EOS IM acquires Donati SpA
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EOS Investment Management (EOS IM), an independent international group specializing in the promotion of alternative investment funds in the real economy with a strong vocation for sustainability, has acquired Donati S.p.A. (Donati), the Italian leader in the specialized distribution of spare parts components for the Elevators & Escalators sector, a sector that is experiencing significant growth driven by the need to modernize the fleets installed in the main European markets as well as the introduction of digital solutions aimed at providing additional services and greater safety.
The company-which has had revenues growing at 10 percent annually for the past 3 years and will reach the 24 million mark this year-has headquarters in Cernusco sul Naviglio and branches in France, Germany, and the United Arab Emirates. Thanks to its widespread presence and high distribution efficiency, it reaches 45 countries and delivers to Europe within 24 hours, with an assortment of more than 12,000 items.
Recent industry analyses show that the Italian market-where Donati has a leading position-is among the most relevant in Europe, with nearly 1 million installed elevators operating about 100 million trips per day, involving millions of users. Yet more than 40 percent of the systems in service in Italy are more than 30 years old (about one-third more than 45 years old) and in need of modernization, with maintenance intervention rates growing steadily (about +20 percent in the last five years). Even globally, the Elevators & Escalators market is experiencing annual growth rates of 3-4% per year, but within it, the drivers of “modernization,” i.e., the introduction of updated and innovative solutions on existing systems, is growing by c. 7% per year.
The acquisition of Donati is perfectly in line with the EOS IM strategy, which focuses on accelerating the transition of companies that have a clear opportunity to introduce more sustainable and digital models, pushing them from the stage of local players to that of structured organizations with an international scope. The company’s development plan includes both the expansion of subsidiaries in France, Germany and the UAE and growth through targeted acquisitions, both in Italy and abroad.
“With Donati we have completed the investment cycle of Fund I, which had previously been allocated in a balanced manner in the target sectors of our strategy: Specialized Industry, Business Services and Food. The portfolio – which has grown significantly both organically and through acquisitions – has already been partially realized with 2 exits that have generated significant returns for our investors,” commented Gianni Galasso, Senior Partner of EOS IM Group, Private Equity Strategy, “We are extremely satisfied with both the performance achieved and the outlook, and we believe that Donati represents an excellent complement to Fund I, both in terms of sectors and characteristics. In the companies in our portfolio – over the last few years – we have already implemented many activities aimed at directing business models toward a greater degree of sustainability and levels of digitalization, but we believe that we are only at the beginning of this path: this is why we decided to specialize our second Fund (“EOS PE Next Evolution Fund II”) on value creation strategies that can concretely help companies evolve their business models, organization and operating models toward a full integration of the opportunities offered by the ecological and digital transition.”
The EOS IM team, composed of Giovanni Galasso (Senior Partner), Marianna Castiglioni (Partner), Francesca Elia (Investment Director), and Alessandro Candido (Investment Associate), was assisted by EY and Gatti Pavesi Bianchi Ludovici for financial and tax aspects, Goetzpartners for commercial and business aspects, ERGO for sustainability and circularity analysis, Greenwich for environmental aspects, and Willis Towers Watson for insurance aspects. Grimaldi Studio Legale acted as legal advisor.
Donati S.p.A. was assisted by Studio Rock as financial, legal and tax advisor.