New openings, initiatives and results


Fondo Italiano d’Investimento and Eulero Capital acquire a share from Siparex in HNH Hospitality

Fondo Italiano d’Investimento SGR and Eulero Capital have signed a binding agreement to enter the share capital of HNH Hospitality, acquiring an equity stake from the Siparex funds.


The operation, which for Fondo Italiano and Eulero Capital represents entering a particularly strategic sector for the country such as tourism, aims to further accelerate the path to growth the company has already undertaken. HNH Hospitality is the ideal platform for implementing an ambitious project to strengthen and enhance the hotel management business in Italy, today characterized by high market fragmentation and interesting growth prospects, which can advance in the transition toward industrial models increasingly aligned with the international context.
With this acquisition, made possible through the Fondo Italiano Consolidamento e Crescita – FICC, Fondo Italiano confirms its desire to intensify forging partnerships with other players in Italian private capital, to support small-medium businesses in the country. With Eulero Capital, an operator with a primary financial-entrepreneurial network and focused on development and aggregation projects, will support the Boccato family, majority shareholder of HNH Hospitality, the CEO Luca Boccato and the management team in the Group’s further development, thus giving continuity to a success story. With this operation, Fondo Italiano and Eulero Capital will take over the funds of Siparex, who had invested in the company mainly through an increase of capital in 2017.
Over the last years, HNH Hospitality has shown great ability in facing and overcoming the negative effects due to the Covid-19 pandemic, by taking over the management of 9 new important hotels over the last 4 years, one of which, the Timi Ama di Villasimius, at the start of 2023. All of this is accompanied by considerable attention to ESG themes, which play a central role in HNH’s strategic choices.

“I am very satisfied with Fondo Italiano d’Investimento and Eulero Capital entering the share capital. This new partnership will allow us to give a strong boost to our ambitious expansion project, letting us continue to develop our growth strategy aimed at guaranteeing an increasingly more complete and distinctive offer for the leisure, congress and wellness tourism sectors – commented Luca Boccato, CEO of HNH Hospitality – I thank Siparex, with the partners Tomaso Barbini and Andrea Gianola, for their constant support in HNH Hospitality’s growth over the last six years, a period in which the Group has doubled the number of hotels it manages and almost tripled its turnover, even in the not so simple context of Covid, demonstrating great strength and particular resilience”.

Gianpaolo Di Dio, Chief Investment Officer di Fondo Italiano d’Investimento commented: “The investment in HNH Hospitality marks Fondo Italiano’s entrance in tourism, one of the primary strategic sectors identified by the 2022-2025 Industrial Plan, in which Italy has the potential to express its absolute leadership. We are proud to join an entrepreneur, Luca Boccato, who has been able to take a visionary direction in his business and to advance, together, toward HNH’s new growth”.

Gianfranco Burei, co-Managing Director of Eulero Capital added: “We have known HNH Hospitality and the Boccato family for a long time. We have chosen with great determination to acquire shares of HNH, an excellent operator in Italian hospitality with a clear mission based on quality, innovation and the creation of value for its stakeholders. We have a daily commitment to support HNH in its plans for future growth, in line with the innovative model of Eulero Capital.”

Tomaso Barbini, Partner of Siparex/Insec commented: “The investment in HNH has been a huge success for Siparex and we are proud of having supported the Boccato family in these years, which haven’t always been easy. We admire the Boccato family’s unity and work ethic that have allowed them to establish themselves as the most dynamic and successful group in the Italian hotel business. We hope Luca and his family continue along their path and we are sure the new partners will be able to support them in the next phase of their development”.

During the operation Fondo Italiano d’Investimento and Eulero Capital were assisted by: LMCR (for legal aspects), EY (for business, accounting and tax themes), Lincoln International (as financial advisor), ERM (for ESG themes) and Marsh (for insurance). The Siparex funds were assisted by Vitale & Co. As financial advisor and by Rucellai & Raffaelli for legal aspects. HNH Hospitality was assisted by Orrick Italia for legal matters.


Fondo Italiano d’Investimento SGR

Established in 2010 through the initiative of the Ministry of Economy and Finance (MEF) and the majority owned by CDP Equity, and the remaining shares by Intesa Sanpaolo, UniCredit, Fondazione ENPAM, Fondazione ENPAIA, ABI, Banco BPM and BPER Banca, Fondo Italiano d’Investimento SGR mainly aims to manage closed-end security funds dedicated to channeling patient capital into the system of premium Italian companies, joining the purposes of return on invested capital, in line with international benchmarks, with those of developing the Italian production system. Fondo Italiano manages 15 closed-end securities investment funds reserved for qualified investors, amounting to more than 2.8 billion euros and operates through direct and indirect investments (funds of funds). Fondo Italiano considers sustainability a core value and is committed to integrating environmental, social and governance (ESG) criteria into its investment activities.

Fondo Italiano Consolidamento e Crescita – FICC is focused on operations aimed at supporting the development and internationalization of excellent SMEs in Italian industry and the consolidation of fragmented supply chains, combining market financial instruments and a mission of system impact. The Fund, with an endowment of about 500 million euros, has previously invested in Marval (engine components for agricultural and construction equipment), C2Mac Group (complex castings and machining for the hydraulics sector), Maticmind (services related to installation, configuration and management of complex digital networks), Florence (aggregation of companies in the clothing manufacturing sector for luxury brands), Mecaer (aeronautical equipment mainly for helicopters and business jets) and Quick (equipment for recreational boating).


Eulero Capital

Eulero Capital is a permanent capital platform, which organizes and invests, together with its partners, in outstanding enterprises and management. Eulero was founded and is led by three operating partner-managers who have extensive experience in the investment sector, a financial sponsor with a 36% stake as Futura Invest S.p.A., an investment holding company owned by Fondazione Cariplo and Banca Intesa, and as ordinary members, some 30 leading business families and managers, who actively participate in Eulero’s activities. Eulero’s goal is to invest in medium-sized Italian companies that present well-identified development opportunities, either internally or through processes of aggregation of other entities.



The Siparex Group is one of Europe’s leading private capital managers for SMEs, active for 45 years, with assets under management of approximately €3.5 billion. Siparex has experienced strong growth in recent years, both organically and through acquisitions. The group’s primary objective is to support companies in their growth and transformation, financing and concretely assisting companies from start-ups to medium-sized companies, through the different business lines in which it operates: Venture Capital under the XAnge brand, Energy Transition (Tilt), Entrepreneurs, Rebound, Mezzanine, Midcap and ETI (medium-sized companies). The Siparex Group has an extensive geographic presence, with six offices in France and four in Europe, and is present through partnerships in North America and the African continent. Siparex operates in Italy through an exclusive agreement with Insec Equity Partners SGR, manager of Siparex Investimenti 2 SICAF. In addition to HNH Hospitality, Siparex has successfully invested in Italy in several companies, including Plurima, Bracchi, Buona Compagnia Gourmet, and SAIP.