Madrid Roadshow

Technology Hardware and EquipementMarketCap : 226M€ - ESG Company

Antares Vision

Antares Vision SpA provides inspection, track and trace, and smart data solutions. The firm also engages in the research and development, design, study, construction and installation of Track & Trace solutions for the traceability of products throughout their entire life cycle, from production to the end-consumer and on to recycling; also of Inspection systems for quality control used in various segments: pharmaceuticals, biomedical devices, cosmetics and consumer goods generally. It offers software solutions for Smart Data Management and provides assistance and maintenance services linked to the solutions and systems that it sells. The company was founded by Emidio Zorzella and Massimo Bonardi in 2007 and is headquartered in Travagliato, Italy.

Pharmaceuticals and BiotechnologyMarketCap : 100M€

Cantourage

Cantourage is a leading European producer and distributor of cannabis-based medicinal preparations and drugs. The Berlin-based company was founded in 2019 by industry pioneers Norman Ruchholtz, Dr. Florian Holzapfel and Patrick Hoffmann. With an experienced management team and its “Fast Track Access” platform, Cantourage enables producers from around the world to become part of the growing European medical cannabis market faster, easier and more cost-effectively by processing and distributing their cannabis raw materials and extracts. In this context, Cantourage ensures compliance with the highest European pharmaceutical quality standards at all times. The company offers pharmaceutical-grade products in all relevant market segments: dried flower, extracts, dronabinol and cannabidiol.

It is based in Milan but with studios in United States, United Kingdom, Australia, Italy, and Czech Republic. The control of the complete distribution network is the main characteristic of the Digital Bros activity. Today most of the revenues come from the digital business (we estimate over 90% of sales).

Personnal GoodsMarketCap : 234M€

ITALIAN DESIGN BRANDS (DEXELANCE)

Dexelance is a diversified industrial group operating in the core HEDF (High-End Design & Furniture) market since 2015. The Group’s portfolio currently comprises 11 operating companies and 14 brands with complementary positioning (without significant overlap) in four strategic business areas: Furniture, Lighting, Kitchen & Systems and Luxury Contract.

Dexelance focuses on a strategy based on a combination of organic and external growth. In a normal interest rate environment, we estimate the organic growth potential to be between 3% and 7% per year, depending on the product category.

First Capital has recently completed the acquisition of Invest Italy SIM and has entered an agreement to buy Value Track, thereby completing its offering as a consultancy and advisory firm fully covering the IPO process for SMEs.

General RetailersMarketCap : 425M€

Fastned

Fastned is on a mission to accelerate the transition to electric mobility. Since 2012, we’ve been at the forefront of European charging infrastructure development, building and operating a rapidly growing network of iconic fast charging stations (currently 307 operational stations). Our yellow, nature inspired stations create a welcoming environment for drivers during the 10-15 minutes it takes to charge up to 300 km of range. By offering Europe’s most reliable, convenient and joyful charging experience, we aim to inspire millions to drive on solar and wind energy so that together we can curb climate change. Fastned is listed at Euronext Amsterdam (AMS: FAST).

Industrial TransportationMarketCap : 4530M€

VIENNA AIRPORT INTERNATIONAL

Vienna International Airport AG is a major European airport providing a wide range of services, including airport operations, baggage handling, and security. Located in the heart of Europe, it is a key gateway to Central and Eastern Europe. The Vienna Airport Group operates Vienna, Malta, and Košice airports, and the Austrian airfield Bad Vöslau. In 2023, these airports served a combined total of 38.0 million passengers. Vienna Airport alone handled 29.5 million passengers, ranking 17th among European airports. It mainly focuses on intra-European routes (85% of passengers) and offers significant long-haul connections. It serves a large catchment area including parts of Austria, the Czech Republic, Slovakia, and Hungary. Vienna Airport is one of six Lufthansa hubs, with Austrian Airlines holding a market share of about 47% and the Lufthansa Group’s share slightly over 51%

Financial ServicesMarketCap : 164M€

GeneralFinance

Generalfinance is a specialty finance operator with a leading position in the field of financing companies in distress through the factoring of trade receivables, having an in-depth knowledge of all the dynamics related to company restructuring

RetailingMarketCap : 70M€

Global Fashion Group

Global Fashion is the leading fashion & lifestyle destination in Latin America, Southeast Asia and Australia New Zealand, connecting over 6,000 global, local and own fashion brands to a market of 800 million consumers.

Software and Computer ServicesMarketCap : 262M€ - ESG Company

GPI GRUPPO

GPI, founded in 1988, is a highly integrated and specialised provider of technologies and services to healthcare companies and social services with a predominant presence on the domestic market.

The group has a leading position in all the reference markets in which it is present (healthcare administrative services and healthcare software solutions) with an overall portfolio of more than 2,200 customers. Between FY 22 and FY 23, the group completed two transformative deals, the Italian TESI and the French Evolucare, that increased the group’s exposure to healthcare software and increased the group’s international footprint.

Construction and MaterialsMarketCap : 255M€ - ESG Company

ICOP

ICOP is one of Europe’s largest independent players in the microtunnelling and deep foundations business. The company’s know-how has been developed since 1920,
over four generations of the Petrucco family. ICOP operates as a specialized constructor, this brings a much more favourable risk-reward profile than a general
contractor: projects tend to be smaller, with shorter lead times, and are less exposed to other subcontractors’ delays.

ICOP’s activities can be dividend in four main categories:
Microtunnelling, Foundation and special underground works, Maritime works and General contractor, PPP and infrastructure

Nonequity Investment InstrumentsMarketCap : 567M€

INDUS HOLDING AG

INDUS Holding AG is a leading specialist in acquiring and developing small and medium-sized enterprises (SMEs) within the German-speaking region. The company’s portfolio currently includes over 40 companies, with 3 based in Switzerland and the remainder in Germany. INDUS primarily focuses on acquiring majority stakes in owner-managed “hidden champions” that hold leading positions in niche markets. These companies are categorized into three segments: Engineering, Materials, and Infrastructure. Unlike traditional private equity firms, INDUS does not pursue an exit strategy and retains the existing management teams after acquisition. Consequently, INDUS is often regarded as a trusted partner to the German Mittelstand. This commitment is reflected in the portfolio, with approximately 75% of the investments being part of INDUS for over 10 years.

BeveragesMarketCap : 212M€ - ESG Company

Italian Wine Brands

Italian Wine Brands (IWB) is now the leading private producer in the Italian wine sector covering the entire value chain wine excluding the grapes production. The core IWB company operates through two divisions: wholesale and distance selling

Financial ServicesMarketCap : 88M€

NETFONDS AG

Netfonds is the largest independent provider of umbrella structures in Germany and a leading broker pool offering comprehensive services to consultants, brokers, banks, asset managers, and insurers. Under the brand name finfire, the company provides a cloud-based technology platform for the complete processing and management of transactions. Netfonds’ clients benefit from one of the most advanced software solutions available, which significantly simplifies the advisory process, enhances security, and facilitates targeted consulting.

Food ProducersMarketCap : 216M€ - ESG Company

ORSERO SPA

ORSERO is a major player in the Southern European fruit/vegetable distribution markets, with major
exposure in Bananas, Plantain and Pineapples
and exposure in growing high value-added
market niches like avocados, fresh cut, dried
fruits and berries. Co manages an integrated supply chain: sourcing, shipping, ripening, distributing and marketing

The company is however, well diversified with over 300 references and a sound geographical distribution between Italy, France, Spain, and others, (33%, 34%, 28% and 5% of 2023 aggregated sales respectively). The same can be applied to the distribution channel sales mix with equal split, 50%, between supermarkets and wholesale

Currently Orsero is controlled by the founding family with a 32% stake”

Life InsuranceMarketCap : 295M€ - ESG Company

REVO INSURANCE

REVO Insurance SpA is an insurance company. It provides non-life insurance with a focus on specialty lines and dedicated to the special risks (specialty lines) and parametric risks business, with a special focus on the SME sector. The company was founded in January 2021 and is headquartered in Milan, Italy.

RetailingMarketCap : 165M€

WESTWING

Westwing, Europe’s #1 in Beautiful Living e-commerce, is present in 14 European countries and achieved a GMV (Gross Merchandise Volume) of EUR 497 million in 2024. As Europe’s premium one-stop destination for Design Lovers, it offers a unique brand experience with a carefully curated assortment of the Westwing Collection and 3rd party design brands. The integrated platform combines Shop, Daily Specials, Stores, the B2B Service (Westwing Business) and the Westwing Design Service. Westwing’s team works together on its shared purpose to “Excite people to create homes that unlock the full beauty of life”. Founded in 2011, Westwing is headquartered in Munich and went public on the Frankfurt Stock Exchange in October 2018.