Italian re-roller Padana Tubi and UK-based investment firm Attestor have completed their acquisition deal, appointing Mariano Armengol as chief executive and announcing a new board of directors.
The new governance structure coincides with Attestor’s entry into Padana Tubi’s share capital as majority shareholder.
“The transaction… reflects the intention to support Padana Tubi’s future growth with a solid, competent and long-term oriented management and governance structure,” a joint note obtained by Kallanish says.
The board of directors is composed of chairwoman Claudia Alfieri, ceo Mariano Armengol, Angela Alfieri, Fabio Alfieri, vice-chairman David Alhadeff, Ovi Petreaca and Matteo Zingaretti, with the latter three representing Attestor.
“A new chapter opens today for Padana Tubi. We are determined to continue the company’s growth path,” David Alhadeff comments.
While according to Armengol, Padana Tubi is “solid, deeply rooted, with an excellent industrial platform and a capacity to deliver results that few businesses in Europe can match”.
In the last financial year, Padana Tubi achieved a turnover of €900 million ($1 billion) and employs 800 workers.
Under the terms of the agreement, the Alfieri family will retain a significant minority shareholding and will continue to play a central role in governance and strategic direction.
Author: Natalia Capra
