingredients (ingredient tech), Guala Closures (special closures for spirits and beverages) and Omnia Technologies (integrated technologies for the food and beverage sector).

"Investindustrial continues to be the partner of choice for family-owned Italian companies led by entrepreneurs who want to take them to a new level of growth. This transaction demonstrates how Investindustrial's industrial approach, operational focus and international footprint are distinctive factors appreciated by entrepreneurs," explains Andrea Bonomi, chairman of Investindustrial's advisory board. Investindustrial's recent investments have included Virospack (cosmetics production), Eataly (food retail) and La Doria (canned food). Investindustrial was assisted in the transaction by Unicredit and Intesa Sanpaolo, Pedersoli Gattai and Paul Weiss, Boston Consulting Group, PwC, Accenture , Wsp & Golder and Willis Towers Watson. Fassi was assisted by CP Advisors, Kpmg, PedersoliGattai, Shearman & Sterling, Kearney and Stantec.