Milan, December 20, 2024 – Koinos Uno, private equity fund of Koinos Capital SGR, an independent multi-strategy investment firm, announces the acquisition of a majority stake in Lapi, a leading Italian player specializing in computer-aided thermoforming of durable goods and industrial components.
Aligned with its entrepreneurial buy & build strategy, Koinos Capital SGR’s entry into Lapi marks the launch of a new sectoral hub of excellence in the continuously evolving and growing field of computer-aided thermoforming. The transaction aims to create an integrated platform offering comprehensive solutions, a high level of service and a strong focus on sustainability.
The development plan driving the project includes a five-year investment program designed to increase Lapi’s production capacity and competitiveness, both domestically and internationally. Furthermore, it seeks to facilitate the consolidation of specialized players in Italy and abroad – particularly in Spain, France and the United States – focusing on materials or market segments not yet covered by the company.
The acquisition was finalized through the sale of shares held by the shareholders – Vaifro and Piero Campanini, and Lorenzo Baldi – and the simultaneous reinvestment by Dimitri Campanini, one of the founders’ son and Lapi’s Sales Manager, who will continue his journey within the company.
Founded in 1989 in Barco di Bibbiano (RE), Lapi operates across three production facilities, manufacturing components for a wide range of applications in various industrial sectors, including special vehicles, agriculture, earth-moving equipment, logistics, industrial machinery and medical devices. The company, with a team of over 80 employees and more than 150 clients, closed 2023 with an EBITDA of approximately €3 million. Between 2012 and 2023, Lapi achieved a CAGR of around 6%, demonstrating strong resilience to the economic cycles experienced over the years.
The target market, currently valued at an estimated €1.5 billion, is expected to grow by 4% annually over the next five years. This growth will be driven by the ongoing evolution of end-use sectors and the increasing penetration of the technology compared to alternative materials such as fiberglass or metal.
With its involvement, Koinos will also support Lapi – which, as part of the transaction, has chosen to become a Benefit Corporation starting from the closing – in the development of its ESG plan, aiming to achieve its B-Corp certification in the coming years. To date, the company has already implemented several high-impact sustainability initiatives, both environmentally– such as the installation of photovoltaic systems that have reduced CO2 emissions by 160 tons/year – and in in the production and social spheres, with various projects benefiting employees and the local community.
Marco Morgese, CEO of Koinos Capital SGR, stated: “Lapi’s acquisition marks an important milestone in our journey, as it provides us with the opportunity to launch another aggregation project in a promising and growing sector. This transaction – the fifth completed by the fund Koinos Uno – is fully aligned with our entrepreneurial approach, which focuses on creating and developing centres of excellence in fragmented industrial sectors with high potential. Moreover, we are placing a strong emphasis on ESG, as the main evaluation criteria aligned with B-Corp requirements were already applied during the due diligence phase, and the process to achieve this certification has been initiated with the goal of completing it as soon as possible”.
During the transaction, Koinos Capital SGR was assisted by Alpeggiani Avvocati Associati as legal advisor, Goetzpartners for business-related aspects, Grant Thornton Financial Advisory Services for financial due diligence and Horus Holding Advisory & Investments as financial advisor. Lapi was advised by Studio Legale Sutich – Barbieri – Sutich and F2S & Associati for the tax and corporate aspects of the transaction.