Paris, October 23, 2024 – Seven2, a leading European private equity firm, is proud to announce the acquisition of Fulgard, a leading player in the Italian workplace safety market, from Argos Wityu, an independent pan-European investment group. This acquisition marks a strategic move for Fulgard, aimed at accelerating organic growth and market consolidation.
Fulgard: A Market Leader in workplace Safety
Fulgard is a leading company offering integrated services in health and safety for its clients’ workforce.
With headquarters in Vicenza, Fulgard provides regulated installation and maintenance fire safety services and manages mandatory occupational services for corporate clients.
The company operates across two core business units:
- Fire and Safety: Focused primarily on maintenance services through multi-year contracts. The company also provides installation and revamping services.
- Occupational Health: Managing a network of over 500 independent doctors, Fulgard offers comprehensive health services while alleviating administrative burdens for doctors and corporates. This division benefits from recurring revenue streams driven by regulatory requirements for periodic health checks. Service offering is enhanced with training and consulting services.
Fulgard has reported €113 million in sales in FY23. Fulgard has diversified revenue base, with over 70% recurring revenues and a well-established network of 17,000 B2B customers. The group employs over 650 people in Italy.
Growth Potential and Strategic Fit
Together with Seven2, Fulgard aims at pursuing its organic growth trajectory enhancing mandatory services offering with the goal of becoming a single point of reference for companies in workplace safety.
With its M&A track-record and the support and expertise of Seven2, Fulgard has the ambition to actively pursue its acquisition strategy, further solidifying its role of market consolidator.
The transaction will allow Seven2 to capitalize on a large, fragmented, and highly regulated market that is ripe for further consolidation.
Future Prospects
As Seven2 takes ownership of Fulgard, the focus will be on leveraging synergies across Fulgard’s business units, particularly in enhancing cross-selling opportunities and optimizing the company’s IT integration.
“We are excited to welcome Fulgard into the Seven2 family, reinforcing Seven2 presence in Italy. Fulgard strong market positioning, combined with our expertise in fostering growth and operational excellence, makes this an ideal partnership. We have built a solid expertise in the safety and security services sector across Europe having already supported market leaders in the Benelux. We are confident that Fulgard will continue to grow, not only as a market leader but also as a key consolidator on its market.” said Vincent Colomb, Partner at Seven2.
“This acquisition is a key milestone in strengthening our presence in Italy, where Seven2 already supports established portfolio companies. Fulgard’s strong market position and growth potential make it an ideal addition to our strategy. We are excited to build on this foundation and further solidify our footprint in the Italian market” added Marco Conte, Head of Italy at Seven2.
Seven2 was supported by Mediobanca as financial advisor.
* The profitability of portfolio companies is never guaranteed. Past performance does not predict future return.
Press contacts
Lauren Bardet
Seven2 – Communications Director
+33 6 16 32 72 82
lauren.bardet@seven2.eu
Jérôme Goaër – Verbatee
+33 6 61 61 79 34
j.goaer@verbatee.com
Valérie Sabineu – Verbatee
+33 6 61 61 76 73
v.sabineu@verbatee.com
