Entangled Capital and Capital Dynamics sell Alphial
Entangled Capital SGR (“Entangled Capital”), a private equity firm focused on investments in Italian SMEs, and Capital Dynamics announce the sale of 100% of Alphial S.r.l. to SGD Pharma, a French group and a leading player in primary glass packaging for the pharmaceutical industry, backed by PAI Partners.
Alphial began as a so-called “buy-and-build” initiative, launched by Entangled Capital and Capital Dynamics in 2020 with the initial acquisition of SM Pack, a long-established company with plants in Parma and Bernareggio, Italy specialising in converting tubular glass into ampoules and vials for the pharmaceutical and cosmetics industries. In 2021, Crestani, founded in 1950 and specialising in the production of technologically advanced glass ampoules, joined the Alphial group. The buy-and-build initiative continued in 2024 with the acquisitions of Sicatef and Luxenia Umbro Tiberina, two companies with more than ninety years of experience. These two acquisitions enabled Alphial to consolidate its leadership position and become the largest European producer of glass ampoules and vials for pharmaceutical and cosmetic applications with a total annual production capacity of over 1 billion pieces and a European market share of around 30%.
Under the stewardship of the funds, Alphial progressively strengthened its industrial and managerial structure. With five production facilities and more than 60 active lines, the company also invested approximately EUR 4 million in a state-of-the-art robotic clean room, enabling the supply of ready-to-use sterile ampoules and vials. In 2023, the management team was enhanced with the appointment of Valerio Marchi as CEO, who successfully led the integration and strategic repositioning of the group. Valerio Marchi was supported by the appointments of new CFO Sonia Bacchini, new supply chain manager Luca Bosi and longstanding Commercial Director Federico Rotelli. Alphial expanded and consolidated its client base in Italy and internationally from inception, serving leading European pharmaceutical groups and developing new partnerships in emerging markets such as North Africa. This trajectory allowed the group to surpass consolidated revenues of EUR 35 million with an EBITDA margin above 20%, supported by operational and commercial synergies and a fully integrated industrial platform.
During the holding period, Entangled Capital and Capital Dynamics provided follow-on equity capital to finance Alphial’s successful acquisition programme and supported the company in a series of strategic investments in innovation, digitisation and sustainability. The company introduced new integrated management and operational systems to foster a unified corporate culture, undertook a rebranding that reinforced its identity and visibility and launched several initiatives aimed at reducing the environmental footprint of its production processes and ensuring long-term business sustainability.
“With Alphial, we have shown how a well-executed buy-and-build project can transform small family-owned SMEs into a European leader,” said Roberto Giudici, CEO of Entangled Capital. “We are proud of the company’s growth journey and of the industrial and sustainability impact achieved. The sale to SGD Pharma, backed by PAI Partners, will enable Alphial to continue its trajectory in an even more competitive international context, while confirming our strategy of investing in Italian SMEs and guiding them towards. global growth.” David Smith, Capital Dynamics’ Senior Managing Director, added: “We are delighted to have supported Entangled Capital, Alphial and its professional management team, led by CEO Valerio Marchi, in the creation of a European leader in pharmaceutical glass.”.
For SGD Pharma, the acquisition of Alphial represents a key step in consolidating its European presence by strengthening tubular glass transformation capabilities. For Entangled Capital, this transaction marks the first exit of the EC I Fund and the culmination of a buy-and-build strategy aimed at enhancing and internationalising Italian industrial excellence, turning Alphial into a true European champion in its sector. For Capital Dynamics, the transaction demonstrates how the firm works with professional partners and management in executing attractive buy-and-build opportunities via active engagement.
The EC I Fund and Capital Dynamics were supported by Ethica Corporate Finance as financial adviser to the transaction and assisted by PedersoliGattai for legal matters, PwC for vendor financial due diligence, RDRA for tax aspects and Goetzpartners (Fortlane Partners) for business due diligence.
