Equinox has created substantial value both for investors and portfolio companies

2016 - today

2011-2015

2006-2010

2000-2005

Modulblok is a leading Italian manufacturer of storage systems for the logistic industry.The Company offers a portfolio of products for the static market, with excellent anti-seismic characteristics and a wide range of tailor-made solutions.

Modulblok can count on a strong brand and has long-term and profitable relationships with key dealers and automation players on the market.The Company has a state-of-the-art production facility (35,000 sqm) based in Amaro (Udine) with modern machinery and equipment adopting Kanban and Lean approach. Company’s premises are strategically positioned to gain market share inside and outside of Italy.

Modulblok is renowned for its best-in-class product quality, its reliability and stands out for its profitability among its national and international peers.The Company is ideally positioned to benefit from the growing reference market: the warehouse racking market and the automated storage and retrieval systems show positive future trends (+6.5%;+12.0% CAGR ‘22-’27) on the back of strong long-term tailwinds (e-commerce increasing penetration, supply chain disruptions and onshoring, positive end-market outlooks, etc.).

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Name

Equinox III

Fund

Stake

Storage Systems

Sector

Udine, Italy

Headquarters

In portfolio

Status

<a target="_blank" rel="noopener noreferrer nofollow" href="https://www.modulblok.com/it/?gclid=CjwKCAjw1YCkBhAOEiwA5aN4AfsWnNNUR4CrRTeTNHEuYVa_PRnIKHyt1BaBpAGzIpWHokRpsmIjXxoCoOwQAvD_BwE">www.modulblok.com</a>

Website

Modulblok

The Migal Group is a leading provider of manufacturing services in the field of forging and machining of non-ferrous metal components.

The Group supplies brass (~80% of sales), copper, aluminium, bronze and steel components to blue-chip multinationals active mainly in the water (~70% of sales), gas and electricity markets. About 60% of sales are exported outside Italy.

The Group has 3 operating facilities, located in the province of Brescia, with state-of-the-art equipment in an area of approximately 70,000 sqm and significant spare capacity to support further growth. The Group is characterised by a high degree of production flexibility and a wide range of products and materials, which enables it to establish and maintain a strong relationship with multi-business customers.

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Migal Group

Equinox III

Metal Machining

Marcheno, Italy

In portfolio

<a target="_blank" rel="noopener noreferrer nofollow" href="http://www.migal.it">www.migal.it</a>

Migal Group

In June 2021, Equinox acquired a majority stake (63%) of a leading Italian manufacturer of high-quality cookies, chocolate decorations and breadcrumbs for major ice cream and food multinational brands.

The domestic market generates 65% of sales (i.e. mostly made by Italian subsidiaries of multinational companies). International revenues are mainly generated in Europe.

The Group operates through three state-of-the-art, wholly-owned production facilities based in the Perugia area, equipped with the latest technology to meet customers- needs and with significant spare capacity available to support further growth.

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Salpa &amp; Cherubini

San Giustino, Italy

<a target="_blank" rel="noopener noreferrer nofollow" href="http://www.salpa.it">www.salpa.it</a>

Salpa & Cherubini

Established in 2016 by Stefano Saturnino, Giovanni Arbellini, and Ilaria Puddu, Pizzium is a leading independent pizza retail chain operating with 22 directly owned stores.

Despite its recent foundation (first openings in 2017), the business model’s success has allowed Pizzium to easily scale up and replicate its pizzeria format in the most important provinces of north-western Italy in Lombardy, Piedmont, and Emilia-Romagna, as well as in Lazio. Pizzium has a distinctive value proposition and is perceived as the “new trendy/gourmet pizza chain”.

It is characterised by an innovative, unique and distinctive concept/format, linked to the traditional atmosphere and Neapolitan pizza with DOP and IGP specialities from the Italian regions together with stone-ground flour and long leavening.

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Pizzium

Food

Milan, Italy

<a target="_blank" rel="noopener noreferrer nofollow" href="http://www.pizzium.com">www.pizzium.com</a>

Pizzium

Pedemonte Group is the controlling entity of VPA, founded in 1982 by Livio Arzani, and Lombardi, founded in 1951. Both are located in Valenza (AL). Through its subsidiaries, VPA, Lombardi, Thea, and Valmanova, Pedemonte Group is active in the engineering and manufacturing of high-end jewelry for key players within the luxury industry.

Lombardi, with the brand Vendorafa, also designs and commercializes its own collection in some of the best luxury department stores globally. Based between Valenza and Paris, the group is able to combine highly technological manufacturing through CNC machinery and strong artisanal know-how.

The presence in Paris allows an even stronger relationship with customers and the ability to offer Haute Joaillerie manufacturing.

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Pedemonte Group

Valenza, Italy

<a target="_blank" rel="noopener noreferrer nofollow" href="http://www.pedemontegroup.com">www.pedemontegroup.com</a>

Pedemonte Group

Clas SpA, established in 1989 in Sanremo (Liguria) is a leading manufacturer of pounded sauces, mainly based on green basil (i.e. “Italian Pesto”), sold to primary multinational food brands and grocery retailers in Italy and abroad. More than 90% of sales are export driven with a well-balanced and diversified customers’ base.

The company’s state-of-the-art production plant is based near to Imperia (Liguria) and can count on a production capacity of approx. 180 mln jars per year and a strong R&amp;D attitude.

In order to preserve the quality of its products, Clas is vertically integrated in the cultivation of basil leaves through the subsidiary Clas Agricola and is able to produce 50% of the annual semi-finished products due to its investment on the manufacturing process.

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Imperia, Italy

<a target="_blank" rel="noopener noreferrer nofollow" href="http://www.claspesto.com">www.claspesto.com</a>

Clas

MVC Group, founded back in 1946, is an Italian company active in the manufacturing and distribution of sportswear garments for cycling, mountaineering, cross country skiing.

In 1972 Sportful was founded and it developed its first cross-country ski collection. In 1985 MVC Group started with the production of a Sportful cycling line and years later in 2003 the renown brand Castelli was acquired by MVC Group and relaunched worldwide.Karpos, the latest addition to the portfolio, was founded in 2007, and it is active in the production of technical outwear garments.

Approx 80% of MVC Group overall sales are outside of Italy with strong focus on the US and UK market.

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Leisure, Consumer and Retail

Fonzaso, Italy

<a target="_blank" rel="noopener noreferrer nofollow" href="http://www.mvcgroup.com">www.mvcgroup.com</a>

Websites

MVC Group

Quid Informatica, established in 1987, is an Italian company active in the design, deployment and management of IT solutions, mainly for banking and insurance services.

In addition, it provides IT consulting services to manufacturing businesses, utilities, and other Italian small and medium enterprises. The Company is recognized as a reliable IT partner, providing services to the main Italian financial institutions, and implementing and managing end-to-end solutions.

Through its Qinetic platform, Quid offers a software solution able to support the digitalization of specialty finance processes increasing the productivity and the accuracy of financial services.The Group operates through two entities. Quid targets mainly banks, insurance companies, and specialty finance players; Quin supports manufacturing companies and SMEs with IT consulting services in specific niches relating the supply chain management.

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Quid Informatica

Technology

Florence, Italy

In portfolio

Quid Informatica

German fashion retailer targeting customers in the 45+ age bracket, estimated to represent 50% of the German population by 2020.Operates 180 textile stores across Germany, Austria, Switzerland, and Luxembourg.Strong market dynamics:<ul><li>German value clothing market worth circa €13bn</li><li>Growing price sensitivity of consumers</li><li>Increasing demand for high-quality clothes at affordable prices</li></ul>

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Equinox II

Haibach, Germany

<a target="_blank" rel="noopener noreferrer nofollow" href="http://www.adlermode.com">www.adlermode.com</a>

Adler

LivaNova PLC (formerly Sorin Group) is a global medical technology company. LivaNova is recognized for its advanced technologies and treatments. Headquartered in London, LivaNova has a presence in more than 100 countries worldwide. The Company currently employs more than 3,500 employees.LivaNova operates as two business franchises: Cardiac Surgery and Neuromodulation, with operating headquarters in Mirandola (Italy) and Houston (U.S.A.), respectively.

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Lifesciences

Milan, Italy

<a target="_blank" rel="noopener noreferrer nofollow" href="https://www.livanova.com/">www.livanova.com</a>

Liva Nova

An airline business created out of a merger of Alitalia and AirOne (Italy was the 5th largest European market for leisure and business travelers, 8th globally).Alitalia CAI acquired the industrial activities of Alitalia with the aim of recovering the operations of the former airline and expanding the business to fully serve the Italian market.Alitalia was acquired as part of an asset deal from a bankruptcy procedure by a consortium, including Equinox, prior to being merged with AirOne.

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Rome, Italy

Alitalia

Bioenergie is a group of companies operating in the renewable energy sector.Principal focus is on the production of electricity from solid biomass (woodchip as feedstock).Group companies have a combined net power of:<ul><li>94 MW in biomass from three power plants</li><li>15.3 MW in solar energy through photovoltaic fields in Central Italy</li><li>2.0 MW through two power biogas plants</li></ul>

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Bio Energie

Renewable Energy

Rome, Italy

<a target="_blank" rel="noopener noreferrer nofollow" href="http://www.bioenergiespa.com/">www.bioenergiespa.com/</a>

Bio Energie

A conglomerate with a diversified portfolio of financial and industrial assets. A high leverage ratio meant the company was at risk of bankruptcy in 2008. Equinox led the rapid reorganization of the undervalued portfolio of illiquid assets:<ul><li>Trade sales of real estate properties</li><li>Debt restructuring of Bios</li><li>Trade sale of industrial companies</li><li>Extracted medical technology business, Sorin</li></ul>

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Industrial Conglomerate

Brescia, Italy

Hopa

The operator of Italy’s executive aviation industry with a fleet of 11 jets.Possessed one of the best European maintenance centers situated at the Milan Linate ATA airport, fully dedicated to business aviation and boasts a 24/7 operation center.The European aviation market recorded double-digit growth between 2004 and 2008.

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Executive Airline

AirFour

European leader in the production and distribution of diagnostic instruments (ultrasound, MRI, technical assistance and IT to hospitals).Post Fund I divestment Esaote remained one of the leading European manufacturers of ultrasound and dedicated magnetic resonance (MRI) imaging equipment with a good product portfolio of ultrasound ranging from portable to high end systems. Strong positioning in dedicated MRI in niche markets, such as veterinary.

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Equinox I &amp; II

Lifesciences

Genoa, Italy

<a target="_blank" rel="noopener noreferrer nofollow" href="http://www.esaote.com">www.esaote.com</a>

Esaote

Founded in 1878, G. Citterio is one of the oldest high-quality meat producers in Europe.Four main product categories: ham (“cotto” and “crudo”), mortadella and salami. These four product categories account for 81,3% of the overall sales.Citterio Finanziaria – where Equinox had governance rights – was the main shareholder in G. Citterio, owning 36% of the business.

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<a target="_blank" rel="noopener noreferrer nofollow" href="http://www.adlermode.com">www.</a><a target="_blank" rel="noopener noreferrer nofollow" href="http://citterio.com">citterio.com</a>

Citterio

Global leader in desalination plant engineering and contracting, a € 6 bn global market, 70% of which is in the Persian Gulf.15% global market-share and 37% market-share in the Persian Gulf.First producer of MSF (Multi Stage Flash) desalination technology.Established market leadership in the 1990s, amassing total installed capacity of 350 million Gallons Per Day.At the time of the acquisition Fisia acquired 60% of Fisia Babcock (waste to energy and flue gas treatment), a large contract win in Campania.

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Fisia Italimpianti

Environmental Engineering

Genoa, Italy

Fisia Italimpianti

British heritage luxury shoe manufacturer founded in 1873 by Thomas Church in Northampton, owned by the luxury group Prada.Targeting upper end of the men’s market through ‘Church’ and ‘Cheaney’ brands.Global offering with 25 stores in Europe, 18 in North America and 2 in the Far East.

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Footwear Manufacturer

London, United Kingdom

<a target="_blank" rel="noopener noreferrer nofollow" href="http://www.church-footwear.com">www.church-footwear.com</a>

Church's

Leading global manufacturer of color cosmetics, supplying premium market leading brands – Chanel, Estee Lauder and L’Oréal.Large and growing addressable market across Europe, the USA and Asia.Entrepreneurial founder focused on internationalisation and expansion of the product portfolio.Intercos success is based on high quality products, price setting ability and constant innovation

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<a target="_blank" rel="noopener noreferrer nofollow" href="http://www.intercos.com">www.intercos.com</a>

Intercos

Manuli Film manufactured and distributed BOPP films.The 4th largest European manufacturer in its field, the Manuli Film production unit in Sessa Aurunca (near Naples) was the largest in the world with a maximum output of 100,000 tons per year and five BOPP lines.The BOPP films Manuli produced had multiple applications spanning food and non-food products, print lamination, adhesive tapes and labels.The business had strong cash flows, with other key competitors controlled by private equity investors.

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Manuli Film

Manuli Film

Leading Italian ferry-boat operator.Extensive routes across Italy, Sardinia, Corsica, and the Elba Islands.Transported 3 million passengers in the year prior to acquisition (2001), 3.5 million in 2003.Tirrenian islands market leader holding 60% market share.6,000 travel agencies in Italy alone and 22,000 across Europe in total.

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Marine Transportation

Moby

Established in 2000, Equinox has created value for its investors over more than 20 years through its distinctive approach.