Quadrivio rounds off Industry 4.0 Fund deployment with Twist acquisition

Min Ho
30 June 2023

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Alternatives investor Quadrivio has acquired Twist, an Italian company focused on the sale of reconditioned smartphones, tablets and PCs, marking the last platform investment from its Industry 4.0 Fund.

This is the seventh acquisition for the vehicle, which invests in digital transition and technological innovation for SMEs. The fund held a final close on EUR 200m in December 2022, according to Unquote Data.

Under Twist's new ownership, Quadrivio will aim to internationalise the company by expanding its B2B and B2C channels. The GP is penning a 20% CAGR growth target over the next four years to reach a EUR 200m revenue target.

Its other priorities include strengthening the management team, further IT investments, and moving into a new company premises in Cava de' Tirreni, which will enable an expansion in volumes handled and a training centre for technical and sales staff, it said.

Company
Founded five years ago, Cava de' Tirreni-based Twist has operated under a B2B model focused on exporting reconditioned hardware, which currently accounts for 80% of its turnover. For the last two years, it has also been operating in the B2C channel, where its products are sold through third-party online platforms specialised in selling regenerated devices.

In 2022, the firm generated EUR 100m in revenue with an EBITDA margin of more than 5%, it said. Roughly 70% of this was from the B2B channel. The Italian market represents 22% of the company's overall volume, followed by Estonia at 18%, Ireland at 12.6%, Spain at 8.8% and France with 5.4%, it added.

Twist currently employs more than 50 people and is headed by founders Francesco Santucci and Maurizio Santucci, who will remain significant shareholders and as head of the company, it said.

People
Quadrivio's Industry 4.0 Fund – Pietro Paparoni (investment director) and Maria Iorio (investment associate).
Twist – Francesco and Maurizio Santucci (founders and partners).

Advisors
Equity – Deloitte (financial due diligence).
Vedor – Pecora Ambrosino, Alioto De Stasio (legal and tax).