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Project Harvest: Italian Specialised Ag-Machinery & Power Equipment Turnaround
Operating company Live

Project Harvest: Italian Specialised Ag-Machinery & Power Equipment Turnaround

TBD
Asking price
Lombardy, Italy
Lombardy, Italy
Operating Company
TBDAsking price
€85.8MRevenue LTM
–€4.3M parentEBITDA LTM
LiveStatus

Who they are & what they do

SectorOperating company
Company overview

The Company is a family-controlled Italian industrial group with over 80 years of history. It makes specialised agricultural machinery (compact and articulated tractors for vineyards, orchards, greenhouses and municipalities, two-wheel tractors, motor mowers and haymaking equipment) and, through a power division, welder generators, generating sets and lighting towers. It runs four established brands, three plants in Northern Italy (300,000+ sq m) and foreign subsidiaries including a manufacturing platform in India, selling through dealers and importers in 100+ countries. Production is fully vertically integrated, from machining and gear cutting (c. 500,000 gears/year) to heat treatment, coating and assembly. It is supported by proprietary steering and safety IP and a full-electric tractor range launched in 2024.

After peaking at c. €155m revenue and ~8% EBITDA margin in 2023, the group was hit by the post-Covid market downturn, with Italian tractor registrations at a 1952 low in 2024. Internal issues added to the pressure: a rigid cost base after €22.5m of capex, an ERP migration costing c. €10m in tractor revenue, a plant fire and procurement inefficiencies. Now in a court-supervised restructuring, the Company is running a competitive process to find investors and lenders to fund a restart from autumn 2026. Management has been renewed, costs reduced and over €16m of working capital released in 8M 2026. Strategic buyers and turnaround/PE investors get a complete, under-utilised industrial platform with recognised brands and global reach at a distressed entry point. Tailwinds include a forecast 6.7% global market CAGR for 2026–31 and rising demand for mobile power from infrastructure and data centres.

Key clients & traction

Dealer networksImportersViticultureFruit growingMunicipalitiesConstruction sitesIndustrial usersEuropeIndia
Sub-category of the business for sale Operating company
Established 1943
Country Italy
City / area Lombardy

Website: Confidential

Why look at this deal

Highlights

  1. 0180-year industrial heritage
  2. 02Fully integrated manufacturing
  3. 03100+ country network
  4. 04Patented proprietary technology
  5. 05Distressed entry point

Growth opportunities

  1. 01Operational turnaround
  2. 02Capacity utilisation
  3. 03Electric tractors
  4. 04Precision farming
  5. 05India expansion
  6. 06Mobile power
  7. 07Data centres
  8. 08Aftermarket services
  9. 09Sector consolidation

Deal snapshot

Transaction typeMajority
Asking priceTBD
Stake for sale %100%
Reason for sale (required)Turnaround and recapitalisation after three loss-making years. The company is in a court-supervised restructuring under the Italian Business Crisis Code, so the process is time-sensitive
Owner transition supportRenewed management in place (new CEO, CFO and a Chief Restructuring Officer). The incoming investor is expected to lead governance. The family’s post-deal role is TBD
Seller financingNo
EBITDA margin–5.0% FY2025 (parent) / –3.4% (group); –36.2% 8M 2026. This compares with 6.0–7.9% in 2022–23
Implied EV/EBITDAN.M.
Revenue LTM€85.8M
EBITDA LTM–€4.3M parent
Net debt€41.6M
Assets included3 Italian Plants4 Established BrandsProprietary PatentsIndian Manufacturing SubsidiaryIberian SubsidiaryCentralised Spare-Parts Hub100+ Country Dealer Network

Locked fields are disclosed after expressing interest.

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