Armonia to launch €500m fund

The fund will be larger than its predecessor, Armonia Italy Fund, which was originally launched with a €700m target – subsequently reduced to €250m – and held a final close on €280m in July 2018.

Armonia Italy Fund has recently acquired agricultural textiles manufacturer Arrigoni, in a deal that gave the company an enterprise value of around €55m, equal to approximately 8x its 2019 EBITDA. Including this last acquisition, which is expected to close by the end of September, the fund will be around 70% deployed.

Its portfolio also includes cosmetics and food supplements producer Biodue, acquired in August 2019 in a €64m deal, and warranty extensions provider Estendo, bought in May 2018 a €50m deal, among others.

Armonia Italy Fund II will  invests equity tickets of €30-75m in Italian SMEs operating in the food, luxury, pharmaceuticals, lifestyle and services sectors. It will also be able to deploy up to 15% of its capital in the rest of Europe.

The GP intends to expand its LP base by attracting several new international investors, in addition to Italian institutional and private LPs.

Investors in the previous fund included insurance company Assicurazioni Generali, Poste Italiane, several Italian banks such as Unicredit and BPM and various pension funds.

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