Key Takeaways
- TPG Rise Climate and Renaissance Partners have signed a binding agreement to jointly acquire a controlling stake in SICIT Group S.p.A.
- SICIT operates a fully circular business model, converting leather industry residues into biostimulants and sustainable building additives.
- The acquisition marks TPG Rise Climate’s first investment in the Adaptation and Resilience sector.
- The partnership will support SICIT’s global expansion, including a new plant in Mexico and new plant-based product lines.
- CEO Massimo Neresini will continue to lead the company through its next growth phase.
TPG Rise Climate and Renaissance Partners to Lead SICIT’s Next Growth Phase
TPG Rise Climate, the climate-focused investment platform of global private equity firm TPG, and Renaissance Partners have agreed to acquire a controlling stake in SICIT Group S.p.A., a global leader in the production of plant biostimulants and circular economy solutions for agriculture.
As part of the agreement, current shareholders Renaissance Partners and Intesa Holding will sell their stakes, with Renaissance Partners reinvesting via its Fund IV. The new ownership structure establishes a co-control partnership between Renaissance Partners and TPG Rise Climate, supported by co-investors LGT Capital Partners and Schroders Capital. Intesa Holding will maintain a minority interest.
The transaction, which is subject to customary closing conditions, is expected to finalize in Q3 2025.
“SICIT represents TPG Rise Climate’s first investment in the Adaptation and Resilience sector,” said Joerg Metzner, Business Unit Partner at TPG Rise Climate. “Their biostimulants are playing a critical role in improving nutrient efficiency and crop resilience in the face of rising climate pressures.”
SICIT’s Circular Model: From Leather Waste to Agricultural Innovation
Founded in 1960 and headquartered in Chiampo (Vicenza), Italy, SICIT has built a fully circular industrial model that transforms by-products of the leather industry into high-value agricultural inputs and construction additives. The company’s product portfolio includes:
- Animal-, seaweed-, and plant-based biostimulants
- Plaster retardants for the construction industry
- Fat for biofuel production
SICIT collects residuals from leather production and processes them into customized B2B solutions for the global agrochemical and industrial sectors. With over 90% of revenues generated through exports, the company’s key differentiators include robust R&D, innovation-led product development, and a fully integrated customer support model.
Strategic Plans: New Markets and Expanded Product Lines
The new ownership will help accelerate international expansion, with immediate initiatives including:
- The launch of a new production facility in Mexico
- Continued integration of Patagonia Biotecnologia in Chile (acquired previously)
- Development of plant- and vegetable-based biostimulants
“Our strategic vision is centered on sustainable innovation and global expansion,” said Massimo Neresini, CEO of SICIT. “With support from TPG Rise Climate and Renaissance Partners, we are well positioned to meet global demand for sustainable agricultural solutions and building additives.”
Track Record of Growth and ESG Alignment
Since their 2021 acquisition and subsequent de-listing of SICIT, Renaissance Partners and Intesa Holding have guided the company through a period of rapid expansion. During this time, SICIT:
- More than doubled revenue and EBITDA
- Expanded intake of raw materials beyond Italy to include Mexico, Brazil, Turkey, and other European regions
- Enhanced production capacity and process efficiency through innovation
“SICIT represents a success story—not just for its financial results, but also for its impact on sustainable agriculture,” said Tommaso De Bustis Figarola, Partner at Renaissance Partners. “TPG Rise Climate is the ideal partner to take SICIT to the next level.”
Advisors and Transaction Support
The transaction was supported by a consortium of legal, financial, and advisory firms:
- TPG: Nomura and JP Morgan (financial), Latham & Watkins and Paul, Weiss (legal)
- Renaissance Partners and Intesa Holding: Lazard (lead advisor), Intesa Sanpaolo IMI CIB, Banca Popolare di Milano, BNP Paribas (financial), Legance Avvocati Associati and Chiomenti (legal and tax)
- Additional support: PwC (financial and operations), EY (sustainability and ESG)
