Arada Capital Partners, through the Search Fund Cassandra Investments, has completed the acquisition of New Roglass (the “Company”), an Italian firm based in Milan and a benchmark in glass recycling. The Company manages waste to transform it into high-quality secondary raw materials, including furnace-ready cullet —clean, crushed, impurity-free glass—, pretreated glass, and metals recovered during the process.
The company was acquired through Cassandra Investments, a search fund led by Emanuele Charalambis and Riccardo Donadel, with the support of a distinguished group of private and institutional investors.
The Company operates in a rapidly expanding market, driven by the significant cost savings that recycled glass provides to its key clients in industries such as bottling, automotive, and construction —thanks to its ability to reduce both energy consumption and the costs of certain raw materials—, by the growing commitment to the circular economy, and by regulatory momentum stemming from stringent European directives. In the last 12 months, New Roglass recorded sales of approximately €10.5 million and an EBITDA of around €2 million, reflecting a solid 20% margin.
New Roglass has 3 state-of-the-art plants with authorized capacity to process up to 128,000 tons annually, positioning it among the 7 largest glass recycling companies in Italy and one of the most important in the northern region of the country. With its available production capacity, New Roglass stands out as a key player in the glass recycling industry in Northern Italy, where demand for cullet far exceeds the available supply. The Company is also the only operator with independent pretreatment and treatment plants.
This transaction represents the seventh investment by Arada CP I and the second in Italy, consolidating Arada Capital Partners’ strategy of identifying European companies that are leaders in their niche, with high growth potential, strong competitive advantages, and unresolved succession challenges. The firm is committed to driving the growth of its portfolio companies through the incorporation of new, highly skilled management teams aligned with long-term value creation.
“This acquisition fully aligns with our investment thesis and adds strategic value to the diversification of our portfolio, both at sector and geographic levels. New Roglass operates in a strategic sector, with solid entry barriers and structurally growing and recurring demand, making it an ideal platform to continue generating value. Together with the new management team, we are confident we will drive the Company into a new phase of growth, professionalization, and consolidation,” stated Arada Capital Partners.
With this acquisition, Arada Capital Partners continues deploying the capital of its first vehicle, Arada CP I, which has a diversified portfolio with presence in Spain, Portugal, Italy, France, and the United Kingdom. The firm expects to complete its investment period with around ten portfolio companies before launching its second vehicle, Arada CP II, backed by a strong positioning that generates exceptional deal flow and differential knowledge of the European lower mid-market, the result of rigorous analysis of nearly 200 potential SME acquisitions and more than 400 Search Funds in recent years.
About Cassandra Investments: Emanuele Charalambis and Riccardo Donadel led this transaction through Cassandra Investments, a vehicle backed by several private and institutional investors including Arada Capital Partners.
Charalambis brings experience in strategic consulting and investment banking at firms such as Delta Partners, Value Partners, and Bank of America Merrill Lynch, having led transformation, M&A, and growth projects in sectors such as technology, infrastructure, and renewable energy. He has worked with major international groups and sovereign funds, including transactions for Virgin Mobile, Knowlarity, and industrial conglomerates in the Middle East. He holds a degree in Computer Engineering from the University of Modena and an MBA from IESE and Kellogg.
Donadel has built his career in private equity and investment banking in Italy, with more than fifteen executed mid-market transactions. He has worked at firms such as Koinos Capital, Scouting Capital Advisors, and the private investment vehicle B. Group, linked to the Coesia industrial group. Over the course of his career, he has led investment, refinancing, and M&A processes in sectors such as defense, software, and consumer goods. He holds a degree in Finance from the University of Bologna and an MBA from IESE.
Both will operate as co-CEOs of New Roglass, leading the next stage of growth with a focus on operational efficiency, sustainability, and strategic expansion.
Press release: elEconomista
