Progressio II, fund managed by Progressio SGR SpA acquired an 39% stake in Forestali S.r.l. from the management and Mandarin Capital Management SA on January 28, 2016. 90% of the capital of Forestali is under responsibility of Mandarin and Progressio, while the remaining 10% is under responsibility of Private Equity Partners S.p.A. and the managers. Forestali had revenues of €70 million in 2015 and an EBITDA of €10.5 million. Maurizio Bernardi of Pirola Pennuto Zei & Associati and Leo De Rosa, Manfredi Luongo and Erika Cucco of Russo de Rosa & Associati acted as legal advisors, EY as accountant and provided due diligence services and Long Term Partners acted as financial advisor for Progressio sgr. Marco Franzini and Angelo Speranza of Studio Eversheds, Fabrizio Colombo and Fabrizio Cancelliere of Studio Tremonti Vitali Romagnoli Piccardi & Associati and Studio Danovi Giorgianni & Associati acted as legal advisors for other partners. Simmons & Simmons acted as a legal advisor to financer Banca Imi.

Progressio II, fund managed by Progressio SGR SpA completed the acquisition of an 39% stake in Forestali S.r.l. from the management and Mandarin Capital Management SA on January 28, 2016.