Sinergia II, a closed-end fund managed by Synergo SGR, Italy, has acquired a minority stake in Italy-based Toscotec S.p.A. The Mennucci family will remain as majority shareholder.

Toscotec is a global designer and producer of turnkey plants and machines, as well as a supplier of components and services dedicated to the global paper and tissue industries. With innovative technological process solutions and a wide products portfolio, the Group has gained, through the years, a significant position in the worldwide market.

Synergo aims to support Toscotec’s continued growth, both organically and through selective strategic add-on acquisitions. Toscotec has doubled its EBITDA since 2011, and recorded more than EUR100 million in total revenues in 2015, out of which approximately 90% was generated abroad.

Alessandro Mennucci, shareholder and CEO, with more than 20 years of experience in the industry, will continue to lead the Group. Mennucci said that "as of today, the Group has been able to build a strong brand in terms of quality and reliability, and has become one of the leading companies in the global reference market. With this new ‘synergy,’ we will have the possibility to further enhance our organization and strengthen our business activity worldwide. We want to continue to develop high technology products and to export the Italian excellence, providing first class services to our customers."

Paolo Zapparoli, Synergo CEO, said that "it is a real pleasure to partner with Toscotec and its shareholders; the undisputed technological capabilities that the Group has developed over the years offer the opportunity to further extend its leadership in its reference industry. We look forward to working closely with Alessandro Mennucci and his management team to fulfil Toscotec’s growth

ambition."