Progressio reportedly invests in Italchimici and Giorgetti

The deal will see the firms inject €70m of equity into Italchimici alongside a debt package worth €52m, according to Italian publication Il Messaggero. Of the debt package, €35m will reportedly be used to finance the acquisition, with the remaining €17m earmarked for working capital.

According to Il Messaggero, an agreement is due to be signed between Dea Capital, Progressio and the vendors on 30 July.

A spokesperson from Dea Capital declined to comment on the article, while Progressio could not be reached.

Progressio has not been particularly active on the buyout front in the past two years. It most recently acquired industrial machinery supplier Duplomatic Oleodinamica in a secondary buyout from Ardian (at the time known as Axa Private Equity) in April 2013.

However, according to Il Messaggero, the firm has also beaten competition from private-equity-backed Italian Design Brands to acquire Italian furniture design business Giorgetti in recent weeks. The Italian design sector is currently of particular interest to private equity firms, which intend to consolidate the sector and boost its international presence.

Since Progressio launched its €200m second fund in November 2009, the investor has only made three acquisitions. In 2010 it bought safety boots manufacturer Gruppo Jal, while in 2012 it acquired cash-for-gold company OroCash.

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