Third investment by the industrial private equity fund Metrika with the acquisition of Proterm Group.

Third Investment by METRIKA Focuses on the Development of Proterm Group, a Leading Italian Player in Metal Heat Treatment

Milan, January 31, 2022 – Following the recent completion of its fundraising, having reached the hard cap of €150 million, the private equity fund Metrika, led by partners Marco Giuseppini and Nicola Pietralunga, has completed its third investment by acquiring a majority stake in Proterm Group. The group operates in the metal heat treatment market, covering both raw and processed metals, as well as complementary processing services. The Accorsi and Cullati families, together with a small group of financial investors, will retain minority stakes in Proterm, ensuring operational and managerial continuity.

Founded by the Accorsi family in 1947 in Calderara di Reno (Bologna), Proterm today operates seven production facilities, enabling broad geographical coverage of the domestic market and a wide range of heat treatment services.

Thanks to its recognized and distinctive know-how, as well as its technologies, Proterm serves a well-diversified customer base, primarily composed of Tier I and Tier II industrial operators across various end markets, including agriculture, earthmoving, hydraulics, and railways.

Over the years, Proterm has experienced significant business growth, consolidating a leadership position in a market characterized by high barriers to entry and a strong specialization in services.

Proterm Group, which exceeded €40 million in revenues in 2021, is now entering a further expansion phase with the support of Metrika. The main objectives of this phase are:

• Expanding production capacity through investment in a new manufacturing facility in Italy;
• Capturing additional growth opportunities through a targeted M&A strategy;
• Broadening technical solutions to access new market segments;
• Implementing a sustainability program to align the Group with the highest market standards.

The management team at Proterm stated:
"We are proud to welcome a financial partner with a strong industrial focus like Metrika to Proterm. Their entry marks the beginning of a new phase of growth and consolidation."

Marco Giuseppini and Nicola Pietralunga of Metrika added:
"This third investment further confirms Metrika Fund’s ability to identify and execute transactions with strategic players in the Italian industrial landscape. Proterm stands out for its wide range of heat treatments—both for raw and processed metals—and its technical expertise, which has made it one of the most recognized groups in Italy. Metrika’s goal is to support Proterm in its next growth phase, pursuing not only organic growth but also a targeted M&A strategy aimed at consolidating the currently fragmented Italian market."

Metrika was assisted by Piero Venturini, Riccardo Paganin, and Antonio Garramone of Legance for legal and contractual matters; Alberto Russo, Alessandro Manias, and Andrea Massaccesi of Russo De Rosa Associati for tax matters; Federico Mussi, Alberto Zanatta, and Alessia Trentini of PwC for accounting; Alessandra Cavina and Claudia Zedda of PwC for corporate tax; Fabrizio Franco De Belvis, Marta Baldin, and Alessandro Samaja of PwC for business due diligence; Guido Ruozi and Marco Radice of Willis Towers Watson for insurance; Francesco Ducco and Andrea Perna of ERM Italia for environmental and ESG matters; and Simone Strocchi and Daniela Deghi of Electa for transaction structuring.

The selling shareholders of Proterm were advised by Elmar Zwick and Roberto Rio of LMCR for contractual matters. Valerio Accorsi was assisted by Federico Dettori of Gianni & Origoni.

The transaction was financed by BPER Banca as MLA & Agent Bank, represented by Michele Fracassini and Giulio Pileri from the Corporate & Investment Banking Division. BPER was assisted by Maura Magioncalda, Consuelo Citterio, and Mattia Longo of Pedersoli Law Firm.