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12/2025Minority

Azzurra Capital / Azimut Libera Impresa invest in Nextchem

ITALY Industrial Equipment / Process Engineering & Production Lines / Chemical Production Lines EV €1–10bn

Context

Azzurra Capital and Azimut Libera Impresa acquired a 7.9% minority stake in NEXTCHEM. This transaction was executed via the vehicle Azzurra Next One, which purchased the shares from Maire Investments (the family office of the Di Amato family). The strategic rationale for this transaction is to strengthen NEXTCHEM's shareholder structure and validate its growth trajectory ahead of a planned IPO on the Milan stock exchange. The deal allows MAIRE to maintain majority control (82.1%) while institutionalizing the technology platform to accelerate its global acquisition strategy, as illustrated by the simultaneous purchase of the Ballestra Group.

Nextchem, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the Industry & Manufacturing sector (11.3x in 2025).

-> Deep-dive in Industry & Manufacturing market trends

Target

NEXTCHEM is the sustainable technology division of the MAIRE Group, dedicated to enabling the energy transition and decarbonization of the global chemical industry. Its business model focuses on developing, licensing, and scaling innovative proprietary technologies in green chemistry, circular economy, and low-carbon fertilizer production. Strategically, NEXTCHEM acts as an industrial technology platform that bridges the gap between lab-scale innovation and commercial-scale industrial realities. The organization’s value proposition is centered on providing a comprehensive suite of solutions for electrification, recycling, and operational efficiency. By leveraging MAIRE’s global commercial network and engineering heritage, the firm aims to deepen its access to fast-growing specialty chemical end-markets while significantly expanding its portfolio of market-ready sustainable technologies.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
€450–900M
€100–200M
[members only]
2024
€450–900M
€100–200M
[members only]

Other operations with Nextchem

Other operations with Nextchem
DateAcquirerTargetCountrySector
01/2026NEXTCHEMBALLESTRA GROUPITALYChemical Production Lines

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REFERENCES

Valuation range: EV €1–10bn

Revenue range: €450–900M

EBITDA range: €100–200M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Nextchem by Azzurra Capital / Azimut Libera Impresa are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: azzurra capital / azimut libera impresa

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Nextchem, an Italian company specialised in Process Engineering & Production Lines, by Azzurra Capital and Azimut Libera Impresa in 2025.

How was the acquisition of Nextchem by Azzurra Capital valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Nextchem’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Nextchem generated annual revenue estimated in the €450–900M range and EBITDA in the €100–200M bracket (FY 2025). Detailed financial figures are available to members.

How does the valuation of Nextchem compare to benchmarks in the Industry & Manufacturing sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the Industry & Manufacturing sector (11.3x in 2025).

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

What is mynth?

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