Milano Capital invests Euro 26 million in Studitalia, consolidator in the Italian accounting sector

Home/News/Milano Capital invests Euro 26 million in Studitalia, consolidator in the Italian accounting sector

Milan, September 23, 2024. Studitalia announces a majority investment into its share capital by Milano Capital, together with a group of high-profile private investors.

Studitalia, formerly known as Mazzolini and Partners, co-founded and managed by accountants Dario Mazzolini and Cristiano Verazzi, provides accounting, administration, tax, corporate, and labor consultancy services to businesses. Over the past 10 years, it has grown by more than 15% per year, completing 20 acquisitions with an efficient operational model focused on specialized teams. In 2024, the group’s companies are expected to reach Euro 9 million in revenue. Further acquisitions are underway and will expand the initial perimeter to over Euro 15 million in revenue.

The deal – The investment in Studitalia amounted to over Euro 261 million, mainly through a capital increase to finance further acquisitions and investments in IT systems. The goal is to create, within 5-6 years, a national leader with over Euro 55 million in revenue, capable of creating value for clients and attracting and motivating talented people.

Milano Capital, a Private Equity boutique led by Gabriele Bavagnoli with Partner Gianluca Longhi, both former McKinsey executives, involved high-profile investors in the deal, including PFC family office, focused on social and environmental impact investments; Ekon Capital, founded by Matteo Lodrini, former CFO of Industrie De Nora; Evoluzione 11, led by Carlo Bertagnin Benetton; Solferino Investment, led by Donato Romano, former founder of the La Piadineria Group; and BG Asset Management, headed by Maurizio Borletti and Paolo de Spirt, who were already partners of Milano Capital during the 2017 IPO of Spactiv.

The transaction was sponsored by MpO, Italy’s leading firm in M&A transactions involving professional firms. MpO assisted Studitalia in its growth journey as an advisor and will continue to support future acquisitions.

The company’s management remains within Dario Mazzolini and Cristiano Verazzi, while Gabriele Bavagnoli and Gianluca Longhi of Milano Capital will join them as Directors of the Board.

Dario Mazzolini, Chairman of Studitalia, said: “We are glad to have chosen Milano Capital as our partner be with us in this growth journey. The capital contribution will allow us to make acquisitions, invest in technology, attract talented individuals, and develop new services for our clients.”

Gabriele Bavagnoli, Founding Partner of Milano Capital, stated: “Accounting, administration, and consulting services are fundamental for the five million businesses in Italy. However, the sector is fragmented into a myriad of accounting firms, data centers, payroll specialists, and other operators. Italy lacked an aggregator with the scale, ambition, and human and financial resources that Studitalia now has. We are proud to contribute to this project together with our co-investors.”

Corrado Mandirola, co-founder of MpO, commented: “The Studitalia / Milano Capital deal marks a crucial moment for the consolidation of professional firms in Italy. For years, MpO has believed in the importance of the aggregation process, assisting professionals in integrating their activities.”

[1] The amount reinvested by the Shareholders of Studitalia is included in the figure.

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Milano Capital was assisted by Alberto Salvadè and Maurizio Pinto from the law firm Bird & Bird, by Luca Zesi and Davide Lombardi from Deloitte, by Antonella Lanfranco from Brandfanatic, and by Emanuele Nicora from Key2People. Corrado Mandirola, Alessandro Siess, and Giangiacomo Buzzoni from MpO assisted Studitalia.