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One of the most complex transactions in the SF landscape has taken place in Italy. The entire process lasted over 18 months, including an initial phase dedicated to building the aggregation and defining the business plan, followed by a complex negotiation involving the 4 entrepreneurs selling their respective companies and Sunrise Capital, the Italian SF leading this build-up in the digital and screen-printing sector.
Launched in Q2 2023 by Carlo Pajusco, Sunrise Capital was backed by 15 investors, including Arada Capital Partners, Aurica, Ethos Partners, Evolutiq, Cabiedes Capital, JB46, Loris Lanzellotti, ONEtoONE Asset Management, TMB3, and Tres Coronas Capital, among others. To complete this transaction, Sunrise Capital transitioned into a partnered SF with the addition of Michele Fontana Sabatini, who brings extensive experience in buy-and-build transactions. They have recently completed the acquisition of 4 companies in the flat screen printing sector, forming a group named Minerva. All companies sold 100% of their shares while maintaining their corporate identities, brands, and operating sites, becoming part of the holding vehicle Minerva, in which the entrepreneurs reinvested part of their capital to varying degrees.
Minerva results from the integration of 4 Italian companies, including OXI Group Srl, a national leader in the keyboard segment. The group offers one of the most comprehensive ranges of screen-printing products and services on the market, including 2D/3D labels and plates, HMIs, polycarbonate, and plexiglass solutions. The company operates six manufacturing facilities covering more than 10,900 m². Its client base spans industries such as industrial automation, motorcycles, electronics, retail, agriculture, healthcare, and HoReCa. Together, the four companies generate revenues exceeding €20M, with an EBITDA margin of around 20%, positioning Minerva as a leading player in this highly fragmented market.
The transaction follows an alternative approach to the traditional “buy and build” strategy. Instead of acquiring a single platform company and expanding it, SHC Advisor designed the aggregation from the outset by identifying and combining several complementary SMEs within a fragmented sector. Starting from an initial flat screen printing business, they developed a unified industrial project involving four companies, creating an integrated offering supported by a shared business plan covering financial, operational, and strategic aspects. This collaboration defined roles, synergies, and growth strategies, making the project industrially robust even before attracting investors. The process demonstrates that small, fragmented businesses can successfully combine into a structured and competitive group without losing their individual identity.
Financial Advisor: SHC Advisor / Legal: RP Legal & Tax
