The transaction, executed in partnership with the current management team, entails the acquisition of 100% of the share capital of the IT system integrator and represents the second investment by Fondo Italiano Consolidamento e Crescita II
Milano, 5th November 2025 – Fondo Italiano d’Investimento SGR announces the acquisition of 100% of NPO Torino S.r.l., in collaboration with its existing management team. NPO Torino is a system integrator specializing in managed services and mission-critical IT infrastructure processes, with offices in Brazil and the United States.
Founded in Turin in 2009 and owned since 2015 by the Japanese multinational Ricoh, NPO Torino has become one of Italy’s leading IT integration firms, employing more than 700 NPEs. In 2024, the company reported consolidated pro forma revenues of approximately €100 million.
Under the terms of the agreement, Fondo Italiano will acquire 70% of NPO Torino and its subsidiaries, while the remaining 30% will be retained by entrepreneur-managers Massimo Altamore, Romualdo Delmirani, and Piergianni Ferraris.
This transaction marks the second investment made through Fondo Italiano Consolidamento e Crescita II – FICC II, a fund established to support consolidation initiatives within fragmented yet high-potential sectors of the Italian industry. FICC II aims to reinforce NPO Torino’s market positioning by developing a group with a nationally and internationally recognized brand. The strategy includes enhancing the business model, streamlining operations, and increasing organizational flexibility.
The company will continue to be led by CEO Massimo Altamore and General Manager Romualdo Delmirani, both of whom will retain their roles following the acquisition. Founder Piergianni Ferraris will remain a shareholder and will oversee operations in Brazil and the United States.
Gesualdo Di Bernardo, Senior Partner at Fondo Italiano d’Investimento SGR, commented: “Fondo Italiano’s investment in NPO Torino represents a significant milestone for the IT sector and for the strengthening of Italy’s industrial capital in a strategic domain. This initiative reaffirms our commitment, through the second generation of Fondo Italiano Consolidamento e Crescita, to support the aggregation and technological advancement of high-potential national companies. Ricoh has successfully guided NPO Torino’s growth in recent years and identified the transition to Italian ownership as the optimal path for the company’s continued industrial and technological evolution. This is the Fund’s first carve-out from an international group, and we believe it can serve as a model for similar future transactions.”
Entrepreneur-managers Massimo Altamore, Romualdo Delmirani, and Piergianni Ferraris added:
“We are proud to begin a new chapter of growth with Fondo Italiano d’Investimento, a partner that shares our industrial vision and values the strength of Italian expertise in the IT sector. We thank Ricoh for its trust and professionalism throughout our journey and look forward to expanding NPO Torino’s presence in Italy and abroad through investments in talent, technology, and innovation. We have chosen to remain actively involved in the company’s management because we firmly believe in its growth potential and in the strength of this new partnership, which marks a turning point for NPO Torino and contributes meaningfully to the development of Italy’s IT industry.”
Davide Oriani, CEO of Ricoh Italia, added: “I would like to thank NPO Torino’s management team for the journey we’ve shared over the past ten years and for the results we’ve achieved together. Today’s agreement marks the beginning of a new phase for the company—an evolution of the work done so far, built on shared values such as innovation, quality and customer focus. We wish every success to all NPO Torino employees and new shareholders as they begin this exciting new chapter.”
The transaction is expected to close by January 2026, subject to customary legal conditions.
Fondo Italiano Consolidamento e Crescita II – FICC II, the flagship fund of Fondo Italiano d’Investimento with over €500 million in assets under management, already includes Rina S.p.A. (based in Genoa, active in TIC and consulting engineering) in its portfolio and is evaluating further acquisitions in strategic sectors.
Fondo Italiano d’Investimento SGR was advised by Pedersoli Gattai (legal and contractual matters), Deloitte (financial, tax, and payroll due diligence), BCG (business due diligence), ERM (ESG, EHS, and climate due diligence), WTW (insurance due diligence), Lincoln International (debt advisor) and
PS Advisory (M&A advisor).
Equita and Alantra supported the transaction with a tailored credit facility.
NPO Torino was advised by Nash Advisory (financial advisor), Pavia e Ansaldo (legal matters), and Monda & Partners (tax matters).
Ricoh was advised by PwC (tax matters) and Gitti & Partners (legal matters).
