The transaction, completed in partnership with the Loperfido-Lacatena family, which has historically led the company, aims to accelerate growth through the Group’s international development and an acquisition strategy designed to establish it as a European industry leader.
Equinox, a European private equity platform active for more than twenty-five years in the Italian mid-market, announces that, through the Equinox IV fund, it has acquired a 60% stake in the Master Group, an Italian industrial company specialising in the design, production and marketing of accessories and components for aluminium windows and doors.
The transaction represents the second investment by the Equinox IV fund. The Loperfido-Lacatena family retains a 40% stake. Michele Loperfido, co-founder and Chief Executive Officer of Master, will continue to lead the Group together with his children Annacarla and Stefano and the entire senior management team.
Founded in 1986 and headquartered in Conversano, in the province of Bari, Master has more than 370 employees and expects to generate revenues of approximately €65 million in 2026, with EBITDA of €10 million. Present in more than 60 countries, the Group generates 60% of its revenues abroad and operates through 8 companies. Production activities are concentrated in Italy, complemented by an international presence with commercial and logistics subsidiaries in Poland, Côte d’Ivoire and the United Arab Emirates.
Since its foundation, Master has developed and consolidated its competitive positioning through significant investments in research and development, technological innovation, automation and the modernisation of production processes. Today, the Group has a highly integrated industrial platform and manufactures approximately 95% of its products in-house, from mould design and die-casting through to finished components. Its offering includes more than 25,000 product references across 7 main product families, including accessories for windows and doors, sliding systems, corner joints, handles, façade components and proprietary automation solutions.
Over the years, Master has progressively strengthened its management structure, expanded its product range, enhanced its coverage of commercial channels and developed innovative solutions.
Equinox’s investment opens a new phase of development for Master, with the aim of strengthening strategic relationships with key customers, increasing investment capacity and accelerating international expansion. The growth plan shared with the Loperfido-Lacatena family includes a strategy of acquiring companies that are complementary in terms of products, technological expertise and geographical presence, with the ambition of building a leading European industrial group in the sector.
The expansion of the Conversano plant is already under way, with the aim of increasing production capacity and operational flexibility, introducing digital technologies and developing the offering in higher value-added segments.
In addition, the Group continues to invest in energy efficiency and renewable energy generation. At present, self-generated solar energy covers 60% of total electricity requirements, and further investments are planned in line with the expected development of the business, confirming the strategic role of sustainability.
“Master represents an excellence of Italian industry, capable of combining technological expertise, innovation and a significant international presence,” commented Carlo Cangialosi, Partner at Equinox, who worked on the transaction together with Alessandro Dinardo and Luca Sidoli. “We particularly appreciated the Loperfido-Lacatena family’s ability to anticipate market developments by continuously investing in product development and the efficiency of production processes. This journey has been supported by the contribution of management, the progressive strengthening of the organisational structure and continued investment in people and their skills. In a sector that remains fragmented and offers attractive consolidation opportunities both in Italy and abroad, we believe Master has all the characteristics required to become a leading industrial platform at international level.”
“Master is the result of forty years of work, investment and the ability to innovate, during which we have built a company with deep roots in its local area and the ability to establish itself in international markets,” added Michele Loperfido, co-founder and Chief Executive Officer of the Master Group. “Equinox’s investment marks a fundamental milestone in our entrepreneurial journey and will enable us to begin a new phase of development. We have chosen a partner that shares our industrial vision and long-term objectives, allowing us to seize new growth opportunities and further enhance what we have built, while continuing to place at the heart of the business the people, skills and values that have always distinguished Master.”
The investment is part of Equinox IV’s strategy, focused on investments in partnership with entrepreneurial families and on supporting Italian companies characterised by strong industrial expertise, solid competitive positioning and significant growth prospects.
As part of the transaction, Equinox was assisted by Alvarez & Marsal Corporate Finance as financial advisor. Target advised on legal matters and Gatti Pavesi Bianchi Ludovici on tax matters. KPMG carried out the financial due diligence, GEA Consulenti di Direzione the business due diligence, Deloitte the ESG due diligence, ERM the EHS (environment, health and safety) due diligence, and Marsh the insurance due diligence.
The Loperfido-Lacatena family was assisted by ApicAll as financial advisor and by Russo De Rosa for legal and tax matters.