Headway Capital exits lighting specialist Castaldi to trade

Following the deal, Penta plans to boost Castaldi's growth and double its turnover in the next three years.

Headway Capital is currently investing its fourth secondaries fund, Headway Investment Partners IV (HIP IV), which closed on its €372m hard-cap in October 2019, surpassing its €300m target.

The vehicle invests globally with a focus on western Europe and North America, with a maximum investment size of €50m. Headway targets small to medium-sized complex secondary transactions, including structured transactions, direct portfolios, GP restructurings, co-investment secondaries and, to a lesser extent, LP stakes.

Previous funding
Investindustrial and Wise Equity bought a 70% stake in Castaldi in 2003, at the time known as Ing Castaldi Illuminazione, from the founding Castaldi family, who retained the remainder. In 2007, the two firms sold their stakes to Cape Natixis, which invested around €7m in the company via Cape Natixis Due.

A few months later, Cape Natixis acquired a 65% stake in lighting business Norlight, alongside the co-founder, who reinvested in return for a 35% stake. The company was then merged with Ing Castaldi Illuminazione.

Subsequently, Opera became the new manager of Cape Natixis's funds in 2011. The GP sold all the remaining assets in Cape Natixis Due, including Castaldi, to Headway Capital in August 2016.

Company
Castaldi was established in 2011 with the merger between lighting companies Ing Castaldi Illuminazione and Norlight. The group specialises in designing and manufacturing outdoor architectural lighting, under the brand name Castaldi, and indoor lighting, under the brand Norlight.

Castaldi's lighting has been installed around the world in airports, shopping centres, stations, hospitals and public areas, including famous locations such as the Ferrari World Park in Abu Dhabi, Westminster University in London, the Italian Space Agency in Rome and the Atelier Renault in the Champs-Elysées in Paris.

Advisers
Acquirer – Dentons (legal).
Vendor – Watson Farley & Williams (legal).

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• Exits
• Southern Europe
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• Trade sale
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