Cassandra Investments acquires full stake in Milan-based glass recycling firm New Roglass

Cassandra Investments, a search fund founded in 2022 by Emanuele Charalambis and Riccardo Donadel, has acquired 100% of New Roglass S.r.l., an industrial company specializing in glass waste treatment and recovery, and the only authorized operator in the province of Milan.

New Roglass operates as a strategic partner across the entire glass value chain – both in the packaging glass and float glass market verticals – collaborating with glass producers, glass processing companies, bottlers, and related waste collection and recycling operators. The company sources glass waste and transforms it into a secondary raw material ultimately commercialized and reintroduced in the furnaces of major glass producers as a more sustainable and cost-effective input for glass production.

The sellers reinvested in Cassandra Investments alongside other investors of the search fund, while the former CEO, Federico Gritti, has retained an operational role within the company.

The transaction was sponsored by a consortium of 19 investors, including the exiting shareholder and CEO, fund of funds, family offices, and Italian and international private investors. Notable names include Italian investors such as Search Fund Club and Search Capital Partners, as well as international investors such as Vonzeo Capital, RPG Capital, Arada Capital Partners, Cabiedes Capital, TMB3 Fund, and Colca Capital. Serial private investors and seasoned professionals coming from finance, Private Equity, and alternative investments also took part, including James Turner, Christian Wildmoser, Loris Lanzellotti, Stefano Airoldi, and Edoardo Carlo de Ruvo. On the debt side, the transaction was financed by Banco BPM.

Cassandra Investments was advised by Gianni & Origoni, with a team led by partner Gerardo Carbonelli, assisted by senior associate Giovanni Gila on corporate and M&A matters, and by counsel Stefano Biagioli on labor issues. The firm also handled all aspects related to the financing of the transaction, with a team composed of senior counsel Antonio Amoroso and associate Andrea Zorzi.

Cassandra Investments was also assisted by PwC for financial and tax due diligence, with a team led by Alberto Zanatta and Francesco Morrone, by TAUW Italia for environmental due diligence, with a team led by Milena Brambilla and Jacopo Gerbi, and by Essentia for debt advisory, with a team led by Alberto Arrotta, Simona Collica, and Adriano Santulli.