Etjca: Leading Italian Human Capital Group Emerges After Consolidation
Deal News | May 29, 2025 | Finance Community IT - 3 Private Equity
Vam Investments, a private equity firm specializing in buyouts and consolidation platforms, has acquired the Italian groups Etjca and Sirio. By combining these ventures, Vam Investments has forged Italy's first fully integrated human capital services group, signaling a significant move in the staffing and education consultancy sectors. This new group, guided by CEO Stefano Scabbio, is projected to have a pro-forma turnover of approximately €370 million in 2024, providing employment for over 15,000 people across Italy each month. The comprehensive services offered by this integrated group will now cover staffing, HR services, and corporate training. Vam Investments was backed by several advisors: Gatti Pavesi Bianchi Ludovici as the legal advisor, PwC handling the business, financial, tax, and IT advisory, and Tremonti Romagnoli Piccardi e Associati managing tax-related issues. The sellers of Sirio were assisted by Ethica Group's M&A Advisory team. For financing the transaction, Ethica's Debt Advisory team curated the required capital, with Credit Agricole Italia, Banco BPM, Banca Ifis, and UniCredit playing pivotal roles as financial arrangers and coordinators.
Sectors
- Private Equity
- Human Resources/Staffing Services
- Financial Advisory
Geography
- Italy – All main companies and operations mentioned are based in Italy.
Industry
- Private Equity – The involvement of Vam Investments highlights the role of private equity in buyouts and consolidations.
- Human Resources/Staffing Services – Etjca and Sirio operate within the sectors of employment services and HR, specializing in staffing and employee training.
- Financial Advisory – The transaction engaged legal, business, and financial advisors such as PwC and Gatti Pavesi Bianchi Ludovici, illustrating the need for advisory services in such deals.
Financials
- 370 million euros – Projected aggregate pro-forma turnover in 2024 for the newly formed group.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Vam Investments | Buyer | Company | A private equity firm specializing in buyouts and consolidation platforms. |
| Etjca | Target | Company | An Italian group active in employment services and HR. |
| Sirio | Target | Company | An Italian group offering consulting and corporate training services. |
| Gatti Pavesi Bianchi Ludovici | Legal Advisor | Company | Provided legal advisory services to Vam Investments. |
| PwC | Business, Financial, Tax, and IT Advisor | Company | Executed business, financial, tax, and IT advisory for Vam Investments. |
| Tremonti Romagnoli Piccardi e Associati | Tax Advisor | Company | Handled tax-related issues for the transaction. |
| Ethica Group | M&A and Debt Advisor | Company | Assisted sellers of Sirio in M&A advisory and structured the deal's financing. |
| Credit Agricole Italia | Lead Arranger and Global Coordinator | Company | Played a key role in arranging the deal's financing. |
| Banco BPM | Lead Arranger and Global Coordinator | Company | Involved in arranging the financial terms of the transaction. |
| Banca Ifis | Lead Arranger and Global Coordinator | Company | Assisted in coordinating the financing for the acquisition. |
| UniCredit | Lead Arranger and Global Coordinator | Company | Helped orchestrate the financial framework for the deal. |
| Stefano Scabbio | CEO | Person | Appointed CEO of the newly formed group. |
| Alessandro Conte | M&A Advisor | Person | Part of Ethica Group's M&A advisory team. |
| Jacopo de Maio | M&A Advisor | Person | Part of Ethica Group's M&A advisory team. |
| Alessandro Cortina | Debt Advisor | Person | Part of Ethica Debt Advisory team. |
| Marco Ciancabilla | Debt Advisor | Person | Part of Ethica Debt Advisory team. |