The management team of Renaissance Partners and Aurora Growth Capital becomes independent thanks to the purchase of a majority stake from Neuberger Berman (which remains at 10%), and in doing so, it opens a new chapter in its history, and that of Eurmoda and Sicit, as new developments are underway. The announcement was made by Fabio Canè and Patrizia Micucci, founder of Renaissance and Aurora, respectively, in Milan on June 19 (in photo). Now the Italian private equity platform’s goal is to grow from the current 3.3 billion to 5.5 billion euro in capital raised by the end of 2026, and to continue to support Italian SMEs and entrepreneurial families on the path to growth. The entity has made 67 different investments (23 currently in the portfolio, 44 closed) and 130 “add-ons” (acquisitions made by Renaissance and Aurora’s portfolio companies).
Sicit’s big development plans
Since the takeover bid in August 2021, when Renaissance (which also has Rino Mastrotto Group in its portfolio) entered Sicit with Intesa Holding, the Vicenza-based company’s growth strategies, a leader in the production of biostimulants from tanning waste, have shifted and the focus is on expanding its supply chain, as well as internationalization. Additionally, Sicit aims to expand into new product categories, such as plant-derived biostimulants.
“Sicit’s turnover has increased from 68 million in 2021 to 140 today”, said Tommaso De Bustis Figarola, Renaissance partner, “and EBITDA has similarly more than doubled”. Now that the fund has confirmed its commitment to Sicit (together with Intesa HoldingI and with the entry of the Americans from TPG Rise Climate, further development plans remain focused on internationalization. “We plan to open a production plant in Mexico”, continued De Bustis Figarola, “while further expansions in Latin America and Asia are still possible”.
Two acquisitions for Eurmoda
One of the latest transactions conducted by Aurora was for Eurmoda. “We chose it, despite the difficult 2024 of the luxury segment”, explained partner Piero Migliorini, “because it’s a top enterprise in the sector, specializing in the supply of logos for accessories. It’s not just a supplier, but a partner for brands.” The same growth is also expected for Eurmoda. “By the end of the year we will finalize two acquisitions, one of which will be abroad”, Migliorini adds, “which will take the company from 60 to 100 million in sales and, above all, open it up to new items from the metalworking industry and new customers”.
Goals
Renaissance and Aurora have complementary investment targets, with the former (currently at 2.8 billion) focuses on majority investments of 100 to 400 million each. The second (about 500 million euro in assets under management), on the other hand, fouceses on partnership investments with entrepreneurs and management teams, both majority and qualified minority, from 30 to 50 million euro.
“We want to position ourselves as the most relevant Italian operator in private market investments. In Italy today there is no alternative investment platform serving the country, and I am convinced that the aggregation of excellent teams on different investment areas will bring cost synergies, combined investment opportunities and that it will facilitate the relationship with investors by offering more complementary investment opportunities”, said Canè.
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