B4 Investimenti Buys Majority Stake in Frana Polifibre

B4 Investimenti SGR, through its third fund, B4 H III Euveca, has secured a controlling interest in Frana – Polifibre srl, a prominent Italian manufacturer of polymer fibers. This strategic acquisition marks a significant step for the private equity firm, aiming to bolster the growth trajectory of the Bergamo-based company, which boasts a rich heritage in the textile sector dating back to the mid-19th century. Frana Polifibre has evolved into a leader in producing synthetic fibers, with a strong emphasis on utilizing recycled PET.

The investment underscores B4 Investimenti's strategy of identifying and supporting Italian SMEs with robust fundamentals and specialized technical expertise. Frana Polifibre's international market focus and its leadership in a niche segment of the materials industry make it an attractive addition to the fund's portfolio. The company's core business revolves around polyester staple fiber production, achieved through advanced crystallization, drying, and polymer extrusion processes. Its proficiency in raw material selection, blending, and processing, particularly with recycled inputs, sets it apart in the competitive landscape.

Enrico Frana, representing the founding family and CEO, will retain a substantial stake through Agrofin srl and continue to lead the company, ensuring operational continuity and leveraging his generational expertise. This partnership structure is designed to foster a seamless transition and capitalize on existing management strengths. The company's output serves critical sectors, including automotive (carpeting, insulation), healthcare (diaper components), and various industrial applications such as geotextiles, filtration, and thermal/acoustic insulation. The global market for non-woven fabrics, a key application for Frana Polifibre's products, is projected to grow significantly, driven by demand in these diverse end-use industries.

Further strengthening the leadership team, Riccardo Sciutto, a seasoned executive with prior experience at luxury brands like Dodo Pomellato, Hogan, and Sergio Rossi, has been appointed Chairman. Sciutto's background is expected to be instrumental in guiding the company's strategic direction, particularly in exploring new market opportunities, including the apparel sector. Gianpaolo Torri, a long-standing key figure in the company's development for over two decades, has been promoted to General Manager. Both Sciutto and Torri are co-investing in the business, aligning their interests with the long-term success of Frana Polifibre.

Financially, Frana Polifibre reported robust performance, closing 2025 with approximately €30 million in revenue, of which 65% was generated internationally. The company achieved an EBITDA of €6.8 million, translating to a healthy EBITDA margin of 23%. This strong profitability contributed to a net cash position of €5.5 million at year-end. The strategic plan, developed collaboratively by the management team and B4 Investimenti, focuses on enhancing the management structure, expanding the customer base, and penetrating new geographical markets and application segments.

Fabrizio Baroni, Founding & Managing Partner at B4 Investimenti, highlighted the strategic fit, stating, "Frana is the target B4 seeks: a company with an extraordinary history, a distinctive positioning, and solid fundamentals, led by an entrepreneur who has built a competitive advantage over time. The combination of the management's depth and B4's hands-on support provides the ideal foundation to elevate the company to a new level of development." Legal counsel for B4 Investimenti was provided by Gianni & Origoni, with PwC handling tax and corporate matters. RS Advisory served as strategic-financial advisor to Frana and its shareholders, supported by GPLaw for legal aspects and Studio Franchina Adolfo Battista for technical and tax advice. Banco Bpm provided debt financing, with legal assistance from Greco, Vitali e Associati.