Koinos Capital brings to life the Italian aggregation hub for masterbatch, with the newly established Impact Formulators Group holding, acquiring Masterbatch

Koinos Capital brings to life the Italian aggregation hub for masterbatch, with the newly established Impact Formulators Group holding, acquiring Masterbatch

The acquisition of Masterbatch, a specialist in flame retardant additives with a CAGR of 18% since 2018, sees founders Maurizio Garbelli and Stefano Battaini retaining their current operational roles and reinvesting in the Holding.

After the acquisition of Ultrabatch in July, the new operation launches a group with a turnover of 40 million euros, aiming to double it by 2025 and become a leader in the masterbatch market.

Koinos Capital, an independent Private Equity fund, founded in 2020 by Francesco Fumagalli, Marco Morgese, Marco Airoldi, and under the operational presidency of Beppe Fumagalli, continues to develop its industrial project in the strategic field of masterbatch.

With the goal of creating an aggregation hub capable of covering all the main areas of application for high-growth potential masterbatch, Koinos Capital has established the Impact Formulators Group holding, through which it has completed the acquisition of 100% of the company Masterbatch. This operation reflects the distinctive entrepreneurial approach of the Private Equity aimed at creating Italian sectorial hubs of excellence with international competitive capabilities. Also Ultrabatch, a company acquired by Koinos last July, active in agritech and specialized in the production of additive masterbatch for agriculture, converges under the holding.

Masterbatch, founded in 2003 in Casei Gerola (Pavia), specializes in the production of flame retardant additive masterbatch (anti-extinguishing and anti-collapse), serving the construction and electrical cable markets. In addition to this, it also engages in the production of specific additive masterbatch such as nucleating agents and combibatch, which combine color with the action of additives.

The acquisition was based on a shared vision between entrepreneurs Maurizio Garbelli and Stefano Battaini regarding the potential of the industrial project of the aggregating hub. It was finalized through the sale of all shares held by the two founding partners, who, while retaining leadership roles in the company, also reinvested in the Impact Formulators Group holding.

Masterbatch, which has grown over the last 5 years with a CAGR of 18%, has a production capacity of approximately 1,700 tons per year and already generates about 50% of its €12.5 million in revenue from international markets, especially in Germany and France. The company has invested over the years in automating and innovating various processes and now operates in a 2,500 m2 facility with a significant area dedicated to production, a testing area, and a research area where technicians study and develop new formulations with increasingly high performance, ensuring maximum safety and meeting the specific needs of customers.

The sector that Impact Formulators Group begins to oversee, with a precise strategy of organic growth of its subsidiaries and the aggregation of new entities active in the most promising areas of masterbatch applications, is experiencing strong expansion. Impact Formulators Group, with its two controlled companies currently generating a turnover of 40 million euros, is poised to more than double by 2025, expanding into international markets and positioning itself as a leader in the specific segments it operates in.

Francesco Fumagalli, Founding Partner of Koinos Capital, comments: “The acquisition of Masterbatch gives shape and substance to our vision. When we entered Ultrabatch in July, we had a clear idea of creating an industrial group, Italian but with strong international ambitions, innovative, and with deep expertise in the masterbatch market, which is now a reality. Today, in Maurizio Garbelli and Stefano Battaini, we have found two more entrepreneurs capable and eager to make their mark based on the principle that sharing know-how, assets, networks, and commercial strength is the way to build and participate in a larger project capable of impacting the market. Impact Formulators Group brings together under a single umbrella the excellence of Ultrabatch and Masterbatch, and of the next interesting entities that will join this project. We have plans to conclude other operations in this sector in the coming months, already working on carefully observing especially the segments of the color masterbatch and additives for PET, technopolymers, and polyolefins.”

Maurizio Garbelli, founder and president of Masterbatch, comments: “With this operation, a new phase of growth begins for us. We become part of a group with ambitious goals that will allow us to create and leverage new synergies, thanks to a partner with a strong industrial DNA like Koinos, helping us become an even more important reference point for our customers. We will continue, as we have done in these 20 years, to focus on our customers, always ensuring the highest quality of our products, and investing more and more in research and innovation.”

Koinos Capital was assisted by KPMG as a financial advisor, Russo De Rosa Associati for tax aspects, and Alpeggiani Studio Legale for contractual matters. The operation was financed by Banca ICCREA. The Koinos Capital team that managed the operation consists of Francesco Fumagalli, Marco Morgese, and Michele Dal Pozzo.

4167 1055 Koinos Capital

Marco Morgese

CEO & Founding Partner

Professional Experience
Koinos Capital, CEO & Founding Partner | Milan, from 2020
Consilium, Senior Partner | Milan, 2007-2020
Booz Allen Hamilton, Senior Associate | Milan, 1999-2007
Goldman Sachs | Milan, 2002 

Education
IESE Business School, Master of Business Administration | Barcelona
Università Bocconi, Bachelor in Business Administration | Milan