Cerantola, founded in 1986 by the Cerantola family in Ramon di Loria (Treviso), is a contract manufacturer specialising in the design, production and marketing of seating components and chair kits, made from plastic and metal, for the professional seating market (offices, conference rooms, waiting rooms, educational and healthcare settings).
The product range is divided into four product lines: community chair kits (63% of 2024 turnover), individual seating components (22%), Ho.Re.Ca. furniture marketed under its own Colos brand (10%) and task chair kits (5%). Under the Colos brand, launched in 2018, the Group operates as an OEM in the Ho.Re.Ca. market, which it serves through a network of distributors and specialist retailers.
Production takes place entirely in Ramon di Loria, across three adjacent production units covering a total of 17,700 square metres: a plant dedicated to metalworking (a site specialising in the injection moulding of plastics and an automated vertical warehouse capable of storing up to 600,000 seating kits) through an integrated, efficient and fully invested production model, which guarantees a level of service unrivalled in the market. The use of recycled materials is already close to 50%, combined with a zero waste policy made possible by an in-house production waste recovery facility.
With exports accounting for over 80% of turnover, the Group serves a broad and diversified customer base of around 750 clients, predominantly OEMs, spread across more than 60 countries; the top 10 clients account for 40% of revenue, and 84% of these were already part of the customer base in 2019, confirming long-standing commercial relationships.
In 2024, the Group achieved consolidated revenue of € 27.2 million and adjusted EBITDA of € 7.7 million (28.1% of revenue), positioning itself as the sector leader in terms of margins and demonstrating excellent cash generation capacity.
The Cerantola brothers have reinvested approximately 20 per cent of the total equity in the transaction and are supporting the Group’s management transition process.
How the investment opportunity was identified
The opportunity was identified by Banca Finint, acting as sell-side adviser to the Sellers, as part of a sale process initiated by the Cerantola brothers’ desire to gradually reduce their involvement in the company; following the non-binding offer, IGI secured an exclusive period to conduct due diligence and negotiate the contractual terms.
Structure of the transaction
IGI acquired the company through a leveraged buy-out, via a NewCo 80.1% owned by the IGI Sustainable Transition Fund, with the sellers reinvesting 19.9% through the holding company Sistemi Tecnologici S.r.l., and provision for new managers to acquire a stake in the company.
Key drivers of the transaction
Cerantola is a leading player in the European market for contract manufacturers of professional seating, with a distinctive position in the mid-range segment – the largest and most dynamic part of the market – characterised by products featuring advanced ergonomic design, robust construction, high-quality materials and excellent value for money, protected from competition from both Asian and high-end brands.
The Group stands out from its competitors thanks to a rare combination of profitability and growth, both of which exceed the market average, in a sector characterised by high barriers to entry: the capital-intensive nature of the business, the technological sophistication of processes, the high level of product expertise and the strength of commercial relationships create a stable, selective and difficult-to-penetrate competitive environment.
The level of service offered to customers is a critical success factor in the market segment it serves: the automated warehouse, representing an investment of over € 10 million, is a key differentiator from the competition, whilst simultaneously enabling the company to increase production efficiency, delivery capacity and reduce lead times for customers.
The company’s proven ability to develop new products – 17 launches over the last four years, supported by a well-established network of internationally renowned designers – has enabled it to consistently outperform the market , gaining market share through in-house designs that face less price pressure and support both growth and the maintenance of margins.
The target market, estimated at over € 1.3 billion in 2024 and forecast to grow at a CAGR of 2.8% over the period 2024–2028, benefits from favourable structural trends such as investment in new offices and in spaces for hospitals and education, the increasing outsourcing of production by OEMs, and the drive towards ergonomic, modular and certified solutions.
Finally, the Group is strongly aligned with the investment strategy of the IGI Sustainable Transition Fund and the 3R principle: the use of certified plastics containing at least 50% recycled material; the almost complete internal recovery of production waste; ISO 14001 and ISO 14006 (eco-design) certifications; and the development of eco-friendly products that are fully and easily recyclable.
Value Creation Strategy
Consolidation of the Group’s leading position in the community chairs segment, through the launch of new seating ranges characterised by updated designs and higher perceived quality, whilst strengthening its presence with long-standing customers and reaching new ones.
Development of the task chairs segment, the most dynamic growth driver, through the introduction of new models resulting from a stylistic and functional update that improves ergonomics and meets the needs of contemporary office furniture.
Growth in the Ho.Re.Ca. segment through the Colos brand, supported by the success of the latest product ranges – some of which are made from recycled materials – combined with a strengthening of the dedicated organisational and sales structure, with the aim of increasing the brand’s market penetration.
Strengthening of commercial activities, with a more structured approach to the main European markets and the establishment of new partnerships with distributors and OEM partners, aimed at expanding the customer base.
Professionalisation of the Group’s management, starting with the appointment of a new CEO and CFO in the initial phase, followed by the gradual expansion of the management team and the technical and operational workforce, to support growth in scale and organisational capacity.
Increasing industrial efficiency through the optimisation of production processes and better utilisation of logistics facilities, alongside an improvement in overall profitability thanks to a more favourable sales mix and the gradual strengthening of operating leverage.
Strengthening innovation and design capabilities, with targeted investment in R&D and greater discipline in the development of new product lines, enabling the company to maintain a competitive advantage and continue to outperform the reference market.
Using Cerantola as a starting point for a buy-and-build strategy in a highly fragmented market, with potential acquisitions in the task and community chairs segments to accelerate market penetration, acquire know-how and attract new customers.
Value creation
Divestment of the investment through a sale to a financial investor, following the transformation and professionalisation phase led by IGI, or to an industrial operator, such as a major international client seeking vertical integration along the production chain or a player in the Ho.Re.Ca. sector interested in entering the professional seating market.