NAXICAP PARTNERS takes majority stake in ITAL EXPRESS

The buyout of Ital Express by Naxicap Partners represents the transition of the commercial vehicle parts platform into its sixth institutional LBO cycle, following a successful five-year holding period by Capza that saw the target successfully double its revenue base to €65 million. This corporate spin-off and recapitalization allow the incoming majority sponsor to acquire a stake of over 50% in the holding company, structured alongside a substantial equity roll-over from the incumbent CEO Patrice Claverie and his executive management team to maintain operational continuity. The capital structure of the transaction is fortified by a re-investment from Capza through a minor reinvestment vehicle, accompanied by regional banking co-investors, with the funding package completed by a senior debt syndicate and a mezzanine facility provided by Muzinich. The retention of the long-standing management core safeguards established procurement channels and strategic supplier relationships as the company scales outside its historical French perimeter. Post-closing strategic priorities will focus on continuing product line diversification into adjacent technical parts segments, accelerating the roll-out of digital procurement portals to capture higher wallet share from independent jobbers, and aggressively deploying capital into an active cross-border M&A pipeline already targeting regional wholesale distributors across Germany, Italy, Switzerland, and the Benelux region to capture pan-European purchasing economies of scale.

In the past, the company had already been the subject of several LBOs, notably led by Azulis Capital in 2014 and Capza in 2019. These multiple LBO cycles illustrate the strong appeal for this type of asset.