CVC Acquires Clevertech as REFA Reinvests

30th Jun 2026
CVC Capital Partners has agreed to acquire 100% of Clevertech’s share capital from REFA, with the Reggiani family holding reinvesting alongside CVC as a minority shareholder after completion. The transaction gives CVC control of an Italian industrial automation group that reported revenue of €236 million and EBITDA of more than €70 million in 2025. Clevertech employs more than 450 specialised professionals and designs automated packaging systems for customers across international markets. Completion is expected by the end of 2026, subject to customary regulatory approvals, with the investment being made through CVC Capital Partners IX. The structure combines a full transfer of ownership with continued family participation. Giuseppe Reggiani will remain chairman and chief executive officer, while Umberto Reggiani, Enrico Reggiani and Simone Cervi will continue as chief sales director, chief financial director and chief technology officer respectively. That continuity reduces execution risk at a point when CVC is seeking to accelerate international expansion and investment in innovation. The announcement does not disclose the purchase price, placing greater attention on the operating profile of the business and the way the reinvestment is structured. REFA’s decision to retain a minority position aligns the founding family with the next stage of value creation, while CVC gains the control needed to support expansion and further investment. Finance teams assessing similar sponsor-backed deals will recognise the importance of defining governance rights, management incentives and funding commitments before completion rather than treating rollover equity as a simple sign of confidence. The adviser line-up also shows the complexity of the transaction. REFA was advised by J.P. Morgan on M&A, while CVC appointed UBS for M&A advice, Bain & Company for commercial work, EY for financial and tax matters, Cleary Gottlieb for legal advice and Latham & Watkins on antitrust. Each workstream will feed into valuation, transaction structure, regulatory clearance and the post-completion plan, particularly as Clevertech expands across markets with different customer requirements and investment cycles. Clevertech’s position in automated packaging gives the deal a clear industrial logic. Manufacturers continue to invest in automation to improve output, labour efficiency and production consistency, but growth in this sector still depends on disciplined project selection and cash conversion. A private equity owner can provide capital and strategic support, yet the finance function must retain control over working capital, customer concentration, foreign-exchange exposure and returns on new production investment. The transaction also reflects continued private-capital interest in profitable, founder-led European industrial businesses where management continuity can sit alongside institutional ownership. Keeping the Reggiani family invested may support customer and employee confidence, but it also requires precise decision rights between the incoming owner, the minority shareholder and the executive team. CVC’s next test will be converting the acquisition thesis into measurable international growth without weakening the financial discipline that made Clevertech attractive. Finance leaders involved in comparable deals will need clear post-completion reporting, agreed capital-allocation thresholds and early visibility over whether expansion is improving cash generation as well as revenue. More From Finance Monthly: Saudi PIF-Led Consortium Seeks EU Subsidy Clearance for $55bn Electronic Arts Buyout