Milan, 25 October 2023 – Mindful Capital Partners, an independent private equity firm, announces its acquisition of a majority stake in Fiorini Industries S.r.l. (“Fiorini”), a leading Italian company offering energy-efficient solutions for the HVAC (Heating, Ventilation and Air Conditioning) industry, with the aim of accelerating its expansion in international markets by bringing resources and additional strategic expertise to develop the business.
Founded in 1978 in Forlì (FC), by the Eng. Antonio Fabbri, later joined by his brother Maurizio Fabbri, and grown over time both organically and via acquisition, Fiorini reached a consolidated turnover of 46 million Euro in 2022, of which 22% represented internationally generated revenues, and aims to close 2023 with further growth. The Group offers a complete range of components for heat pumps, chillers and other water-based heating/cooling systems, destined to play a key role in the electrification and efficiency improvement process of air conditioning systems promoted by the European Union (New EU Green Deal, Repower EU). Fiorini’s solutions (which include products such as tanks, hydronic kits, heat exchangers, fast/instant heaters) are aimed at the commercial, residential and industrial customer segments. Moreover, Fiorini is a trusted partner of some of the leading brands in the OEM market due to the high quality and innovative content of its products.
The Fabbri family will not only remain a significant minority shareholder by reinvesting in the company, but will also guarantee the managerial continuity that has enabled the growth path to date. There will be a succession plan that envisages a gradual handover from the Eng. Antonio Fabbri to his son Tommaso, who currently holds the position of Head of Research and Development.
The transaction represents the first investment for Mindful Capital Partners IV, and confirms the firm’s strong focus on environmental sustainability issues.
“The introduction to a company like MCP, which is attentive to environmental issues and focused on the development strategies of the companies it invests in, says Antonio Fabbri, immediately appeared to us as a perfect opportunity to accelerate the growth path already underway, particularly in relation to internationalisation”.
“Thanks to the commitment and entrepreneurial farsightedness of Antonio Fabbri, Fiorini has carved out a unique position over the years in a sector – that of air conditioning/heating – where Italy traditionally plays a leading role at a global level. – declares Alberto Camaggi, Managing Partner of Mindful Capital Partners – As a manager that has sustainability as one of the key elements of its strategy, we are thrilled to support the Fabbri family in the next cycle of growth, which will see the company strongly involved in the energy transition process within the sector”.
Mindful Capital Partners is an independent private equity firm team, active since 2007, and now in the process of raising its fourth fund. The team specialises in carrying out controlling investments in medium-sized Italian companies that aim to generate value through expansion into international markets. Due to its direct presence in two continents – with offices in Luxembourg, Milan and Shanghai – and a well-established network of financial advisors covering German-speaking countries, MCP is able to offer portfolio companies decisive support in the development of effective internationalisation strategies.
Since 2007, MCP has completed 27 investments, of which 16 have been sold (all at a profit), realising overall returns of around twice the amount invested.
The Fiorini Group and the Fabbri Family were assisted in the transaction by Credem Euromobiliare Private Banking as exclusive financial advisor, Studio Raffaelli Segreti for legal aspects and Studio Scala Giondi for tax aspects.
Mindful Capital Partners was assisted by LS Laghi & Partners for all legal aspects, Roland Berger for the commercial due diligence, Deloitte Financial Advisory for the financial due diligence, STS Deloitte for the tax due diligence, and Tauw for the ESG and EHS due diligence.
The transaction was financed by Banco BPM, assisted by Simmons & Simmons. MCP’s advisor in the structuring of the acquisition financing was Ethica Group’s Debt Advisory team.
The notarial aspects of the transaction were handled by Studio Notarile Ciro De Vivo
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Mindful Capital Partners
Mindful Capital Partners (MCP) is an independent private equity fund manager, active since 2007, specializing in controlling equity investments in SMEs that have growth potential in international markets. MCP is based in Luxembourg, with offices in Milan and Shanghai. Coverage of German-speaking countries is ensured through a long-standing collaboration with a local investment advisor. Growth paths are implemented with a focus on the medium- to long-term sustainability of the industrial initiative. MCP is a signatory of the two main protocols promoted by the United Nations – the Principles of Responsible Investments and the Global Compact – and the investment funds under management collected after 2019 are classified under Article 8 of the Sustainable Finance Disclosures Regulation[1]. MCP IV, in particular, aims to focus its ESG efforts, during its tenure of the invested company, on the following issues: reduction of the carbon footprint, efficient use of resources, implementation of employee welfare policies, and promotion of the principles of inclusion and diversity.
[1] Regulation (EU) 2019/2088 of the European Parliament of 27 November 2019. Article 8, in particular, covers ‘financial products that promote, inter alia, environmental or social characteristics, or a combination thereof, provided that the companies in which the investments are made comply with good governance practices’.
