Metrika II Acquires a Majority Stake in Proteg, an Italian Circular-Economy Champion

PRESS RELEASE

METRIKA II ACQUIRES A MAJORITY STAKE IN PROTEG,

AN ITALIAN CIRCULAR-ECONOMY CHAMPION

Metrika IIFund's investment is intended to support Proteg, an Italian circular-economychampion that transforms organic residues and by-products into high value-addedproteins, fats and renewable fuels for the pet food, fertilizer, oleochemicaland energy sectors

Milan, 22 July 2026 – Metrika II Fund, managed by Metrika SGR S.p.A. and led by partnersMarco Giuseppini and Nicola Pietralunga, has completed the acquisition of amajority stake in Proteg S.p.A., an Italian circular-economy champion active inthe collection and processing of animal by-products (ABPs) and of oils and fatsinto high value-added renewable raw materials.

Headquartered in Campania and today led by the third andfourth generation of the founding family, Proteg has for decades been active inthe collection and processing of animal by-products (ABPs), food no longerintended for human consumption and used vegetable oils. Collection is carriedout across Central and Southern Italy, while processing takes place at theGroup's industrial site in Campania.

Through technologically advanced processes, Protegtransforms these materials into premium raw materials such as processed animalproteins (PAPs) and rendered fats, supplying high value-added end marketsincluding pet food, organic fertilizers and soil improvers for agriculture,oleochemicals (industrial soaps and lubricants) and the energy sector (biofuelsand bioliquids). The company sits squarely within the circular economy,recovering waste streams and returning them to industry as valuable raw materialsand renewable fuels.

Proteg's operations are conducted in compliance withthe highest Italian and European regulatory standards for the environment andworker health. The company has an in-house analytical laboratory to monitorproduct quality and plant performance and has installed a biomass energygeneration plant fuelled by sustainable bioliquid produced in-house. Proteg iscertified to ISO 9001 (quality) and ISO 14001 (environmental management) andhas recorded revenues of around €30 million in recent years.

Processedanimal proteins: an essential link in the food and pet food supply chain

A central part of Proteg's output consists ofprocessed animal proteins (PAPs): a high-protein, fully traceable materialrecovered from Category 3 animal by-products and processed in compliance withstrict European and national health controls. These proteins are a valuedingredient in the fast-growing pet food industry, where demand forhigh-quality, sustainable and locally sourced proteins continues to rise. Byrecovering nutritional value that would otherwise be lost, Proteg turnsmeat-processing residues into a safe, certified raw material, reducing relianceon imported, land-intensive protein sources and strengthening the resilience ofthe national agri-food supply chain.

A tangiblestory of circular economy and decarbonization

For Proteg, sustainability is the business model, nota label. Every tonne of by-product collected by the Group is diverted fromdisposal and returned to the economy – as protein, fat, fertilizer,oleochemical feedstock or renewable fuel. This delivers concrete environmentalbenefits: it keeps organic matter in productive use, replaces fossil-basedinputs in chemicals and energy, and supports the European agenda for thecircular economy and decarbonization. The Group's biomass plant, fuelled bybioliquid produced on site, further reduces its energy footprint and emissionsintensity. With Metrika II's support, the company intends to formalize thisprofile through structured ESG KPI monitoring, a decarbonization roadmap andcontinued investment in resource efficiency, consolidating Proteg's role inEurope's transition towards a circular, lower-emission industrial base. As anArticle 8 fund under the SFDR, Metrika II is committed to promoting greenindustrial transformation and more sustainable practices in Italianmanufacturing — and Proteg is a clear expression of this.

Southern Italyas an engine of industrial growth

Proteg is also an example of industrial excellence inSouthern Italy. Operating from Campania, the Group demonstrates that the Southcan host technologically advanced, market-relevant manufacturing while creatingskilled, quality employment locally. Metrika II's investment is a vote ofconfidence in this potential: the plan is to strengthen and professionalize themanagement team, attract and develop new technical and managerial skills andexpand production capacity, rooting growth, know-how and opportunity in aterritory that is increasingly a driver of Italian industrial renewal. Buildingnational and international champions from a southern base is exactly the kindof value creation that Metrika pursues.

The next phaseof growth

Proteg is now ready to embark on a further phase ofgrowth supported by Metrika II, whose main objectives are:

-       strengthen andprofessionalize the management structure;

-       invest inproduction capacity, automation and plant efficiency to increase yields andproduct quality;

-       pursue furthergrowth, including through a targeted M&A buy-and-build strategy in adjacentsegments of waste valorization and renewable fuels;

-       consolidateProteg's positioning in higher value-added end markets (pet food, renewablefuels, oleochemicals) and expand its geographic presence;

-       strengthen theGroup's ESG and decarbonization profile in line with European circular-economyobjectives.

The founding family and the current management team,led by CEO Salvatore Papa, will ensure operational continuity while supportingMetrika II in achieving these objectives.

Commenting on the transaction, Marco Giuseppini andNicola Pietralunga, Managing Partners, and Gabriele Giustino, Director atMetrika SGR, said: “The acquisition of Proteg fits perfectly with MetrikaII's strategy of creating value in resilient, market-leading Italian industrialcompanies. Proteg is exactly the type of business we look for: an essentialservice, decades of recognized technical know-how and a clear, structuralsustainability profile. It combines a circular-economy model that turnsby-products into high-value proteins, fats and renewable fuels with strongsector tailwinds and ample room for growth, both organically and through a targetedbuy-and-build strategy. Our role will be to support the family and managementin this new phase, investing in capacity, quality and people while opening upnew higher value-added segments and markets.”

Salvatore Papa, on behalf of the founding family,added: “Proteg is the result of decades of work and the commitment of threegenerations of our family to transforming what others discard into value. InMetrika we have found a partner that shares our vision and our standards, andthat will give us the resources to invest in our plants, our people and newmarkets, while preserving the identity and culture that have always defined us.It is the right partner to write the next chapter of our growth.”

On the transaction, Metrika II was advised on legalmatters by Giliberti Triscornia e Associati (Matteo Acerbi, Chiara Gaudio,Giorgia De Pin and Luca Maugeri); on tax and accounting matters by EY (tax:Roberto De Bernardinis, Gianmarco Metrangolo, Vincenzo Savinelli and VincenzoCasillo; accounting: Andrea Di Bella, Enrico Silva, Daniele Chiara and ClaraBellio); on business matters by OC&C Strategy Consultants (RiccardoCremona, Alberto Regazzo, Luca Bettale, Andrea Montanaro, Federico Buzzi and EdoardoJenna); on environmental and ESG matters by ERM (Andrea Perna, Simona Azzini,Luca Ferioli and Andrea Ucar); and on insurance matters by Aon (Francesco deSiena, Marcello Mura and Ludovica Belluz).

The Papa family was advised on legal matters by LAWAL(with a team coordinated by Piergiorgio Mancone (Managing Partner) andcomprising Luca Gobbi (Partner) and Associates Emanuele Francesco Rizzuti andMarco Baio) and on financial matters by Sergio Lucci and Studio Lucci-Lucci DeaS.r.l.

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Metrika SGRS.p.A. is an authorized private equity fund manager. The investment strategy ofthe Metrika II Fund, an Article 8 fund under the SFDR, targets the acquisitionof majority as well as qualified minority stakes in Italian companies (withpossible extension to other adjacent European markets on an opportunisticbasis) with revenues between €20 and €100 million, sound operatingprofitability and a solid financial structure. Metrika SGR is distinguished bya “hands-on” approach to its investments, investing in industrial niches inwhich the members of the Investment Team have developed deep expertise. TheFund's areas of interest cover in particular the following industrial sectors:mechanics and precision engineering, packaging, industrial components,cosmetics, pharmaceutical chemicals, the life sciences supply chain and thefood sector.

METRIKA SGR S.P.A.  (https://metrikasgr.com/)

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Proteg S.p.A., headquartered in Campania and led bythe third and fourth generations of the founding family, has for decades beenactive in the collection and processing of animal by-products (ABPs) andvegetable- and animal-origin oils and fats, transforming them into processedanimal proteins (PAPs), rendered fats, regenerated oils and renewable energy,meeting growing demand across several markets including pet food, fertilizers,oleochemicals and energy. Collection is carried out across Central and SouthernItaly and processing takes place at the Group's industrial site in Campania.Proteg is ISO 9001 and ISO 14001 certified.

PROTEG S.P.A. (https://www.proteg.it/)

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