Argos Climate Action, Europe's first “Grey to Green” buyout fund, announced theinput in Bracchi, a company operating in freight transport and logistics, acquiring a majority stake. The operation was carried out with the co-investment di Anima Alternatives SGR, Hourglass Capital Credit SGR and Management.
The transaction was arranged with a financial mix which includes equity subscribed by Argos Climate Action Fund, Anima Alternative 1 and Clessidra Private Debt Fund. Furthermore, junior financing was provided by Anima Alternative 1 and Clessidra Private Debt Fund, while senior financing was guaranteed by BNL and BancoBPM.
Bracchi: 650 employees and turnover of over 180 million
Bracchi, originally founded as a local Italian transport company, is now one of the main European logistics operators. specializing in tailor-made services for highly specialized industries such as elevators, agricultural equipment and luxury brands, the company serves as landmark for customers looking for a single partner for their logistics needs in Italy, Europe and around the world.
With 650 employees and a turnover of over 180 million euros in 2022 from 7 regional offices and 11 European hubs, Bracchi aims to achieve a closure of around 200 million in 2023.
Bracchi's business plan
Il business plan for Bracchi's future he foresees aexpansion of geographic coverage,acquisition of new technical skills in specialized logistics niches and one growth of the customer base.
The goal is to position Bracchi at the forefront of the sector in terms of green offerings, implementing a clear decarbonisation strategy. The plan aims to reduce CO50 emissions intensity by 2% over five years in Scope 1, 2 and 3 sectors.
Bracchi management, motivated by the desire to initiate an environmental transition, drives the plan in response to demand, considering that major customers are already accelerating the decarbonization of their supply chains. The plan is based on technical solutions validated in a sector with a high carbon impact and on innovative partnerships for the procurement of biofuels.
Il new Board of Directors, chaired by Paolo scaroni, will be focused on leading the company on the decarbonization journey, with a particular focus on innovative biofuels and other sustainable mobility systems.
The ambitions of Argos Wityu
The acquisition of Bracchi represents the first milestone of the strategy of expansion of Argos Wityu platform beyond the historic Mid-Market funds. Argos Climate Action, supported by public institutions, institutional investors and Family Offices, is a response to expectations in the context of the European Mid-Market buyout.
In September 2023, Argos Wityu announced the first closing of Argos Climate Action for 120 million, reaching 40% of its initial target. The buyout fund, focused on the decarbonisation of European SMEs, aims at a CO2 intensity reduction target of 7,5% per year and a direct alignment of team incentives to environmental performance.
“We are very proud that Bracchi is the first investment of our Argos Climate Action fund. It is a true Italian excellence appreciated and recognized in Europe with a strong development potential. Today, together with the management, we are aiming for solid buyout fundamentals by activating a series of initiatives that act as a lever for achieving sustainability objectives because in our opinion sustainability represents a competitive advantage, not a cost" he declared Lucio Ranaudo, Senior Partner of Argos Wityu.
“We are thrilled to support Bracchi's expansion and decarbonisation plan, which is perfectly consistent with the sustainability principles promoted by our fund. This operation represents the sixth investment of the Clessidra Private Debt fund, and to date we have invested 60% of the capital raised. By supporting Argos Wityu and Bracchi we confirm our role as a partner capable of providing flexible solutions to support the growth of a company with clear and transparent ESG objectives” he commented Mario Fera, Chief Executive Officer of Hourglass Capital Credit SGR.
“Supporting the development of excellent Italian companies like Bracchi with hybrid capital instruments is fully part of our strategy – they comment Philippe Minard e Andrea Cappuccio, Director of Investments and Deputy Director of Investments respectively Anima Alternatives SGR. – We are grateful to Argos Wityu for allowing us to accompany the ambitious decarbonisation program designed together with the management team led by Umberto Ferretti”.
“The operation just concluded finds all management fully satisfied with being able to seize further development opportunities in our business through new strategic levers in full coherence with the change that the sector is experiencing. I would like to thank the IGI Sgr and Siparex Sgr Funds for the trust placed in the management and for having guaranteed the resources that have allowed our Company to increase and consolidate its positioning in the sector" he declared Umberto FerrettiCEO Bracchi.
