30 Oct 2025

"Rinovha: A New Industrial Group Aiming for €200 Million Revenue by 2026 Through Strategic Growth and Acquisitions"

"Rinovha, a new industrial group formed by Xenon Private Equity, has emerged from the merger of six companies specializing in environmental management. With 300 employees and projected revenues of €140 million in 2025, the group aims to reach €200 million by 2026 through organic growth and further acquisitions. The project integrates all phases of environmental management, including waste collection, treatment, disposal, industrial decommissioning, and complex remediation, both in Italy and abroad. Tikehau Capital is supporting the initiative with financial resources, including a unitranche bond. Multiple legal and financial teams facilitated the acquisitions involved in forming Rinovha."

Several law firms participated in the transaction involving the creation of Rinovha, assisting both Xenon Private Equity and the sellers. These firms include Pavia e Ansaldo, IPG Law Firm, Giovannelli e Associati, Gatti Pavesi Bianchi Ludovici, and PedersoliGattai. The transaction led to the establishment of Rinovha, a new industrial group formed through the aggregation of Vico, Alm.Eco, Gamma, Marcon, Treviso Ecoservizi, and Zatta. Rinovha employs 300 people and is projected to achieve a turnover of €140 million in 2025, with a target of €200 million in 2026 through organic growth and further acquisitions. The group integrates all phases of environmental management, including intermediation, collection and transport, treatment and disposal of waste, industrial decommissioning, and complex remediation, both in Italy and abroad. Tikehau Capital financed the project by subscribing to a unitranche bond loan and providing additional financial resources to support further acquisitions. The lawyers involved in the transaction were: - **Pavia e Ansaldo**: Assisted Xenon Private Equity in the acquisition of Alm.Eco with a team led by partner Giuseppe Besozzi, counsel Martina Villa, associate Arianna Bellani, and trainee Lorenzo Gonfiantini. Additionally, Pavia e Ansaldo assisted the sellers of Vico with a team comprising partner Alberto Bianco, counsel Erica Lepore, and trainee Elena Giliberti. - **IPG Law Firm**: Assisted Xenon Private Equity in the acquisition of Gamma with a team led by managing partner Marco Pistis, partner Ludovico Viganotti, and associates Isabelle Roccazzella and Carla Alagna. - **Giovannelli e Associati**: Assisted Xenon Private Equity in the acquisition of Marcon, Treviso Ecoservizi, and Zatta with a team led by partner Matteo Colombari, counsel Giulia Contestabile, and trainee Edoardo Pietricola. - **Gatti Pavesi Bianchi Ludovici**: Assisted Xenon Private Equity in the acquisition of Vico with a team led by equity partner Andrea Giardino, supported by partner Filippo Sola and associate Marina Orlando. - **PedersoliGattai**: Assisted Tikehau Capital in financing the project, with a team handling finance matters led by partner Lorenzo Vernetti, senior counsel Marcello Legrottaglie, and associate Elvira Ricotta, and tax matters related to the bond issuance led by senior counsel Alban Zajimai and counsel Valentina Buzzi. The sellers were represented by various legal and financial advisors, including Matteo Borroni, Michele Iori of Law and Tax Consulting, and PCLX of Montebelluna with a multidisciplinary team comprising partners Roberto Palumbo, Luca Marotta, and Paolo Selvestrel. Unistudio Corporate Finance also assisted the sellers of Vico with a team led by partners Paolo Ferrari and Paolo Antonini, and associates Donatella Adami and Federica Contolini.
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