Renaissance Partners and TPG Rise Climate, the climate-focused investment platform of global alternative asset management giant TPG, have entered into a binding agreement to jointly acquire a controlling stake in SICIT Group S.p.A. (“SICIT” or “the Company”). This strategic acquisition marks a pivotal step in the continued evolution of SICIT, a global pioneer in sustainable agriculture and circular economy solutions. With a business model centered on transforming leather industry residues into high-value biostimulants and other environmentally beneficial products, SICIT stands as a beacon of innovation in eco-friendly industrial practices.
Transaction Details and New Ownership Structure
Under the terms of the agreement, current shareholders Renaissance Partners and Intesa Holding will sell their entire ownership stakes in SICIT. However, Renaissance Partners—through its Renaissance Partners Fund IV—will reinvest in the transaction, signifying continued confidence in the company’s future. The deal will result in a co-control partnership between Renaissance Partners and TPG Rise Climate, supported by a cohort of co-investors, including LGT Capital Partners and Schroders Capital. Intesa Holding, representing the interests of the Vicenza leather district’s primary tanneries, will also reinvest in the company in a minority capacity.
This reshaped ownership structure heralds a new chapter for SICIT, positioning it for accelerated growth and international expansion. The transaction is subject to customary closing conditions and is expected to be finalized in the third quarter of 2025.
SICIT’s Legacy of Innovation and Sustainability
Established in 1960 in Chiampo (Vicenza), Italy, SICIT has evolved into a global leader in the production of biostimulants, operating a fully circular business model. The company uniquely recovers and repurposes waste from the leather tanning industry, converting it into high-performance biostimulants for agriculture, plaster retardants for the construction sector, and fats used in biofuel production.
SICIT offers an essential ecological service to the leather industry by collecting otherwise discarded residues and transforming them into products that add value across multiple sectors. Its diverse product portfolio includes animal-, seaweed-, and plant-based biostimulants, which contribute significantly to enhancing nutrient uptake, improving crop yield and quality, and helping plants resist abiotic stress such as drought and heat. The company also manufactures specialized retardants for use in plaster and plasterboard production, which are essential to sustainable construction practices.
A Global B2B Powerhouse in Agri-Inputs
SICIT operates predominantly as a B2B provider, working closely with some of the most prominent players in the global agrochemical and construction industries. Over 90% of the company’s revenue is generated through international exports, with clients spanning continents. The company is recognized not only for its environmentally responsible approach but also for its customized, high-quality solutions backed by cutting-edge research and development, rigorous quality controls, and integrated customer support systems that ensure value delivery throughout the pre-sale, sale, and post-sale processes.
Catalyzing Future Growth: Global Expansion and New Product Development
With support from TPG Rise Climate and the renewed backing of Renaissance Partners, SICIT is poised for an ambitious growth trajectory. Key components of this growth strategy include the launch of a new production facility in Mexico, which will significantly enhance the company’s manufacturing capabilities and strategic geographic positioning. Furthermore, SICIT is developing an early-stage line of vegetable- and plant-based biostimulant products, allowing it to further diversify its portfolio in line with global shifts toward plant-based agricultural inputs.
This expansion aligns with the rising global demand for sustainable agriculture solutions, driven by the urgent need to enhance food security while minimizing environmental impact. The increasing prevalence of climate-induced stressors on agriculture—such as extreme weather and reduced arable land—makes SICIT’s role in sustainable farming more vital than ever.
Leadership and Endorsements
Massimo Neresini, CEO of SICIT since 2006 and a recognized pioneer in the biostimulants industry, will continue to lead the company as it navigates this exciting new phase. Neresini commented on the transaction:
“Our strategic vision is centered on sustainable innovation and the global expansion of cutting-edge agricultural solutions. The entry of TPG Rise Climate and the ongoing support from Renaissance Partners reaffirms our commitment to the biostimulant sector and sustainable building additives. Following our acquisition of Patagonia Biotecnologia in Chile and with the upcoming plant launch in Mexico, we are ideally positioned to meet rising demand and strengthen our industry leadership. With our partners’ support, we are ready to build a more sustainable future.”
Joerg Metzner, Business Unit Partner at TPG Rise Climate, emphasized the significance of the deal:
“We are grateful to Massimo and Intesa Holding for their partnership since 2021. Together, we executed a value creation plan that led to exceptional results—both financially and in terms of environmental impact. SICIT is a model of how private equity can drive sustainable transformation. We’re proud to reinvest alongside TPG Rise Climate, a partner uniquely positioned to propel SICIT into its next growth phase.”z
Tommaso De Bustis Figarola, Partner at Renaissance Partners, reflected on SICIT’s journey:
“We are grateful to Massimo and Intesa Holding for their partnership since 2021. Together, we executed a value creation plan that led to exceptional results—both financially and in terms of environmental impact. SICIT is a model of how private equity can drive sustainable transformation. We’re proud to reinvest alongside TPG Rise Climate, a partner uniquely positioned to propel SICIT into its next growth phase.”
Strong Performance and Proven Track Record
Renaissance Partners and Intesa Holding initially acquired SICIT in 2021, subsequently de-listing the company and steering it through a significant transformation. Under their stewardship, SICIT experienced remarkable growth, more than doubling its revenue and EBITDA. This success was underpinned by favorable market conditions, innovation-led expansion in production capabilities, and diversified sourcing from additional leather districts in Europe, Mexico, Brazil, and Turkey.
Advisors and Legal Counsel
The transaction has been facilitated by a cadre of prominent financial and legal advisors. TPG was advised by Nomura and JP Morgan, with legal counsel from Latham & Watkins and Paul, Weiss. On the other side, Renaissance Partners and Intesa Holding received advisory support from Lazard (lead financial advisor), as well as Intesa Sanpaolo IMI CIB, Banca Popolare di Milano, and BNP Paribas. Legal and tax advisory services were provided by Legance Avvocati Associati, while Chiomenti served as legal advisor to Intesa Holding. Additional diligence and ESG advisory were conducted by PwC and EY.
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