Lanzi Group acquires Gardening from BF & Company’s club deal

BF & Company, an independent financial boutique specialized in extraordinary finance transactions, oversaw the exit of its first club deal of investors, which at the end of 2019 had acquired, in partnership with the founding shareholders, 100% of Gardening S.r.l., active in the marketing of disposable medical gloves in Italy.

The entire share capital of Gardening was acquired today by the group headed by Lanzi S.r.l., active in the field of PPE (Personal Protective Equipment) and in the production of automated systems for their distribution, creating an Italian group with over €30 million in revenues in the safety sector.

Gardening, founded over 30 years ago and based in Genoa (Italy), led by CEO Filippo Alby, operates in the import and marketing in Italy of gloves and other disposable items for user protection, with a leadership position in the dental segment. The products, sourced from selected suppliers in Southeast Asia, are predominantly under its own brand and distributed to over 1,000 clients. In recent years, due to the oversupply that developed post-COVID and distortions in the supply chain, the disposable gloves sector has experienced a period of significant instability. Nevertheless, Gardening managed to maintain its premium positioning: in 2024 it generated revenues of over €12 million, a normalized EBITDA margin around 10%, and an operating cash flow before taxes equal to over 80% of EBITDA.

Lanzi Group, founded over 40 years ago, headquartered in Turin (Italy) with a branch in Poland, operates in the design and production of gloves and workwear, distribution of PPE, and production of automated systems for their distribution. In July 2023, it acquired 100% of Sicura S.r.l., expanding its offering in the PPE distribution market and in fire prevention system maintenance in Emilia-Romagna. In 2024, Lanzi Group generated revenues of around €20 million with 70 employees.

The aggregation project was organized by BF & Company, which identified Lanzi Group as the ideal strategic partner for Gardening, with a view to sector consolidation and supporting a new growth path for the company. For its part, Lanzi Group, in addition to its know-how in the consumables sector, secures entry into an attractive market such as the medical field. The growth project includes the confirmation of Gardening’s management, strengthening of its organizational structure, and the development of commercial synergies.

The club deal’s capital was supported by promoter-investors, including some BF & Company team members (Alessandro Bartolini, Alessandro Zanatta, Luigi Teti and Franco Hauri) and a pool of over 10 investors (both Italian and foreign). With the completion of the transaction, the club deal achieved a return equal to nearly 6 times the invested capital, obtaining a gross IRR of over 35% per year over the 6-year duration of the investment.

Alessandro Bartolini, Managing Partner of BF & Company, stated: “We are very pleased to have successfully concluded our journey with Gardening in partnership with the Clerici brothers. An industrial transaction was achieved that leads to the creation of an important Italian group, with a wide product portfolio, purchasing capabilities from the Far East, manufacturing expertise in PPE vending, direct distribution presence abroad as well as in Italy, and a direct sales network complemented by agents for the medical sector.”

The brothers Antonio and Andrea Clerici, founding partners and owners of 40% of Gardening (through the corporate vehicle Giglio Verde S.r.l.), added: “We are satisfied with the path taken together with the club deal organized by BF & Company. The objective of making the company operationally independent from ownership was achieved, while maintaining a profitable and sustainable business model – a path that we know is not always easy for an SME. We are also convinced that the choice of Lanzi Group as a strategic partner will enable the further development of Gardening, enhancing all of the company’s specific expertise.”

Gardening was supported by BF & Company as exclusive financial advisor, with a team composed of Alessandro Bartolini (Managing Partner), Alessandro Zanatta (Vice President), and Gianmarco Barbini (Junior Analyst), for valuation and negotiation aspects and the coordination of the due diligence process. DWF (Italy), with a team composed of Michele Cicchetti (Managing Partner) and Matteo Polli (Counsel), provided assistance on contractual and legal matters. Ariel Dello Strologo, Partner of GPD Studio Legale e Tributario, assisted as legal advisor to Giglio Verde.

Lanzi Group was assisted by Studio Nada of Turin, with Dr. Franco Nada (Partner), on financial and fundraising matters, and by M.C.M. Consultants, with a team led by Avv. Marco Badellino (Partner), on negotiation and strategic advisory matters. PwC carried out the financial and tax due diligence, while Studio Giurioli handled labor law due diligence.

Banca Valsabbina and Intesa Sanpaolo financially supported Lanzi Group for the transaction and future operational needs. As part of the transaction, Lanzi Group also issued a minibond fully subscribed by Banca Valsabbina.

From a legal perspective, Lanzi Group was assisted by PedersoliGattai, with a team coordinated by Csaba Davide Jako (Partner) and also including Fabio Beltramo (Associate) for corporate and contractual aspects, Alessandro Bardanzellu (Partner) and Jacopo Cislaghi (Senior Associate) for Golden Power matters, as well as Riccardo Monge (Associate) in relation to the minibond issuance.