EOS IM Buys 70% Stake in Electrical Transformer Maker Trafo Elettro

EOS Next Transition Fund II, managed by EOS Investment Management (EOS IM), has finalized its third investment by acquiring a 70% stake in Trafo Elettro, a prominent Italian manufacturer of electrical transformers. This strategic move injects capital into a company vital for the global energy infrastructure, industrial applications, and renewable energy sectors.

The transaction, which saw EOS IM supported by institutional co-investors including Banca Ifis, Simest, and BBEI – BNP Paribas BNL Equity Investments, underscores the growing investor appetite for companies enabling the energy transition. The deal was financed by a banking consortium comprising UniCredit, Banca Ifis, and BNL, highlighting significant financial backing for the acquisition.

Founded in 1969 and based in Montecchio Maggiore, Vicenza, Trafo Elettro specializes in designing and producing a wide range of transformers, including resin, oil, and amorphous types. These are critical components for power grids, hydroelectric plants, energy storage solutions, metropolitan networks, and data centers. The company boasts an impressive global footprint, with over 30,000 units installed in more than 90 countries. In 2025, Trafo Elettro reported revenues exceeding €41 million, with over 90% generated internationally, and achieved a robust EBITDA margin of approximately 28%, translating to nearly €11 million.

The founding Schenato brothers, Raffaele and Alessio Schenato, will retain a 30% ownership in the company. Raffaele Schenato will continue to serve as Chief Executive Officer, while Alessio Schenato will remain a member of the Board of Directors, ensuring continuity in leadership and operational expertise. This partnership structure is designed to leverage EOS IM's strategic guidance while preserving the entrepreneurial spirit and deep industry knowledge of the founders.

This acquisition marks the third deployment for the EOS Next Transition Fund II, following earlier investments in RCM Energy (July 2025) and Compton Industriale (February 2026). The fund is strategically focused on opportunities within the energy transition, circular economy, and sustainable agriculture. Having reached €80 million at its first closing in February 2025, the fund has since surpassed €100 million in commitments, demonstrating strong investor confidence in its investment thesis.

The transaction involved a comprehensive advisory team. Deloitte Advisory acted as the exclusive buy-side M&A advisor for EOS. Financial advisory for EOS IM was provided by Vitale&Co., with strategic input from Roland Berger and financial due diligence by PwC. Legal counsel was handled by Gatti Pavesi Bianchi Ludovici for tax matters and Chiomenti for general legal aspects. Notarial services were provided by Scaravelli. Sustainability and governance due diligence was supported by ERM and Avvera. Banca Finint served as the financial advisor for Trafo Elettro, with G&G Commercialisti Associati managing corporate, tax, and business aspects, and Studio Lambertini overseeing legal matters.