CVC Capital Partners agreed to acquire 100% of Clevertech shares in REFA, with the Reggiani family holding the reinvestment and CVC as a minority shareholder after completion.
The transaction gives CVC control of an Italian industrial group that has reported revenues of €236 million and EBITDA of more than €70 million by 2025. Clevertech employs more than 450 specialized professionals and designs automated packaging systems for customers in all global markets. Completion is expected by the end of 2026, subject to regulatory approval, and the investment was made through CVC Capital Partners IX.
The structure includes complete transfer of ownership and continued family participation. Giuseppe Reggiani will remain chairman and chief executive officer, while Umberto Reggiani, Enrico Reggiani and Simone Cervi will continue as chief marketing officer, chief financial officer and chief technology officer respectively. That further reduces operational risk at a time when CVC seeks to accelerate international expansion and investment in innovation.
The announcement does not disclose the purchase price, putting a lot of attention on the business's performance profile and how the reinvestment is structured. REFA's decision to retain minority status guides the founding family and the next phase of value creation, while CVC gains the control needed to support expansion and further investment. Financial groups evaluating similar sponsor-backed deals will recognize the importance of defining management rights, management benefits and financing obligations prior to completion rather than treating rollover equity as a simple sign of confidence.
The advisor list also reflects the complexity of the transaction. REFA is advised by JP Morgan on M&A, while CVC appoints UBS for M&A advice, Bain & Company for commercial work, EY for financial and tax matters, Cleary Gottlieb for legal advice and Latham & Watkins for antitrust. Each line of work will go into valuation, transaction structure, regulatory approval and post-completion planning, especially as Clevertech expands across markets with different customer needs and investment cycles.
Clevertech's position in automation gives the deal a clear industrial concept. Manufacturers continue to invest in automation to improve productivity, labor efficiency and production consistency, but growth in the sector still depends on strategic project selection and capital transformation. A private equity owner can provide capital and strategic support, but the finance function must maintain control over working capital, customer focus, foreign exchange exposure and returns on new manufacturing investments.
The work also reflects the continued interest of private equity in profitable European industrial enterprises, led by founders where the continuity of management can remain close to the ownership of the institution. Keeping the Reggiani family invested may support customer and employee confidence, but it also requires accurate decision-making rights between the incoming owner, minority shareholder and executive team.
CVC's next test will be to transform the acquisition thesis into measurable international growth without weakening the financial discipline that made Clevertech so attractive. Finance leaders involved in comparable deals will need clear post-completion reporting, agreed-upon capital allocation limits and early visibility into whether the promotion is improving cash flow and profitability.
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