Strategic View:
Italy’s unique “club deal” platform, The Equity Club (backed by Mediobanca), has partnered with Fondo Italiano d’Investimento to acquire Isoclima, a global leader in armored glass. A textbook example of “Patriotic Capital” syndication.
Full Story:
The Italian private equity market continues to innovate with its “Club Deal” structures. On Thursday, The Equity Club (TEC)—an investment vehicle organized by Mediobanca that aggregates capital from over 100 wealthy Italian families—announced the acquisition of Isoclima S.p.A., a high-tech manufacturer of transparent armor and aerospace glass.
This deal is a co-investment masterclass. TEC joined forces with Fondo Italiano d’Investimento SGR, the state-backed sovereign fund, to provide a 100% buyout solution. By combining family office capital (TEC) with sovereign institutional capital (Fondo), the consortium creates a “long-term” owner base that Isoclima’s management preferred over traditional aggressive PE funds.
Isoclima is a strategic asset, supplying glass for Apple stores, super-yachts, and military vehicles. The consortium plans to finance a bolt-on acquisition strategy in the US and Asia. This deal underscores the growing power of “Permanent Capital Clubs”—structures that have no fixed exit horizon, allowing them to outbid traditional funds for generational family businesses.
Why It Matters:
Family Offices are tired of the “LP” model. Platforms like The Equity Club allow them to pick and choose deals on a deal-by-deal basis (pledge funds). This structure is rapidly gaining market share in Europe’s DACH and Italian mid-markets, offering a third way between PE and public markets.
Source(s):
GlassOnWeb – Baird Deal Recap
