Ambienta SGR SpA, Europe’s largest sustainability‐focused Private Equity investor, is pleased to announce that it has completed the sale of its portfolio company Safim S.p.A. (“Safim”) to DexKo Global Inc. (“DexKo”), a global leader in highly engineered trailer running gear, chassis assemblies and related components.
Ambienta SGR, the largest pan‐European firm focused on investing in businesses with an environmental edge, is pleased to announce that it has achieved B Corp Certification and has won a streak of sustainability recognitions.
Ambienta SGR SpA, Europe’s largest sustainability focused Private Equity investor, is pleased to announce that its portfolio company AromataGroup SRL (“Aromata”) completed the 100% acquisition of Industrie Prodotti Alimentari Manenti (“IPAM”), a market leader in the production and distribution of ingredients for the food industry.
Ambienta SGR, the largest pan-European firm focused on investing in businesses with a sustainability edge, is pleased to announce that it has been awarded – for the second consecutive year – the SWEN Capital Partners ESG Best Practice Honours, in recognition of Ambienta’s application and development of ESG principles.
The annual ESG event recognises firms that help businesses transform their economic models in the face of global social and environmental issues. Following assessment from a panel of 12 sector experts, Ambienta was commended for its leadership, rigorous approach and thorough application of an in-house developed ESG programme to unlock financial and non-financial value within its portfolio companies.
This achievement follows a strong last twelve months for Ambienta, in which the firm completed four new investments, including the acquisitions of Aromata and Phoenix International, which mark the initiation of the investment period of Ambienta III, raised in 2018. Ambienta also completed three exits in this period, including the divestment of Lakesight Technologies, which generated a return of over 10 times and an IRR of over 50%. The last twelve months were also a period of fervent growth for Ambienta’s team, with the hiring of ten people to reinforce the offices of Milan, London and Düsseldorf.
Finally, this new accolade follows a streak of recent award wins for Ambienta, including Private Equity International’s 2018 Firm of the Year in Italy, Real Deals’ 2018 Continental Regional Private Equity House of the Year, and Private Equity Wire’s 2018 Best European Private Equity Growth Manager.
Nino Tronchetti Provera, Managing Partner and Founder of Ambienta, said “Investing in companies fuelled by environmental trends while rigorously applying the full thrust of our ESG in Action methodology boosts all financial and ESG KPIs of our portfolio companies. This benefits all stakeholders and enhances investor returns, creating a virtuous cycle.”
Industrial revolutions have brought about tectonic changes in societies throughout history and fuelled debates among researchers regarding positive and negative outcomes. Retrospectively, most revolutions are today considered positive advancements of society and milestones of mankind’s evolution. Nonetheless, they came with many drawbacks, especially in the short term, for at least some sections of society.
This debate has concentrated mainly on employment rates, working conditions and the progressive replacement of people by machines in the workplace, but sometimes the negative effects went far beyond employment. For example, in the 19th century, the coal industry was seen as a great economic opportunity but the environmental impacts were not considered until decades later.
Now, in the early stages of the “Industry 4.0” revolution, we cannot extricate the economic opportunities from the associated environmental risks. In this day and age, we must consider these impacts from the inception of new industrial changes to ensure environmental sustainability for an ever growing population. We must ensure our actions and choices today will not compromise the ability of future generations to meet their own needs.
The reach of industry 4.0 revolution is so pervasive that the sustainability objective cannot be overlooked. In this newsletter we will analyse the environmental challenges and business opportunities presented by the innovative technologies of Industry 4.0. This is an appropriate moment to also introduce the new name of Ambienta’s newsletters which from now on will be “Ambienta Sustainability Lens”.
Ambienta is the largest pan-European firm focused on investing in businesses with a sustainability edge. It pursues a specialised environmental growth strategy, investing into niche leaders in resource efficiency and pollution control. Its ten-year track record proves that combining sustainability achievements and outstanding financial returns (over 20 per cent) is possible.
Ambienta SGR SpA, Europe’s largest sustainability focused private equity investor, announces the acquisition of Phoenix International SpA (“Phoenix”), the European leader in the design, manufacturing and sale of aluminium extrusion dies for the construction, transportation and industrial markets.
Ambienta recognizes the significant potential for growth of the aluminium market, with aluminium demand more than doubling in the last 15 years, driven by long-term sustainable macro trends. The metal’s high recyclability (77% of all aluminium ever produced is still in use today), lightweight properties and durability make it the preferred material in an increasing number of applications. In the transport sector, aluminium alloys are used to reduce vehicle weight to improve fuel efficiency and meet the increasingly stringent CO2 regulatory emission targets. One kilogram of aluminium alloys typically substitutes 1.8-2kg of steel, allowing for an average of 1.5%-2.5% reduction in fuel consumption and a corresponding decrease in CO2 emissions. In the construction industry, aluminium is increasingly preferred vs. plastic in the facades of high-rise buildings, given the metal’s durability and fire-resistant properties. These properties also drive aluminium adoption in various industrial applications, such as general engineering, power distribution, and other.
Within aluminium, extruded aluminium outpaces other forms of aluminium in terms of growth, thanks to its flexibility and convenience. Extrusion dies are a critical component in aluminium extrusion, while accounting for a tiny portion of extruders’ cost. Phoenix’s reference market for aluminium extrusion dies is estimated at over EUR 1 bn and forecasted to grow by 4-5% over the next five years.
Founded in 1972 and headquarted in Verdello, Italy, Phoenix is the market leader in Europe for the design and manufacturing of aluminium extrusion dies, with a complete portfolio of products and a focus on complex and technologically advanced dies. The company has a global footprint of eight plants in Europe, the US and the Middle East, and a centralized in-house design centre. Phoenix employs over 700 people serving 250 customers worldwide, with a custom-made, specialized sales model to extruders which supports clients both throughout the extrusion profile manufacturing process and during the aftersales period. The company generated revenues of EUR 91m in 2018.
Mr. Tronchetti Provera is amazingly optimistic about the future of sustainability in terms of environmental business.
Sustainability, he believes, is reshaping how most industries approach their business, opening up new areas ro private equity investors.
Ambienta SGR, the largest pan-European firm focused on investing in businesses with a sustainability edge, is pleased to announce that it has been named the Continental Regional Private Equity House of the Year at the Real Deals Private Equity Awards 2019.
Now in their eighteenth year, the Real Deals Private Equity Awards stand apart in both rigour and prestige. The award is decided upon by a panel of leading LP judges, following research carried out by Cass Business School and Real Deals. The award highlights Ambienta’s pan-European footprint and is the first time an Italian firm has won the award.
This achievement follows a strong 2018 for Ambienta, during which the firm closed the fundraising of its third fund at EUR 635m, a 96% increase from Fund II, and made three new investments: Pibiplast, a leading player in sustainable packaging solutions for the cosmetics industry; Aromata, a leading producer of natural colours and flavours for the food industry; and Image S, a distributor of machine vision solutions.
Ambienta also completed two successful exits in 2018: the sale of Oskar Nolte in Germany and the exit of Lakesight Technologies, which generated a return of over 10 times and an IRR of over 50%.
Ambienta’s portfolio companies’ products and services have made a significant impact in improving resource efficiency and pollution control. To date, Ambienta has helped reduce energy consumption equivalent to 4,300,000 refrigerators, and reduced water pollution equivalent to 97x the annual volume of water consumed by New York City.
This new accolade follows a streak of award wins for Ambienta in 2018, including Private Equity International’s Firm of the Year in Italy, Private Equity Wire’s Best European Private Equity Growth Manager, and Swen Capital’s 2018 ESG Best Practices Honours.
Nino Tronchetti Provera, Managing Partner and Founder of Ambienta, said “We are proud to have been recognized again by the industry for our sustainability-focussed investment strategy. We have consistently proven that sustainability driven businesses are more competitive than their peers. Our strategy and expertise help businesses with a sustainable-edge grow and generate significant returns.”
The firm’s decision comes as many financial institution continue to open offices elsewhere in Europe and some are relocating employees from London
Since launching in 2007, Ambienta has opened two new offices, raised three funds and completed 30 investments.
Managing Partner Nino Tronchetti Provera speaks to Alessia Argentieri about the firm’s approach, where sustainability is a catalyst for performance.
Ambienta SGR SpA, the largest pan-European firm focused on investing in businesses with a sustainability edge, is pleased to announce that it has been named the 2018 Firm of the Year in Italy in the Private Equity International Awards, for the second year in a row.
The annual Private Equity International Awards are voted on entirely by industry leaders: over 50,000 private equity professionals globally voted in this year’s PEI awards. The publication’s editorial team researched and compiled shortlists of nominations for over 70 categories across three regions this year, open to both generalist and specialist industry players, and announced the winners in the Private Equity International Annual Review on 1 March 2019. Ambienta was shortlisted for the Firm of the Year award together with The Carlyle Group and Investindustrial.
This achievement follows a strong year for Ambienta, during which the firm closed the fundraising of its third fund at EUR 635m, a 96% increase from Fund II. The fund closed after less than three months of active marketing, with demand from Europe and the US well in excess of EUR 1bn. Ambienta also made three new investments in 2018: Pibiplast, a leading player in sustainable packaging solutions for the cosmetics industry; Aromata, a leading producer of natural colors and flavors for the food industry; and Image S, a distributor of machine vision solutions. The firm completed two very successful exits in 2018: the sale of Oskar Nolte in Germany and the exit of Lakesight Technologies, with the latter generating a return of over 10 times and an IRR of over 50% for Ambienta’s investors.
To date, Ambienta’s portfolio companies’ products and services have made a significant impact in relation to the firm’s two key sustainability metrics, resource efficiency and pollution reduction, with a total saving of materials equivalent to the weight of 630,000 SUVs, an amount of energy equivalent to the annual consumption of approximately 4,300,000 refrigerators, and reduced water pollution equivalent to 97x the annual volume of water consumed by New York City.
Nino Tronchetti Provera, Managing Partner and Founder of Ambienta, said “We are privileged to have been recognized by our investors, partners and industry peers for the second year in a row. We have proven that investing in sustainability-driven businesses delivers both top decile financial returns and measured, solid environmental impact: it is investing the way it should be.”
Sky Ocean Ventures and Ambienta SGR join forces against single-use plastic.
The investment fund launched by Sky to address the ocean plastic crisis and the largest European fund focused on investing in sustainable industry, announce they have signed an agreement aimed at identifying high-impact investments in all those areas involved in the production and use of plastic for a more efficient and environmentally sustainable value chain.
To that end, Ambienta will share with Sky Ocean Ventures its proprietary methodologies and practices to assess and measure environmental impact (EIA, Environmental Impact Analysis) and integrate ESG (Environmental, Social e Governance) principles into business management activities.
These methodologies are key to measure the sustainability and ethical impact of an investment and they have been developed by Ambienta over ten years of successfully investing in private companies driven by sustainability trends. Furthermore, Ambienta and Sky Ocean Ventures will collaborate to build a common approach to measure the impact of plastic pollution. Well aware of the fact that, without urgent action and adequate remedies, by 2050 the oceans will be hosting more plastic than fish and willing to make an impact, in 2017 Sky launched Sky Ocean Rescue, an international campaign to raise awareness about plastic pollution.
Then in 2018 Sky launched Sky Ocean Ventures, the first non-strategic impact investment fund in the FTSE100 to support research projects and start-ups committed to develop innovative ideas that will help protect the marine environment. In order to make these initiatives fully effective, Sky Ocean Ventures has also signed partnership agreements with the National Geographic and the Imperial College of London.
As part of this agreement Fabio Ranghino, Principal and Head of Sustainability and Strategy of Ambienta, will participate in Sky Ocean Ventures’ Advisory Board. Fondazione Ambienta, the non-profit organization established by Ambienta in 2010 with the aim of spreading the culture of respect for the environment and for sustainable development among the new generations will also be able to enjoy synergies with Sky Academy.
Nino Tronchetti Provera, Managing Partner of Ambienta commented: “We are very happy to make our ten-year-long expertise and our methodologies, that have proven to be successful in all businesses in which we have been applying them, available to Sky’s massive environmental efforts. This is once again proof of the fact that joining forces and sharing successful practices is the best way to address global environmental challenges.” Frederic Michel, Group Director Impact Investment and Ocean Ventures of Sky, added: “We are looking forward to collaborating with Ambienta to identify together those innovators that are developing products, materials and business models that are really going to make the difference for the safeguard of our planet.”
Ambienta SGR SpA, Europe’s largest sustainability focused Private Equity investor, is pleased to announce that its portfolio company Safim S.p.A. (“Safim”) completed the acquisition of OMNI Hydraulik Ritter GmbH (“OMNI”).
OMNI is an independent distributor of valves, brake pumps and other critical components for hydraulic circuits within the off-highway market. Over the last decade, OMNI represented the strategic outpost for Safim within the DACH region, developing a strong relationship with all the German leading manufacturers of agricultural, construction and material handling vehicles, leveraging significant technical expertise.
Safim is a leading manufacturer of critical components that allows for the safe and energy efficient functioning of hydraulic systems on-board off-highway vehicles and trailers. The company is based in Modena (Italy), with subsidiaries in the USA, France and India and serves a premium customer base including all leading OEMs on a global basis in different end-markets including agriculture, construction and material handling.
Backed by Ambienta, over the last 18 months, Safim has strengthened its organization, from senior to second-line management, launched a thorough review of its operations resulting in a significant increase of production capacity (daily delivery moving from €125k/day to €250k/day) and launched new products linked to the revised EU regulation for braking in agriculture. This allowed Safim to record continuous growth, doubling its sales, now exceeding €50 million, and to create a solid and diversified basis to target further growth over the coming years. In this respect, the acquisition of OMNI represents an important milestone to further consolidate and increase Safim’s commercial positioning in the market. Ambienta’s team in Germany have been fundamental in allowing for a number of smooth acquisitions between Italian and German companies, creating a strong synergy between two of Europe’s key manufacturing hubs. Not only OMNI represents the 30th deal of Ambienta so far, but it is also the 5th acquisition in Germany.
Pietro Santoro, CEO of Safim, commented: “The acquisition of OMNI is another piece of Safim’s strategic plan that falls into place. Through this transaction we secured direct access to the key German market, unlocking significant commercial opportunities for the future.”
Jörg Müller, managing director of OMNI added: “OMNI and Safim have been partners for the last decade, leveraging on each other’s strengths to successfully penetrate the DACH market. This transaction represents the natural evolution of our relationship, and I look forward to continuing to lead the company’s commercial efforts in the region”.
Francesco Lodrini, Partner at Ambienta, commented: “Internationalisation and external growth are our blueprint for fostering growth in our portfolio companies. We believe OMNI is a great addition to Safim in a strategic region and we warmly welcome their team in the group.”
Ambienta announces the hiring of 7 professionals to support and grow Ambienta’s investment programme across Europe
Ambienta’s presence in Germany has doubled, following a series of strong investment returns
Ambienta’s unique Sustainability & Strategy practice has grown to meet increasing demand
Growth of Investor Relations function reflects growing blue-chip LP base
Greg Gille interviewed Ambienta managing partner and founder Nino Tronchetti Provera at the Ipem conference in Cannes on 23 January. Tronchetti Provera discussed where to find the most promising opportunities, and the way Ambienta goes about addressing concerns LPs might have had in the past about backing sustainability-focused strategies.
Ambienta SGR, Europe’s largest sustainability focused Private Equity investor, is pleased to announce its portfolio company Safim S.p.A. is one of five companies in Italy, and among the first 100 companies in Europe to be awarded the new Occupational Health & Safety standard ISO 45001, with TÜV certification.
According to the International Labour Organisation over 7,600 people die every day from work-related accidents or diseases, with the burden of occupational injuries and diseases being significant, both for employers and the wider economy (reference). ISO 45001 was developed in 2018 with the goal of providing employers with a framework to improve employee safety, reduce workplace risks and create better, safer working conditions.
The prestigious certification comes following Ambienta’s effort to achieve a transformational change in the capabilities and standards of the company over the last 15 months, as Pietro Santoro the newly installed CEO, works closely with the founding Mamei family to transition Safim to the next stage of its growth story. This recognition highlights the success and capability of Ambienta’s proprietary programme ‘ESG in Action’, integrating responsible investment factors on Environmental, Social and Governance issues into daily operations.
Milan, December 10, 2018 – Ambienta SGR, Europe’s largest sustainability focussed Private Equity fund, announces the acquisition of Image S, the Italian leader in the distribution of machine vision and other imaging products, via Next Imaging, a buy-and-build project aimed at creating a platform of imaging distributors.
Image S, based in Mariano Comense, is the Italian leader and second player in Europe in the distribution of machine vision and imaging products, with an extensive portfolio of technologies, products and customers. Image S’s customers are Italian leaders in their specific market segments, generally characterized by high share of export revenues. Image S, which realises annual sales of about €30m, features strong financials, with double-digit growth rates, healthy margins and steady cash conversion.
The company is run by an experienced management team led by the founders Milena Longoni, Marco Diani and Paolo Longoni who will remain as shareholders and managers following the acquisition by Ambienta. The team will be complemented by Fabrizio Ricchetti, who will be the CEO of Next Imaging and will focus on further growing the business, both organically and through acquisitions.
Machine vision systems are strong drivers of efficiency improvements within numerous vertical markets, thereby delivering substantial environmental benefits. These systems determine for a wide range of industrial applications increased production yields, reduced production scraps (waste) and, therefore, improved resource efficiency and reduction in pollution. The imaging market is rapidly growing, driven by the fundamental trends of Industry 4.0 and smart factories, and by the proliferation of specialty imaging applications in both industrial and non-industrial environments.
Ambienta has deep knowledge of the market thanks to Lakesight Technologies, a buy-and-build project aimed at consolidating producers of machine vision products. Lakesight started with a small Italian acquisition in 2012, acquired 2 German companies over the following 5 years and turned into a German-based leader in the machine vision market. Ambienta sold Lakesight in 2018 to TKH Group with the company seeing a 4x increase in turnover, delivering a 10x return to Ambienta.
Fabrizio Ricchetti, CEO of Next Imaging, commented: “I’m excited to work closely with Marco, Paolo, Milena and the rest of the Image S team. In the next stage of growth, we will continue to invest to deliver superior service to our key stakeholders: our vendors and our customers.”
Giancarlo Beraudo, Partner at Ambienta, commented: “The machine vision market features strong growth, continuous innovation and extreme fragmentation in terms of technologies, products, applications, customers, vendors. We see this as a perfect environment to drive a successful buy-and-build strategy aimed at creating an international platform of imaging distributors.”
Milan, November 29, 2018 – Ambienta SGR, the largest European fund focused on investing in sustainable industry, today announces that it has completed the sale of Lakesight Technologies to TKH Group NV. The acquirer is a listed group with €1.5 billion turnover, specialised in developing and supplying innovative Telecom, Building and Industrial Solutions internationally.
Mauro Roversi, Partner & Chief Investment Officer at Ambienta, commented: “With Lakesight Ambienta has created an innovative European leader in the machine vision sector which has delivered return on the invested capital of more than 10 times to Ambienta with an IRR of better than 50%. This demonstrates our belief that backing businesses and technologies that promote efficiency, cut wastage and costs and therefore reduce emissions is both good for the environment and a sustainable investment strategy.”
Conceived to consolidate synergistic mid-sized players into a global platform, Lakesight Technologies currently encompasses three companies – Tattile (Italy, acquired in 2012), Mikrotron (Germany, 2015) and Chromasens (Germany, 2017) – and a workforce of 169 employees across three sites, with a leading position in the European machine vision market. Besides leveraging industrial and market insight, Lakesight’s success is founded on the strong growth achieved, with Group consolidated sales quadrupling (+26% CAGR) over the investment period and creating the premise for the sector consolidation.
In 2017 Lakesight achieved sales of €41m and an EBITDA margin in excess of 20%, with a strong cash generation,
Lakesight primarily serves the industrial and mobility markets, offering machine vision solutions for inspection, measurement and process control. Each of these is a key enabler of Industry 4.0, a global trend for increased production efficiency with a consequent reduction in environmental impact.
Machine vision, combined with smart algorithms, has potential to enable better use of raw materials, reduced production wastage and unprecedented performance in pollution control. It also has applications in transport and mobility, with the possibility to reduce congestion in urban areas, thereby reducing fuel consumption and CO2 emissions.
In a market that is still extremely fragmented, Lakesight Technologies was conceived to create a consolidation platform sharing R&D, sales channels, skilled management, resources and global key accounts. This has allowed reinforcement of the product portfolio and the development of new applications of the technology, as well as expansion internationally to the USA and Asia, delivering growth in sales.
Over the years, Lakesight has contributed to a cleaner environment by reducing about 22,000 tons CO2 emissions (equivalent to the annual emissions of about 9,000 vehicles), cutting the energy consumption by the equivalent of 6,000 tons of oil (equal to the annual consumption of about 100,000 fridges) and materially reducing the waste production of hundreds of plants.
Mauro Roversi continued: “When Ambienta acquired Tattile in 2012 in Italy, most people ignored Industry 4.0 and its potential game changing impact on manufacturing and resource efficiency. Working with our knowledge team and expertise in sustainability related sectors, we identified these fundamental trends earlier, allowing us to create leverage on our presence in Germany to complete two acquisitions and contribute to build a unique consolidation platform with a European leadership position.”
Milan, November 21, 2018 – Ambienta SGR, Europe’s largest sustainability focussed Private Equity investor, announces the acquisition of AromataGroup, a leading manufacturer of natural flavours and colours for applications in the food and beverage, pharma, nutraceutical and cosmetics industries.
Ambienta recognises the sector’s potential for growth due to an increasing demand for natural flavours and colours driven by growing concerns around synthetic ingredients, coupled with increased regulation in the EU and US. The colourant and flavours market is growing rapidly. The market is worth over €12 billion and is forecasted to grow by 3- 4% CAGR over the next five years, underpinned by long-term sustainable growth drivers.
Founded in 2011, AromataGroup – which comprises the former companies Variati Aromi, Select Alimenta, Emans Derivati Aromatici and Florio Colori – provides a market leading product range alongside the flexibility and customer service orientation typical of a small-medium enterprise. AromataGroup owns three production plants in Northern Italy with a total of 120 employees, providing products for 1,200 customers across 50 countries. In 2018 the group expects to record a total of €30 million revenues and €5 million EBITDA.
This acquisition marks the commencement of the investment strategy of Ambienta Fund 3, which had a first and final closing in May at €635m.
Natural flavours and colours account for more than 60% of Aromata’s sales enjoying a steady growth in sales higher than 10% year-on-year since 2016. AromataGroup is well positioned to capture this growing demand for more sustainable food flavours and colours. The group continues to invest significantly to expand its range of offerings and intends to leverage the current market opportunity to diversify into adjacent markets such as savoury ingredients, as well as expanding internationally, primarily through acquisitions.
Hans Udo Wenzel, President of AromataGroup, commented: “Our industry is still fragmented, with an array of small, regional players leaving space for further consolidation. Within such environment, thanks to Ambienta, AromataGroup intends to continue its growth trajectory, with an ambition to become an international player offering a market-leading portfolio of natural flavours, colours and specialty ingredients. The current management will continue to run the operations and will remain significant shareholders of the Group”
Mauro Roversi, Partner & Chief Investment Officer at Ambienta, commented: “The acquisition of AromataGroup marks Ambienta’s first entry into the food industry, demonstrating that sustainability-driven investment approaches add value to a broad range of sectors and industries. The food and beverage industry is being radically transformed by increasing consumer awareness towards food sustainability and health. Our objective is to further accelerate the transition towards more sustainable products to position AromataGroup as a market leader. In this sense, new acquisitions are a fundamental part of our strategy.”
The evidence of weaving activities dates back to around 5000 BC. For thousands of years the textile industry has developed around natural fibres being transformed into clothes to protect from cold weather or strong sun exposure. Today, the textile industry creates more plastic waste than Germany’s urban waste and consumes more oil than the whole of France. This can be attributed to the massive changes of the last 150 years.
The industrial revolution, the invention of synthetic fibres and ultimately fast-fashion trends have amplified the impact of the textile industry much beyond the boundaries of our wardrobes. An impact which has even expanded to include industrial applications as airplanes, cars, machinery and construction goods.
There is a long journey from agricultural fields and oil fields through to processing, dyeing, weaving, finishing and distribution. Because of this, people often do not appreciate the complexity of the value chain behind a coat, a swimsuit or a parachute, to name only a few modern textile products. When we buy a pair of jeans we rarely reflect on how they have been made and we certainly neglect the environmental footprint when we throw them into the trash bin.
In this newsletter we unpack the textile industry’s value chain and its drawbacks. The extent to which this industry is growing into a global environmental priority will astonish much of our audience. From our perspective it is not a surprise, but another great opportunity to reconcile economic and sustainable development.
Milan, 02 July 2018 – Ambienta, the largest private equity fund focused on sustainability, has been awarded the 2018 ESG Best Practices Honours in the “Private Equity Mid & Large Cap” category, by SWEN Capital Partners (“SWEN CP”), a leading European investment management company specializing in responsible investing in private markets.
The event, which took place in Paris on 27 June, gathered 420 market players primarily from the private equity, debt and infrastructure industries with the aim of showcasing outstanding ESG practices amongst over 200 European management companies, both within SWEN CP’s portfolio and across its potential investment universe.
The winners were selected from management companies that participated in SWEN CP’s annual ESG survey, using a methodology which analyses and measures how extra‐financial criteria are integrated and implemented into the GPs’ investment process, as well as at the underlying company level.
The winners were chosen by an independent jury of 11 highly qualified individuals, representing institutional investors and international organisations such as the UN Principles for Responsible Investment and the Organisation for Economic Co‐operation and Development. Previous winners of the “Private Equity Mid & Large Cap” category include PAI Partners, Eurazeo and Ardian.
Since it was founded, Ambienta has introduced various initiatives to create an all‐encompassing approach to sustainability. It has devised the “Environmental Impact Analysis” as a proprietary methodology to assess portfolio companies’ impact both in terms of resource efficiency and pollution control, measuring sustainability granularly against 11 key metrics. Similarly, the “ESG in Action” programme has a holistic approach to the integration of the UN’s six Principles for Responsible Investment at both GP and portfolio company level. In addition, the firm has introduced a dedicated “ESG Drive” parameter into its investment team’s performance review, reflecting its ambition to promote accountability across the firm.
Nino Tronchetti Provera, Founder and Managing Partner of Ambienta, commented: “Ambienta has been built on the concept of sustainability, which embedded ESG at the very core of its investment strategy, as well as day‐to‐day operations. We are extremely proud to have received this prestigious award from SWEN CP which reflects our constant commitment to implementing these principles, which are an integral part of our DNA.”
Milan and GREENWICH, Conn. – 11 June 2018 – L Catterton, the largest and most global consumer-focused private equity firm in the world, and Ambienta, the largest European private equity fund focused on sustainability, have joined forces to acquire Pibiplast, a leading player in the design and manufacturing of beauty and personal care plastic packaging solutions, with headquarters in Correggio, Italy. The Bosi family, founder and current owner of the Company, will retain a minority stake. Terms of the transaction were not disclosed.
Founded in 1954 as a manufacturer of plastic packaging for the pharmaceutical industry, Pibiplast was a first-mover in adopting environmentally friendly packaging solutions. The Company has continued its specialization in the skincare and makeup sectors through strategic acquisitions and investments in state of the art technologies. Today, it operates four plants based in Northern Italy, serving more than 500 customers across 35 countries. It offers a wide range of products and customized solutions to the cosmetics industry, from the most recognized global brands to emerging independent brands. The business is well-positioned to continue its attractive historical growth having reached over €60 million of revenues in the past year.
While environmentally friendly and natural and organic products are emerging in response to consumer demand, the cosmetics industry has been a late adopter of eco-friendly solutions in terms of packaging. Pibiplast was a pioneer during the first wave of companies transitioning away from highly polluting materials in the 1990s, substituting non-recyclable plastics with recyclable plastics with a better environmental footprint. The Company also took steps to adopt more sustainable materials such as bioplastics and recycled plastics. As a result of its leadership position, Pibiplast has a strong edge compared to the market norm in terms of adoption of highly recyclable products (63% by Pibiplast vs. 28% by the market).
Together with L Catterton and Ambienta, Pibiplast aims to accelerate its sustainability roadmap through the development and promotion of innovative packaging solutions based on eco-friendly materials, addressing the increasing demand from customers to reduce environmental impact.
Andrea Ottaviano, Managing Partner of L Catterton Europe, commented: “Sustainability has increasingly become a driver for change in the cosmetics industry and we were drawn to Pibiplast as a leader in eco-friendly packaging solutions. We look forward to working with Ambienta to support the Company’s growth through strong investments in R&D and Capex. We also believe the highly fragmented market offers meaningful opportunities to look for add-on investments to broaden Pibiplast’s product offering and strengthen its international presence.”
Mauro Roversi, Chief Investment Officer at Ambienta, commented: “This is a tremendous opportunity for Ambienta to help Pibiplast capture the growing demand for more sustainable packaging and the exceptional prospects offered by the beauty and personal care sector. Our objective is to position Pibiplast as the undisputed leader in sustainable cosmetic packaging, and we are confident that we can achieve our goals by working together with L Catterton and Pibiplast’s strong management team.”
Giorgio Bosi, CEO of Pibiplast, added, “We are excited to work with our new partners to lead Pibiplast into a new phase of growth and development by expanding our portfolio of products and expanding internationally. Both L Catterton and Ambienta have exemplary track records of building leading brands and we look forward to working with them to realize Pibiplast’s strategic goals while staying true to our mission and core values.”
Milan, 22nd May 2018: Ambienta, the largest European private equity fund focused on sustainability, has announced a raft of senior promotions including Chief Financial Officer (CFO) and two new Partners. Daniele Gatti has been promoted to CFO, and Giancarlo Beraudo and Francesco Lodrini, previously Principals at Ambienta, have been promoted to Partner, effective immediately.
Daniele Gatti, who joined Ambienta in 2012, has been instrumental in the institutionalisation of the firm over the last six years. He played a significant role in supporting the successful raising of two oversubscribed funds and the development and implementation of Ambienta’s best practice policies in terms of reporting to LPs, compliance, regulatory, and ESG. Daniele has been also involved in the completion of six successful secondary transactions and two LP co-investment deals since joining Ambienta from EY’s Corporate Finance and Transaction Services business.
Giancarlo Beraudo has been involved in a range of the firm’s investments since joining in 2010. These include machine vision solutions company Lakesight Technologies, offshore construction services firm FoundOcean Group and industrial cooling systems business SPIG. Prior to joining Ambienta, Giancarlo spent three years with the mid-market private equity firm Rhône Capital in London and two years in the Milan office of Bain & Company.
Francesco Lodrini has been with Ambienta for seven years and has been involved in a number of successful investments including manufacturer of professional cleaning equipment IP Cleaning, specialty chemicals business Calucem, and hydraulic components maker Safim. Before joining Ambienta, Francesco spent three years with Barclays PE, now Equistone, and four years in London at Goldman Sachs and Monitor Group.
The promotions follow a very strong start to 2018 for Ambienta. The firm has recently successfully exited German environmental wood coating manufacturer Oskar Nolte, as well as closed its third fund on its €635 million hard cap after less than three months of active marketing, surpassing its original €500 million target.
Nino Tronchetti Provera, Managing Partner at Ambienta, said: “We are delighted to announce the appointment of Daniele as CFO, and welcome Giancarlo and Francesco to the Partnership at Ambienta. These well-deserved promotions follow their significant contributions to the success of our firm, and they are a testament to their hard work, investment expertise and valuable insight. At Ambienta we consider effective people coaching and development to be integral to the successful growth of our firm.”
Milan, 14 May 2018: Ambienta, a leading pan-European environmental growth investor, has held a first and final close for its third fund after less than three months of active marketing. With demand well in excess of €1 billion, the Fund surpassed its original €500 million target and hit its €635 million hard cap.
Ambienta III attracted capital commitments from close to 50 global investors representing total assets of €10 trillion. This included many leading pension funds, insurance companies, fund of funds, banks and foundations. Approximately 75% of the investor base came from continental Europe, 15% from the UK and 10% from the United States. Notably the fund received strong support from its existing LP base, with re-up demand in excess of 100% of prior commitments.
Ambienta is the largest independent fund globally that is dedicated to private equity investments that capture long term environmental growth trends. With offices in Milan, Dusseldorf and London, to date the firm has invested in 26 companies in eight European countries with revenues across over 100 geographies. The firm invests in niche leading companies underpinned by sustainable megatrends, notably resource efficiency and pollution control, combining exceptional financial returns with significant and quantifiable environmental impact.
This successful fundraise follows a very active 12 months for Ambienta. Its second fund is currently one of the best performing buyout funds for its vintage versus private equity funds globally – placing it in the top decile. Ambienta recently announced its second divestiture from Fund II, the exit of Oskar Nolte, and it has now returned over 100% of drawn commitments in less than five years.
Nino Tronchetti Provera, Managing Partner at Ambienta, added: “We are very pleased with the strong level of support we have received for Ambienta III and would like to take the opportunity to thank our new and existing partners for their backing. The successful fundraising comes in Ambienta’s tenth year and reflects the significant growth of the firm during that time, our proven performance and endorsement of our approach, and the increasing urgency of the trends supporting our strategy.”
Ambienta was advised by London-based Rede Partners, an independent fundraising and secondary advisor to the private equity industry.
9th May 2018: Ambienta SGR (“Ambienta”), the largest European private equity fund focused on sustainability, today announced that it has successfully sold (together with former shareholder Guido Puehse) its investment in Oskar Nolte GmbH (“Oskar Nolte” or the “Company”) to Hamburg-based Peter Möhrle Holding. Peter Möhrle is a family owned industrial holding company. Financial terms of the transaction are not being disclosed.
Oskar Nolte is a leading manufacturer of high-performance wood coating systems for specialty applications for the furniture industry and its suppliers. It has been at the forefront of developing solvent free coating systems, distributing eco-efficient solutions to its customers globally from its production base in Kirchlengern, Germany. The product and service offering combines advanced performance products and a strong consulting expertise with ecologically sound products and manufacturing processes.
By using innovative water-based furniture coatings, Oskar Nolte has reduced the equivalent of 1,600 trucks of solvent from being used, contributing to a cleaner and healthier environment. In 2017, Oskar Nolte reduced the use of 23,260 tons of pollutants, 2,562 tons of CO2 emissions and enabled energy savings of 510 tons of oil equivalent.
As part of its focus on how sustainability is reshaping the chemical industry, Ambienta identified Oskar Nolte as a niche market leader with further significant growth potential. In 2014, it leveraged its office in Dusseldorf and entrepreneurial approach to engage with the Company. At the time, Ambienta invested together with new management more than €20 million.
Working together, Ambienta and Mr. Puehse, enlarged the management team of the company. After successful decades of operating as a single-shareholder managed company, today the senior management team includes a new CEO, COO and head of Finance. With this, the Company has expanded its international presence, established a new subsidiary in Turkey and increased its global reach. Oskar Nolte has also leveraged its core competencies and successfully launched additional products in new market segments. This has diversified its customer base further and led to additional attractive growth opportunities. As a result, Oskar Nolte has further added to its workforce and continued its sound track of growth.
Arne Deussen, CEO of Oskar Nolte, commented: “Transitioning a company to the next level can be a challenge. Ambienta, has been instrumental in supporting our transformation and growth strategy and Guido Puehse did a great job in handing over his tasks to our team. With Peter Möhrle Holding as a long-term shareholder, we are looking forward to continue our growth trajectory as a reliable and innovative supplier to our industrial customers. We see stability and a long-term approach as a key strength in a challenging environment.”
Nico Helling, Partner at Ambienta, commented: “It has been a great pleasure and honor working with Oskar Nolte and its senior team, as well as alongside our co- shareholder Guido Puehse. We are proud of Oskar Nolte’s success as the first of many more Ambienta investments in Germany and the first to exit. Over the last few years, the Company continued to expand its market position and successfully launched new product applications. We are confident that Oskar Nolte will continue to grow and wish its Managing Directors and employees all the best for a prosperous future.”
Guido Puehse added: “As CEO and shareholder of Oskar Nolte GmbH for more than 25 years, I have been guiding the Company along its journey of development and growth. It has been a great experience running the business with Ambienta over the last three years and a pleasure to coach the new Management team to take over my role at the helm of the business. Together we have enjoyed the success achieved through strong sales performance and the broadening of the product portfolio. I wish the new shareholders and the Management team all the best in the next stage of Oskar Nolte’s journey. Certainly I look forward to continue to support and contribute to the company’s development in my new supervisory board role.”
The transaction was managed by Nico Helling (Partner) and Kai Hübner at Ambienta* and advised by Livingstone Partners (M&A), Watson Farley Williams (legal), and PKF (financial).
Milan, 24 April 2018. Ambienta is pleased to announce that it has been awarded the Mediterranean Deal of the Year by Real Deals, for its exit of IP Cleaning Group (“IPC”), with a sale value of €330 million, having invested just €50 million in 2014.
The Real Deals Private Equity Awards, now in their 17th year, are a prestigious symbol of recognition across the private equity industry. The judges considered all deals involving a target company headquartered in the Mediterranean which was exited in 2017, and took into account the financial return, alongside the contribution of the private equity house to the growth of the company and the wider impact of the success story for the asset class and for the broader economy.
IPC, a designer and manufacturer of machines and equipment for commercial cleaning, underwent significant transformation under Ambienta’s ownership. Ambienta invested in growth, transforming IPC from a federation of semi-independent businesses into a fully integrated, strategically attractive industry leader. IPC developed innovative solutions across its product portfolio that in 2016 enabled energy savings of 19,000 tons of oil equivalent, water savings of 73,000 cubic meters and reduced the usage of 2,200 tons of detergents.
Mauro Roversi, Partner and Chief Investment Officer at Ambienta, said: “We are incredibly proud to win this award, which stands as a testimony to the work by the Ambienta investment team and a recognition of the highly successful and transformative partnership with IPC. It was a privilege to work with IPC’s talented management team to create a true industry leader for the long term and I wish them every success in the future.”
Ambienta was also among the finalists for the Environmental and Social Governance Award.
Milan, 2 March 2018. Ambienta is pleased to announce that it has been named the 2017 Firm of the year in Italy in the Private Equity International Awards.
The Private Equity International Awards are conferred annually and voted on entirely by industry participants. The publication’s editorial team researched and compiled shortlists of nominations for 68 categories this year, open to both generalist and specialist industry players, and announced the winners in the Private Equity International Annual Review on 1st March 2018.
This achievement follows a strong year for Ambienta, during which the firm completed three primary acquisitions, and a very successful exit with a value of €330 million, having initially invested just €50 million.
In 2017 alone, Ambienta’s portfolio companies’ products and services saved the energy equivalent to the annual consumption of approximately 900,000 refrigerators, and reduced water pollution in an amount equivalent to volume of water consumed annually by approximately 33 million European households.
Nino Tronchetti Provera, Founder and Managing Partner at Ambienta, said: “We are very grateful to receive this prestigious industry award. It reinforces our core principle that the way to drive sustainable value is through investing in companies driven by environmental trends. Ambienta has proven that sustainable returns come from sustainable investing.”