Renaissance Partners e Tpg Rise Climate (private equity fund) have signed a binding agreement for to acquire jointly a controlling interest of Sicit Group, a global leader in the production of biostimulants. Sicit transforms waste from the leather industry into high value-added products for thesustainable agriculture through a fully circular business model.
Climate and sustainable agriculture: the operation
Under the agreement, existing shareholders Renaissance Partners and Understanding Holding will sell their entire shares, with Renaissance Partners – through Renaissance Partners Fund IV – reinvesting in the new transaction. The new shareholding structure will establish a co-controlling partnership between Renaissance Partners and Tpg Rise Climate, the climate investment platform dedicated to TPG, marking the beginning of a new phase of growth and international expansion for the company. Alongside Renaissance Partners and TPG, the main co-investors in this transaction include LGT Capital Partners and Schroders Capital. In turn, Intesa Holding will reinvest in a minority position.
Sicit: what is it?
Founded in Chiampo (Vicenza) in 1960, Sicit is a pioneer and global leader insustainable agriculture. It operates with a unique circular business model that transforms waste from the leather industry into biostimulants for plants and crops, gypsum retarders and biofuel grease. Sicit offers a strategically important service to the tanning industry, collecting residues from the leather production process and transforming them into high value-added products. Its diversified portfolio includes animal, plant and seaweed based biostimulants, which play a key role in sustainable agriculture, increasing the efficiency of nutrient use, improving crop yield and quality and helping crops to resist abiotic stress. Sicit also produces retardants for the plaster and gypsum board industry, as well as fats used in the production of biofuels.
Sicit serves B2B customers globally, including major players in the global agrochemical industry, exporting over 90% of revenues. The company offers premium, tailor-made solutions supported by robust R&D, continuous innovation and rigorous quality control. Its integrated, customer-centric approach – with full pre-sales, sales and post-sales support – makes Sicit a reliable partner for companies seeking sustainable, high-performance solutions.
Climate, the objectives of the joint acquisition
Renaissance Partners and TPG will collaborate to support Sicit in its next phase of growth, capitalizing on opportunities arising from the continued expansion of the market and the increasing demand for sustainable agricultural solutions. Growth will be supported by the upcoming launch of the new production plant in Mexico and the development of a plant-based product line, currently in the initial phase. The closing, subject to the satisfaction of the expected conditions, is expected for the third quarter of 2025.
History of the investment in Sicit
In 2021, Renaissance Partners and Intesa Holding, which brings together the main tanning industries in the Vicenza district, successfully acquired a majority stake and delisted the company. Since then, the Renaissance Partners management period has marked strong growth for Sicit, with revenues and Ebitda more than doubling. This performance was driven by sustained market growth, expansion of production capacity also through process innovation, diversification of raw material supply through purchases from additional leather districts, in particular from Europe, Mexico, Brazil and Türkiye.
The advisors: who they are
Tpg was assisted by Nomura e JP Morgan (financial advisors) and Latham & Watkins e Paul Weiss (legal advisors). Renaissance Partners and Intesa Holding were assisted by Lazard (principal financial advisor), Intesa Sanpaolo Imi Cib, Banca Popolare di Milano, Bnp Paribas (financial advisors) and Legance Lawyers Associates (legal and tax consultants), Chiomenti (legal advisor for Intesa Holding), PwC (financial and operational) and Ey (sustainability and ESG).