Paris and Milan, October 6, 2025 – LBO France, through its Italian platform Polis SGR, has sold Zato, an Italian company recognized internationally for its technological solutions in the treatment and recovery of ferrous and non-ferrous metals, to the European private equity fund Abenex.
Founded in Brescia over twenty years ago by Valerio Zanaglio, Zato has become a global benchmark in the energy transition thanks to its innovative solutions serving the circular economy. With revenues close to €50 million and a presence in more than 50 countries – including the United States and Japan – the company generates over 90% of its turnover internationally. By integrating artificial intelligence algorithms and IoT processes, Zato has developed cutting-edge plants in a market traditionally characterized by mature products.
LBO France, through its Small Caps Opportunities II fund, acquired a 60% stake in Zato in 2022 alongside founders Valerio Zanaglio and Alessandra Bresciani, who have continued to lead the company throughout its growth journey. Over these years, Zato has strengthened its international leadership – notably with the opening of its U.S. subsidiary in Atlanta – expanded its product range and consolidated its position as a key player in the green economy, achieving annual revenue growth above 20% since the acquisition.
Arthur Bernardin, Chief Private Equity Officer at Polis SGR, commented: “Supporting Zato over these years has been both an exciting and rewarding journey. Together with the overall management team, we have built a solid and ambitious growth story: the company has continued to innovate, broaden its product range, and establish itself in the United States, becoming an international benchmark in its sector. This transaction, the first exit in Italy for the Small Caps Opportunities II fund, represents an important milestone not only for the success of the industrial project but also for our investors, confirming the strength of our strategy in selecting and supporting portfolio companies.”
Valerio Zanaglio, founder of Zato, stated: “Having Chiara and Arthur by our side over these years has been a great added value. Together we developed and consolidated the company’s strategic planning, investing time and resources to strengthen our international presence and broaden our offering. This has allowed us to grow solidly, successfully enter complex markets, and confirm our position as a global reference in our sector. I would also like to express my sincere gratitude to all Zato employees, whose commitment, skills, and vision have made this outstanding achievement possible.”
Main parties involved in the transaction who assisted Zato’s shareholders:
Polis SGR: Arthur Bernardin
Chiara Venezia
M&A Advisor: Kitra Advisory (Silvano Lenoci)
Legal: Chiomenti (Luca Liistro, Arnaldo Cremona, Elisa Gallon)
Tax: Maisto e Associati (Marco Valdonio)
Financial: KPMG (Matteo Contini)
About Zato:
Founded in Brescia in 1999 by Valerio Zanaglio, Zato specializes in the design and manufacturing of machinery for crushing and shredding used in the recycling and sorting of ferrous and non-ferrous metals. With a U.S. subsidiary based in Atlanta (Zato North America), the company is now a recognized international player thanks to its strong focus on innovation, agility, and deep industry expertise. Its offering includes metal recycling plants (shredders, hammer mills, shears, separators) and after-sales services (spare parts and predictive maintenance), serving recyclers, steel mills, and foundries worldwide.
About Polis SGR:
Polis SGR is a Multi-Alternative Platform with focus on special projects such as NPEs, Sale & Leaseback, Luxury Residential, Infrastructure, and Private Equity. Founded in 1998 on the initiative of 14 cooperative banks, Polis SGR has over time transformed into a multi-alternative entity with an international footprint. Authorized for the creation and management of AIFs in the fields of Real Estate, Credit Management Securities, and Private Equity, it was acquired with a 60% stake by LBO France in 2021, which is currently the majority shareholder along with Banca Popolare di Sondrio, Intesa Sanpaolo, BPER Banca, Banca Valsabbina, San Felice 1893 Banca Popolare, and Unione Fiduciaria.
For more information: www.polis-sgr.com
Polis SGR media contact
Giulio Maria Carminati: +39 333 88 34 148 / g.carminati@polis-sgr.com
About LBO France:
A pioneer in private equity in France, the LBO France group is now a leading multi-specialist and multi-country investment platform. Active in Private Equity, Real Estate, Venture and on the listed markets, for several years the company has expanded its activities in Europe, particularly in Italy with Polis SGR, as well as on the African continent with its subsidiary CGF bourse. Owned 100% by its managers, LBO France is one of the founding members of the international climate initiative and one of the first signatories of France Invest’s charter for parity.
For more information: www.lbofrance.com
LBO France media contact:
Julia Paget: +33 (0)6 38 55 68 78 / julia.paget@taddeo.fr
Nizar Berrada: +33 6 38 31 90 50 / nizar.berrada@taddeo.fr