Argos Surface Technologies acquires Foresi

Argos Surface Technologies, a group specialized in surface treatments and coatings, has acquired 100% of Foresi, a company from Gonzaga (MN) active in cataphoresis and industrial painting, continuing the growth path started with the entry of the Gradiente II private equity fund in 2020.

The transaction follows the acquisitions of TSM and Lualma Anodica in summer 2021 and that of Tec.Ri.Met. in March 2022, bringing the total turnover to exceed 38 million euros with over 7 million gross operating margin and will allow to create a unique group in Italy, able to oversee the main Italian industrial districts with specialized centers capable of covering the entire range of surface treatment solutions: from chemical nickel plating, to polymeric and thermal spray coatings , passing through anodizing and industrial painting.

Foresi – which employs over 100 employees for a turnover of over 13 million euros – can count on an area of ​​27,000 square meters covered on a total area of ​​55,000 with 4 new complete powder coating plants. Thanks also to its position, the company is a consolidated partner of the main operators in the production chain of agricultural, earth-moving and industrial vehicles.

“The acquisition allows us to continue the process of consolidating the Italian surface treatment market – explained Andrea Siano, president and CEO of Argos – providing the group with a strategic and functional element, as its integration allows us to complete the portfolio of solutions offered and obtain direct coverage of an important industrial district such as Mantua. ”

“This operation projects us as the reference operator in the Italian market – added Carlo Bortolozzo, founding partner of Gradiente – and among the few companies able to serve their customers with such a structured, multifunctional and highly specialized offer in the field surface treatment. ”

For Gradiente, the operation was conducted by founding partner Carlo Bortolozzo and investment manager Alberto Calgaro. Argos availed itself of the assistance of Grava & Associati for the contracts and legal due diligence, of the Ichino Brugnatelli & Associates law firm for the labor due diligence, of Epyon Consulting for the accounting and tax due diligence, of Golder Associates for environmental due diligence, NCTM Advant Studio Legale for the negotiation of the loan agreement and Studio Russo de Rosa & Associates for structuring the transaction.

The acquisition was financed by a pool of banks assisted by the law firm Legance and consisting of Credit Agricole and Creval.