Protos acquires Italian engineering firm Hydea to expand advisory division

Protos S.p.A., a portfolio company of private equity firm H.I.G. Capital, has completed the acquisition of Hydea S.p.A., an Italian engineering and technical consulting company. The transaction marks a further step in the buyer's external growth strategy, significantly strengthening its Advisory & Consulting Engineering division.

Founded in 1990 and headquartered in Florence, with additional offices in Beijing and Riyadh, Hydea operates across civil engineering, cultural heritage protection, infrastructure, and environmental consulting. The acquisition broadens the acquiring group's competencies across the entire project lifecycle, encompassing planning, design, construction supervision, and project management. As part of the transaction, the management of Hydea has reinvested in Protos to ensure operational and entrepreneurial continuity.

The acquisition was financed with the support of Capza, a pan-European private capital platform controlled by BNP Paribas AM.

A comprehensive roster of advisors facilitated the transaction. Pavia e Ansaldo advised the buyer on corporate, M&A, and labor matters with a team coordinated by partners Alberto Bianco and Francesco Vitella, supported by Erica Lepore, Arianna Bellani, and Elena Giliberti. Spada Partners managed tax and financial due diligence for the buyer with teams led by partners Guido Sazbon and Stefano Marchetti, including Francesco Podagrosi, Filippo Carniglia, and Mara Lorusso. ADVANT Nctm assisted the buyer on the financing profiles with a team led by Giovanni de’ Capitani di Vimercate alongside Bianca Macrina and Letizia Grandi.

The sellers and management were advised by LCA Studio Legale, with a team led by partner Riccardo Sismondi, including Mario Niggeler, Carolina Vittoria Cominardi, Ranieri Romani, and Giulia Maria Bellone. Scouting Capital Advisors, led by partner Davide Milano, provided financial and M&A advisory services to the sellers. Orrick advised the lender, Capza, with a team comprising Of Counsel Giulio Asquini and Elisa Zaccaria.