Global Sound Technologies Participations S.à r.l. (“Investindustrial”), an independently managed investment subsidiary of funds managed by Investindustrial finalised an agreement to acquire RCF Group (“RCF” or the “Group”), a leading global Italian designer, manufacturer, and distributor of professional audio products and systems.
Established in 1949 and headquartered in Reggio Emilia, Italy, RCF Group is a major player in the professional loudspeakers market, offering a wide and diversified product range through its portfolio of brands. The Group produces professional loudspeakers for large-scale concerts and installations, such as stadiums and arenas, portable loudspeakers for small events and medium-sized installations, and loudspeakers for recreational, commercial and public facilities.
In 2023, the Group achieved a turnover of approximately €250 million, with the majority of revenue generated outside of Italy. Serving around 5,500 customers in more than 130 countries, RCF has approximately 600 employees and operates seven plants worldwide, located in Italy, Albania, United States and Mexico.
RCF is led by a strong and cohesive management team, which has been working together for many years, has achieved strong results for the growth of the Group and will have a key role in the future development of the business. Furthermore, Arturo Vicari and Alfredo Macchiaverna will continue to hold the roles of Chief Executive Officer and Chairman of the Board of Directors, respectively.
Through this partnership, Investindustrial, the shareholder families, and management intend to accelerate RCF’s international expansion both organically and through acquisitions, with a particular focus on Asia, the Middle East and America.
Andrea C. Bonomi, Chairman of the Investindustrial Industrial Advisory Board, commented: “As we have proven many times, Investindustrial is the ideal partner for entrepreneurial families looking to elevate their companies to the next level of global expansion. RCF Group is an Italian leader in the professional audio market, known for its strong growth, tradition of quality, innovation, and commitment to sustainability. We are excited to work with CEO Arturo Vicari, Chairman Alfredo Macchiaverna and the entire management team and the shareholder families on a growth project focused on consolidating RCF’s presence in its existing markets, expanding its footprint – especially in Asia – and strengthening its competitive position also through acquisitions. Investindustrial’s long track record of successful investments in family-owned companies, its industrial approach, and its global infrastructure were key factors in creating this partnership with RCF. Together, we share the same vision: to make RCF even stronger and the global leader in the professional audio market.”
Arturo Vicari, CEO of RCF Group, stated: “We are proud to be partnering with one of the most successful entrepreneurs on the market today. We have chosen to work with a group that not only shares our desire to manufacture excellent and successful products but, first and foremost, the absolute transparency in the way of doing business that has always defined our families.”
Investindustrial has an outstanding track record of investing in successful niche manufacturing companies, which currently represent approximately 70% of its capital. These include Fassi (truck-mounted hydraulic cranes), Amalfi (private label food manufacturing platform), Ceme (precision fluid control solutions), CSM Ingredients (food ingredients technology), Guala Closures (high-end specialty closures for spirits and beverages), and Omnia Technologies (automation technologies for beverage and pharmaceutical sectors), in addition to the recent acquisitions of Sammontana (ice-cream and frozen bakery products) and Piovan (industrial automation in the auxiliary machine market). Investindustrial has strong expertise in executing international expansion and buy-and-build strategies in attractive market niches, creating value for all stakeholders.
Mediobanca and UBS Europe SE acted as financial advisors to the shareholder families and Investindustrial respectively. Studio Legale Chiomenti acted as legal advisor on the transaction. The transaction will be financed by a consortium of four banks comprising Banca Nazionale del Lavoro, Banco BPM, BPER Banca and Crédit Agricole Italia (agent bank).
