PE-backed Viscolube buys Bitolea from Clessidra

Viscolube, a portfolio company of Stirling Square Capital Partners, has acquired Bitolea, a Italian company that treats and recycles solvents and other chemical waste. The seller was Clessidra. No financial terms were disclosed.


London, August 3rd, 2017 – Stirling Square Capital Partners (“Stirling Square”), a leading pan-European mid-market private equity firm, today announces the acquisition of Bitolea Holding SpA (“Bitolea”) by its Third Fund portfolio company Viscolube Srl (“Viscolube”) from Clessidra Capital Partners II (“Clessidra”).

Viscolube, a 2016 investment by Stirling Square’s Third Fund, is the Italian leader in the used motor oil recycling sector, and a growing player in the hazardous waste collection and treatment sector in Italy. It operates two chemical plants which process over 170 thousand tonnes of used lubricant oil annually and an industrial waste collection network managing more than 140 thousand tonnes for more than 12,000 customers.

Bitolea is the leading Italian player in the treatment and recycling of solvents and other chemical waste, managing over 110 thousand tonnes of products annually. The company is headquartered in Pavia and maintains a share of 35% in the waste solvent regeneration market in Italy, and a share of 65% in the active pharmaceutical ingredients (“API”) subsegment of the market.

Both companies are chemical engineering-driven business with state-of-the-art facilities that will benefit from cross-fertilization initiatives and best-practice adoption. The combined business represents the technology leader in the liquid waste regeneration sector as well as a one-stop shop for industrial waste solutions.

Antonio Lazzarinetti, CEO of Viscolube commented: “The combination of Viscolube and Bitolea will create a national champion of the circular economy, with undisputed leadership in technology and process know-how, unique development capabilities, and a zealous focus on the highest environmental, health and safety standards.”

Enrico Biale of Stirling Square commented, “Bitolea represents a compelling strategic fit for Viscolube. This is a truly transformational acquisition, which establishes the clear leading platform in the highly fragmented hazardous waste industry. Importantly, both businesses serve a critical environmental service, as the alternative to regeneration for such waste is incineration. We are proud to invest in businesses founded on a principle of respect for the environment.”

Simone Cucchetti, Managing Director of Clessidra commented: “We are glad to complete this transaction. Over the past few years, we believe to have successfully transitioned Bitolea from a family owned business to a management-led corporate player. Bitolea will benefit from being part of a larger group in the context of the waste recycling industry.” Clessidra and

Bitolea were advised by Lazard (M&A Advisory), NCTM (Legal), PricewaterhouseCoopers (Accounting), Bain & Co (Business). Stirling Square and Viscolube were advised by Leonardo & Co. and Banca Euromobiliare (M&A Advisory), Pavia e Ansaldo (Legal M&A), Gattai Minoli Agostinelli & Partners (Legal Banking), and Equita SIM (Debt Advisory).

About Stirling Square Capital Partners
Stirling Square Capital Partners was established in 2002 and is a pan-European private equity firm which invests in mid-market companies with enterprise values of between €50m and €500m. The firm manages three funds and a number of co-investment positions, totaling over €1.5bn of assets under management.

About Clessidra
Clessidra is the leading manager of Private Equity funds dedicated to the Italian market, with assets under management of c. €2.5 billion. Established in 2003, Clessidra is part of Italmobiliare S.p.A., the Italian Investment Holding controlled by the Pesenti family. Over the years, Clessidra has played an active role in creating value for its investments. Since inception, Clessidra has completed 21 investments and 14 add-ons in companies with a total enterprise value of over €18 billion, investing €1.8 billion equity. Clessidra is currently investing in its third fund, which closed in November 2016.

About Viscolube Srl
Viscolube is the Italian leader and one of the most important European players in the used motor oil recycling sector, and a growing player in the hazardous waste collection market in Italy.

About Bitolea SpA
Bitolea is the leading Italian player in the treatment and recycling of solvents and other chemical waste.