Subscribe to unlock this article
Thanks for your support.
Visconti Capital, a SF launched in Q3 2023 by Carlo Luigi Fontana Giusti and Clemente di Napoli Rampolla, has announced the acquisition of ELTI (European Lift Testing Italia), a leading Italian inspection and certification company specializing in building-related infrastructure.
Established in 1997 with a commitment to quality and safety, ELTI is authorized by the Ministry of Economic Development and accredited by ACCREDIA. Headquartered in Rome, the company has become a leader in buildings’ infrastructure-related certifications, offering a comprehensive range of services that include mandatory elevator inspections, electrical system verifications, certification of charging stations, automatic doors and gates, photovoltaic systems, and water quality testing. Since 2021, ELTI has expanded its operations to the United Kingdom. The company currently generates nearly €15M in annual revenue, with an EBITDA margin of approximately 40% over the past three years.
Operating across Italy, ELTI holds a significant market share, particularly in central Italy. The company’s distinctive business model, characterized by a fragmented client base, mandatory inspections, and long-term renewable contracts, positions the company as a unique small-sized “infra-like” investment opportunity.
Key investors participating in the acquisition include international funds such as Ethos Partners, ONEtoONE Asset Management, Innesto Partners, Arada Capital Partners, and Scipio Holding, as well as the seller and other Italian and international family offices.
For Clemente and Carlo Luigi, the acquisition of ELTI represents the third investment through Visconti Holding, created in 2015. Its founders, Clemente di Napoli Rampolla, former at Kiejman & Marembert leading Paris-based law firm, and Carlo Luigi Fontana Giusti, former Leader at McKinsey & Company Private Equity Practice, will serve as co-CEOs of ELTI. Drawing on their extensive experience from previous investments, they aim to further expand ELTI’s market presence.
In a joint statement, Carlo Luigi and Clemente expressed their enthusiasm for the acquisition, citing “the recurring and mandatory nature of ELTI’s business, an extremely widespread customer base across the country, its highly profitable model, and fragmented competition, provide a solid basis for programmatic M&A activities and the potential emergence of a national leader in this market niche.”
The acquisition process was supported by Alvarez & Marsal, Cappelli RCCD, Tonucci & Partners, and Essentia, which provided financial, legal, fiscal, and debt advisory services, respectively. Grimaldi Alliance acted as the sell-side advisor. The transaction was financed by Banco BPM and Banca Sella, with Banco BPM serving as the agent bank.
