New Ownership

Clessidra Acquires ISCOM from the Menegoli Family

Clessidra Capital Credit SGR - as manager of the Clessidra Restructuring Fund and Clessidra Restructuring Parallel Fund - has announced the acquisition of 100% of ISCOM's capital controlled by the Menegoli family, active in the design and construction of metal roofing for both public and private large structures.

Founded in 1964, ISCOM is particularly known for the Riverclack® brand - a patented metal roofing system, famous for its resistance, design and ease of installation - employed for projects all around the world such as the roofing of the Milan, Rome and Bergamo fairs; the coverage of the Mapei Stadium and the new Roland Garros; the dome of the great Mosque of Algiers; airport terminals such as Ankara, Istanbul and Izmir in Türkiye, Bogotà and Santa Marta in Colombia, Hurghada in Egypt.

Since February 2021, Clessidra has been ISCOM's main creditor, after purchasing the majority of the credits from the company's main financing banks.

In the last few years, ISCOM has begun implementing the strategic actions foreseen in the industrial plan, which have lead to a substantial recover of revenue and profitability, together with a reduction in debt. In 2023, the company achieved a revenue of approximately 25 million euros (+ 30% since 2022), a 3 million euros more than doubled EBITDA compared to 2022.

Clessidra has agreed with the company's shareholders on a complex operation involving the separation of some non-core activities, the acquisition of 100% of ISCOM and the simultaneous refinancing of the company's debt. ISCOM's current management (supported by Clessidra's investment team) will continue to manage the company. The financial details of the operation were not disclosed.

"This operation further confirms our ability to support companies in their recovery plans, both as creditors and shareholders", comments Mario Fera, CEO of Clessidra Capital Credit.