Entangled Capital launches €150m buyout fund

The vehicle is dedicated to Italian small and mid-market companies, and plans to hold a first close by the end of the year, with a final close in 2021.

Atrigna & Partners advised the firm on the fund's structuring.

Entangled Capital is managed by a team led by CEO and managing partner Roberto Giudici, and managing partner Anna Guglielmi, who both previously worked for Green Arrow Capital.

Investors
Entangled Capital I expects to attract commitments from Italian funds-of-funds, pension funds, bank foundations and family offices. After its first closing, it also expects to raise capital from several international institutional investors, including funds-of-funds, pension funds and foundations.

Investments
The fund will acquire majority stakes in Italian SMEs operating in the industrial sector, with a focus on manufacturing, engineering, mechanics, agri-food, technology and automation. It will target businesses generating EBITDA in the €2-7m range and revenues of €10-50m. 

The vehicle intends to make 8-10 deals and deploy equity tickets in the €5-20m bracket applying moderate leverage of 2-3x EBITDA. It will also consider co-investments alongside its LPs for larger deals.

In addition, the vehicle will pursue a buy-and-build strategy aimed at strengthening the market position of its portfolio companies via additional bolt-ons across Europe. The fund is already working on three deals, which it plans to close in the first half of 2020.

People
Entangled Capital – Roberto Giudici (CEO, managing partner); Anna Guglielmi (managing partner).

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• Topics
• Funds
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