Close to doubling revenues in four years. Enter the Alkemia fund.

Read time: 3 min
Published at: 28 July 2023

Milan, 24 July 2023 - Alkemia SGR, with a joint investment by Banca Ifis, indirectly acquired the majority stake in Pakelo Motor Oil, the leading Italian company in the production of lubricants and greases, specializing in the production of excellent products for the premium automotive, heavy traction, agricultural machinery, earthmoving and industry sector, taking over the shares of Alberto, Aldo and Rino Polacco, who simultaneously reinvested a significant minority share. Alberto Polacco, Chief Executive Officer and Chairman of the Board will lead the Company and guarantee the continuity of its management by holding the same role.

Alberto Polacco, CEO of Pakelo, commented on the operation: "We have selected Alkemia not only for the recognized professionalism and experience in industrial assets but also for the entrepreneurial approach of this investment team, which has favored our meeting, by virtue of the common vision of the business model. The partnership we have established will allow Pakelo to increase the brand’s popularity and the market by continuing the development of its worldwide distribution network, ensuring the company an increasingly global future.

Pakelo is close to inaugurating a new facility of 2,500 square meters that will host the entire production department, promoting the rationalization of spaces and production processes, with particular attention to water consumption, the reduction of pollutant emissions per unit, and a photovoltaic system that will provide energy to the structure. The plant will also host a new research center and laboratory for the analysis of lubricating oils, one of the highest equipped and advanced in Europe. I am very proud of what we are building and of the future for which we are laying the foundations, the boost provided by this alliance will ensure that Pakelo can proceed at a fast pace toward further growth. I am sure that we will achieve great goals together."

Luca Duranti, CEO of Alkemia SGR, added:

"After an analysis of the reference set and the valuable drivers that characterize it, the entry into Pakelo is the main way to implement our investment strategy, focused on the continuous search for Italian entrepreneurial excellence to support in the path of growth."

Founded in 1930 by Italo Rino Polacco, the company is based in the province of Verona and operates in a factory of about 19,000 square meters with over 70 employees, and annually produces over 10,000 tons of lubricants and special greases, exported to more than 40 countries worldwide via a selected network of partners.

The project promoted by Alkemia includes the internationalization process set by Pakelo, as well as the enhancement and expansion of the product portfolio, including the evaluation of potential acquisitions to create an integrated player of excellence. In fact, in 2022 Pakelo recorded revenues of approximately 47 million euros and in 2023 expects to exceed the threshold of 50 million euros.

The buyer was assisted in legal matters by the law firm Lambertini & Associati, for commercial due diligence by OC&C, for financial and tax due diligence by PWC, for environmental due diligence by ERM, for labour due diligence by Ferrario, Provençal, Nicodemi & Partners.

The sellers were assisted by UBS Corporate Advisory Group as financial advisors and on legal matters by the law firm Chiomenti. The transaction was carried out with the financial support of Banco BPM, assisted by the law firm Simmons & Simmons.

ALKEMIA, with offices in Padua and Milan, was established in 2004 to promote, establish and manage closed-end mutual investment funds. The management team has many years of experience in the lower mid-segment of the Italian market, with particular reference to the management of development capital/build-up investments.


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