NEIP III's Altanova buys Intellisaw

Following this add-on, Altanova will reach revenues of €30m in 2019, Unquote understands.

NEIP III acquired Varese-headquartered ISA Advance Test and Monitoring and Bologna-based Techimp in 2017, and established a newco named Altanova, 60% controlled by the fund and 40% by CEO Gino Amadi and the management. NEIP III invested around €15m of equity in the deal, Unquote understands.

Under NEIP III's ownership, the company grew from revenues of around €9m to €25m and reached EBITDA of €6m in 2019.

NEIP III, at the time controlled by Finint & Partners, held a final close on €75m in December 2011 and is now 90% deployed. The fund is currently managed by a team composed of Domenico Tonussi, Nicola Bordignon, Piergiorgio Fantin and Daniele Mondi, who recently spun out from Banca Finint and established a new firm named Itago.

The GP is launching a new fund, Itago IV, with a €100m target and €130m hard-cap, Unquote understands. The fund will invest in Italian SMEs generating revenues of €10-50m and operating primarily in the manufacturing and food sectors.

Company
Headquartered in Andover, Massachusetts, Intellisaw is a provider of tools and instruments to protect and monitor electric power transmission and distribution equipment.

It specialises in measuring and monitoring temperature, humidity and partial discharge by using advanced sensor and analytic technologies. The company has clients across the US, Asia and the Middle East, and generates revenues of around €5m.

People
Itago – Domenico Tonussi, Nicola Bordignon (co-CEOs).

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