The “illimity Credit & Corporate Turnaround Fund”, managed by illimity SGR S.p.A., has acquired a 54% stake in Varvel S.p.A. The capital of illimity SGR has increased the assets of Varvel, reinforcing the latter’s financial position, boosting its solidity and sheltering it from uncertainties arising from uncontrollable and unforeseeable external variables.
Varvel Group welcomes new capital, projecting itself into the future with renewed expectations. The Berselli family recently concluded the agreement for the entry of a majority shareholder into Varvel’s capital: the “illimity Credit & Corporate Turnaround Fund” managed by illimity SGR S.p.A., an important Asset Management Company.
The fund acquired a 54% capital stake in Varvel S.p.A. The total amount of the operation increased Varvel’s equity, reinforcing its financial position and protecting it from uncontrollable and unforeseeable external variables, such as challenges of the last few years: health emergencies, war and high concentrations of competitors.
The Italian power transmissions industry is in evident evolution, with major manufacturers entering foreign groups or being acquired by funds. In light of this, the Berselli family believed that Varvel group would benefit from welcoming an institutional shareholder, in order to stay competitive today and tomorrow. The illimity SGR fund’s directors have great faith in Varvel’s potential and are convinced that the Group has excellent chances of confirming the ongoing growth trend.
With this operation, the illimity SGR fund joins the Berselli family in supporting the Varvel Group’s development path. The family will remain as a minority shareholder and continue to operate in the company: Mr. Francesco Berselli will hold the position of Honorary President, and Cecilia Berselli will be a member of the Board of Directors, to ensure continuity of the company’s image and values, which have characterized Varvel in 68 years of business. The Engineer Mauro Cominoli, former Managing Director, will hold the position of Chief Executive Officer and will guide the company together with management.
Francesco Berselli, the Honorary President,“As a family we immediately felt attuned to illimity SGR and right from the outset it recognized Varvel’s potential. We couldn’t have chosen a better partner to accompany us along our growth path, while still maintaining our strong identity”.
Mauro Cominoli, Chief Executive Office, declared: “I believe the entry of illimity SGR will enable us to boost the company, reinforcing our presence in the national and international market, so that we can seize new expansion opportunities”.
The operation confirms the role of illimity SGR as a reference partner for historic companies of the Italian business fabric, with solid fundamental industries and a strong market positioning, supporting them along their relaunch path by contributing capital and specialized skills, focused on enhancing their potential.