Progressio-backed Gampack bolts on Futura Robotica

The GP told Unquote that the combined group expects to reach revenues of around €30m by 2021.

With the addition of Futura Robotica, Gampack plans to enlarge and complete its offering, while expanding its commercial network and client base, and broadening its technology and innovation developments.

Progressio intends to further support Gampack's buy-and-build strategy, with the aim of creating and consolidating a platform in the Italian packaging machinery market, able to offer a complete range of automated machines, including robotic movement, cartoning, wrapping and palletising machinery.

The GP acquired a stake of around 70% in Gampack in January 2019. The company's founders, Luciano Gandini and Giuseppe Gazzola, retained a minority holding in the business. A debt package was provided by Banco BPM and Crédit Agricole to support the deal.

Following the acquisition, Progressio appointed a new management team led by CEO Amedeo Scapin, while co-founder Giuseppe Gazzola became chair of the company. Scapin reinvested in the business alongside the GP and acquired a small minority stake.

Established in 2004 and based in Podenzano, near Piacenza, Gampack manufactures machinery for secondary packaging, serving primarily the beverage sector. 

The GP invested in the company via Progressio Investimenti III, which closed on €250m in July 2019, exceeding its €225m target. The fund currently has five investments in its portfolio, in addition to Gampack: animal-friendly coats designer Save The Duck (bought in March 2018), frozen foods specialist Gelit (May 2019), spreads and dried fruits maker Damiano (July 2019), lemon juice producer Polenghi (July 2019) and interior design company Interni (October 2019).

Company
Headquartered in Alseno, near Piacenza, Futura Robotica specialises in designing and manufacturing secondary packaging machines for the food, pet food, coffee capsules and cosmetics sectors. The company generates annual revenues of around €8m.

People
Progressio – Filippo Gaggini (CEO, managing partner); Alessandro d'Arco (head of the investment team).
Gampack – Giuseppe Gazzola (chair).

Advisers
Acquirer – EY (financial due diligence); Russo De Rosa & Associati (legal, tax).

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• Topics
• Expansion
• Southern Europe
• Industrials
• Progressio SGR
• Italy
• Build-up
• Buy-and-build