Fondo Italiano d’Investimento and The Equity Club acquire Isoclima
Milan, 29 December 2025 – Fondo Italiano d’Investimento SGR and the club deal platform The Equity Club have signed a binding agreement to acquire 100% of Isoclima S.p.A. from Stirling Square Capital Partners, a pan-European private equity firm.
The acquisition will be executed through Fondo Italiano Consolidamento e Crescita II (FICC II), which supports the growth of leading Italian companies in strategic Made in Italy sectors, and TEC Glass S.p.A., an independent vehicle established by the investors participating in the club deal initiative sponsored by The Equity Club (TEC). Founded in 1977 in Este (Padua), Isoclima is a global leader in transparent solutions using glass, polycarbonate, and acrylic for critical, technologically advanced, and safety applications. Its products serve high-potential markets such as aerospace, high-performance automotive, rail transport, defence and armoured vehicles, complex architectural projects, and exclusive marine applications.
The Group, with revenues of approximately €150 million and over 1,000 employees, operates internationally through six production facilities in Italy, the United States, and Croatia.
Due to its technical expertise and continuous investment in innovation, Isoclima is a trusted strategic partner for clients, supporting them from the earliest stages of design and development of highly complex structural transparent solutions. Over the years, the company has strengthened its leadership while embracing ESG principles.
Under the leadership of CEO Liviana Forza and the current management team, Isoclima is entering a new growth phase with the backing of FICC II and TEC Glass. The goal is to consolidate its global leadership, expand its presence in North America, and accelerate growth in high-potential sectors such as aerospace and advanced security applications.
Gianpaolo Di Dio, Chief Investment Officer and Senior Partner at Fondo Italiano d’Investimento SGR, commented: “Our investment in Isoclima reinforces our commitment to supporting Italian industrial excellence with unique technical and product expertise. We are confident that the outstanding management team, supported by Fondo Italiano and TEC, will drive further international expansion and growth, both organically and through acquisitions, in line with FICC’s strategy.”
Filippo Penatti, co-CEO of The Equity Club, added: “We are delighted to invest in Isoclima and support Liviana Forza and her team in the next stage of growth. With its leadership in high-value niche markets and global footprint, Isoclima perfectly reflects The Equity Club’s strategy of backing leading Italian companies with international ambitions.”
Liviana Forza, CEO of Isoclima, stated: “We are proud to begin a new chapter with the support of Fondo Italiano d’Investimento and The Equity Club. Our distinctive expertise and ambition will enable us to strengthen our position as a global leader.”
The transaction is expected to close by spring 2026, subject to customary regulatory approvals.
This marks the third investment by Fondo Italiano Consolidamento e Crescita II, Fondo Italiano d’Investimento’s flagship fund with over €500 million in assets, which already includes Rina (TIC & consulting engineering) and NPO Torino (system integrator) and is evaluating further acquisitions in strategic sectors.
The investment in Isoclima is the fourth deal under The Equity Club 2.0, the second edition of the club deal initiative sponsored by co-CEOs Roberto Ferraresi and Filippo Penatti, which invests on behalf of Ultra-High-Net-Worth clients brought together by Mediobanca Private Banking, following previous investments in Club del Sole, Rainbow, and Forgital.
Fondo Italiano d’Investimento SGR and TEC Glass were advised by LMCR/Studio Legale, Gatti Pavesi Bianchi Ludovici, and Herbert Smith Freehills Kramer for legal matters; EY for financial, tax, payroll, and structuring aspects; Roland Berger for commercial due diligence; TAUW for ESG, EHS & climate due diligence; Efeso for operational due diligence; and Marsh for insurance and W&I matters. Houlihan Lokey acted as financial advisor, and Fineurop Soditic as debt advisor.
Barings, assisted by PedersoliGattai for legal matters, acted as lender, providing a unitranche financing to support the transaction.
