Spindox: Progressio Acquires Majority Stake Amid Growth Plans
Deal News | Jul 31, 2025 | Progressio SGR SpA
Progressio SGR SpA has announced the acquisition of a 74.12% stake in Spindox S.p.A., an Italian company specializing in IT services and digital transformation. Progressio's investment in Spindox aligns with its strategy to support Italian entrepreneurial firms with strong growth potential, leveraging Spindox's distinctive market position and advanced technological capabilities. The acquisition, facilitated by Progressio's private equity fund, PI IV, highlights a strategic plan to bolster Spindox's competitive edge and promote further expansion through potential mergers and acquisitions (M&A). Post-acquisition, a mandatory tender offer will be launched for the remaining shares at the same price agreed in the purchase agreement, aimed at delisting Spindox from Euronext Growth Milan. Key executives at Spindox, including Paolo Costa, Mauro Marengo, and Massimo Pellei, will retain their roles and reinvest in the company. Legal and advisory support has been provided by firms including BonelliErede, EY Parthenon, and BCG, among others.
Sectors
- Private Equity
- Information Technology and Digital Transformation
Geography
- Italy – Both Progressio SGR SpA and Spindox S.p.A. are based in Italy, and the investment strategy focuses on Italian companies.
Industry
- Private Equity – Involves Progressio SGR SpA's acquisition activities and investment strategies.
- Information Technology and Digital Transformation – Spindox provides IT services, consultancy and digital transformation for businesses.
Financials
- Eur 13 per share – The price per share set forth in the sale and purchase agreement for the mandatory tender offer.
- Eur 335 million – The total commitments of Progressio Investimenti IV, exceeding their initial target.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Progressio SGR SpA | Bidding Company | Company | A private equity firm acquiring a majority stake in Spindox. |
| Spindox S.p.A. | Target company | Company | An Italian IT and digital transformation company. |
| Paolo Costa, Mauro Marengo, Massimo Pellei | Current Managers | People | Current executives of Spindox who will retain their roles post-acquisition. |
| BonelliErede | Legal Advisor | Company | Provided legal and contract negotiation support to Progressio. |
| EY Parthenon | Financial Advisor | Company | Conducted financial due diligence for the acquisition. |
| BCG | Business Advisor | Company | Performed business due diligence for Progressio. |
| Klecha & Co. | M&A Advisor | Company | Advised Spindox and its shareholders in the transaction. |