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The Italian SF market is performing well. After a record year of SF transactions in 2024, 2025 is off to a strong start, with at least 3 acquisitions already completed in the first half of the year. Following the buyouts of Napolillo Industry and Savet by Fitex Capital and Octans Capital, respectively, we are now pleased to announce that Cassandra Investments, a Milan-based SF promoted by Emanuele Charalambis and Riccardo Donadel, acquired in May 2025 New Roglass S.r.l., an Italian industrial company active in glass recycling. The duo completed their search after nearly 2.5 years.
Founded in 2014, New Roglass is a specialized, value-added, and highly technological waste management operator focused on glass. Positioned at the intersection of glass production, processing, and related waste collection and recovery – across both packaging and float glass – the company is a strategic enabler of a fully circular economy. As a trusted partner to operators across the entire value chain, from multinational glass packaging and float glass manufacturers to food & beverage producers, collection operators, and even other recyclers, New Roglass sources glass waste of any type, form, and color, and transforms it into a high-purity secondary raw material, ultimately reintroduced into the furnaces of major glass manufacturers as a cost-effective and more sustainable input to produce new glass products.
Over the years, the company has experienced strong and consistent growth, supported by the continuous expansion and technological upgrade of its three processing lines, achieving a revenue CAGR of 20%+ in 2021–2024 while maintaining robust profitability with EBITDA margins consistently above 20%. In 2024, the company recorded revenues of approximately €10M and an EBITDA of approximately €2M.
The deal was backed on the equity side by 19 investors, including the seller and former CEO, along with a consortium of funds of funds, family offices, and seasoned private investors from the finance and private equity sectors. Notable participants included local firms like Search Fund Club and Search Capital Partners, as well as international investors such as Vonzeo Capital, RPG Capital, Arada Capital Partners, Cabiedes Inversiones, TMB3 Fund, and Colca Capital. Notable private investors included successful searcher and CEO James Turner, PE veteran Christian Wildmoser, and local serial investors Loris Lanzellotti, Stefano Airoldi, and Edoardo Carlo de Ruvo.
DD: PwC / Legal & M&A: Gianni & Origoni / HSE DD: TAUW Italia / Debt: Essentia
