AMBIENTA & 21 INVEST take majority stake in ENERGREEN

Ambienta acquired a majority stake in Energreen, the Vicenza-based manufacturer of vegetation management machinery, from 21 Invest and founder Daniele Fraron, investing through its Ambienta IV fund. The deal valued Energreen at an enterprise value of €300m, an EV/EBITDA multiple of 10x–18x, for revenue of €100–200M and an EBITDA of €25–50M, an EBITDA margin of [members only]. 21 Invest had held its interest through Capitoloventotto, with the rest of the capital split between Daniele Fraron and Ivo Fraron, and both sellers reinvested alongside Ambienta with minority stakes. 21 Invest had taken control in June 2022, buying the company from the Fraron family while leaving them a minority holding and Daniele Fraron the operational leadership. Over that period Energreen more than doubled its turnover and expanded abroad, reaching almost 200 employees and earning 75% of its revenue outside Italy, with the United States accounting for a growing share. Ambienta drew up a new industrial plan with Daniele Fraron and the management team, built on further expansion in the United States and Europe, organically and through acquisitions, alongside investment in research and development and in operations. The fund based its case on growing demand for specialised machines to maintain vegetation and protect critical infrastructure. It had already invested in the sector through Cap Vert, a French green space maintenance group and a customer of Energreen, which it agreed in June 2026 to sell to the Belgian investment company Gimv. Ambienta was advised by Mediobanca on M&A and debt, BCG on commercial due diligence, EY on financial and tax matters, Pedersoli Gattai on legal aspects and financing, Facchini Rossi Michelutti on structuring and Ramboll on ESG.