Milan, 10 June 2026 – Koinos Capital SGR – an independent, multi-strategy investment firm – strengthens its specialization in the Services sector with the launch of Ventha Group, a new industrial aggregation project in the installation and maintenance of thermo-hydraulic, mechanical, electrical and special technological systems supporting the energy transition.
The Koinos Uno fund has acquired 100% of the Brescia-based operators Gruppo Zini (which includes the subsidiaries Zini Impianti, Effeci, Effeci Air and Global Faber Brixia) and Seit, and of the Milan-based company Euroeco – synergistic businesses specialized in the installation and maintenance of thermo-hydraulic systems for a wide range of applications – which form the initial building block of the new platform, controlled by the parent holding company Ventha Group. The entrepreneurs, who have re-invested in Ventha Group, will continue to actively contribute to the operational development of their respective companies, within an increasingly integrated and managerial group structure.
The creation of Ventha Group – born from the partnership between Koinos Capital SGR and entrepreneurs Luciano Zini and Omar Cuel (Gruppo Zini) – takes place in a market, namely the installation and maintenance of thermo-hydraulic, electrical and special systems, worth approximately €26 billion nationwide, of which €15 billion concentrated in Northern Italy alone – the platform’s initial focus area – and growing at an annual rate of 3.5%.
Characterized by strong fragmentation, the Italian systems installation and maintenance market is – after Germany – the second largest in Europe and benefits from extremely attractive growth prospects, supported by the rising trends of energy efficiency, electrification and digitalization, all in the absence of a player of excellence combining, at the same time, scale and in-house execution capabilities.
In this sense, Koinos Capital SGR’s initiative stands as a concrete response to this systemic gap, with the goal of making Ventha Group the leading operator in the installation and maintenance of complex hydraulic, electrical, photovoltaic and special systems in Italy, able to directly execute entire projects covering the full life cycle of buildings across multiple business segments including, among others, the industrial, residential, commercial, hospitality and healthcare sectors.
The new group – which today already counts 100 employees overall, with total revenues of approximately €22 million and EBITDA close to €4 million – expects to reach €100 million in revenues over the next three years.
Ventha Group is a new example of Koinos Capital SGR’s distinctive entrepreneurial buy-and-build approach – founded on the cornerstones of industrial vision, technological leverage and digitalization as an enabling factor of evolution for the development of structured, efficient and competitive projects in the Italian mid-market – and of the focus on the Services sector that the Fund continues to pursue, following its initiatives in R&D Engineering (Futur-A) and medical-scientific education (Meduspace).
The goal is to create platforms of excellence and sector champions capable of scaling and leading the domestic market by enhancing Italian know-how, increasing growth capacity and fostering competitiveness and synergy in high-potential yet highly fragmented segments. From this standpoint, the Services sector offers significant development and growth opportunities thanks to the breadth of its fields of application and the natural evolution of some more traditional businesses towards the integration of related tertiary activities.
“Ventha Group stems from the conviction that the Italian market for the installation and maintenance of thermo-hydraulic, electrical and special systems offers an extraordinary aggregation opportunity, still largely unexplored. Market fragmentation, combined with the growing shortage of specialized labour, calls for the creation of a player able to consolidate skills, resources and execution capabilities into a single structured platform. This is exactly the path we are building with this new platform: a group that can position itself as a reference partner, with a direct presence across the entire value chain and a unique execution capability that most operators, at present, are unable to offer in these terms. We are only at the beginning of this exciting project – the third for Koinos in the Services sector – but the prospects opening up are numerous and we are already analyzing new, promising companies to continue aggregating specialized operators and progressively expand Ventha Group’s scope of action; we are of course open to considering the entry into the group of further promising businesses wishing to join”, says Roberto De Carlo, Partner at Koinos Capital SGR.
“Joining Ventha Group represents, for us, a natural evolution of our companies’ growth path. Becoming part of a structured organization allows us to enhance the expertise developed over the years, while maintaining an active role and benefiting from the industrial and commercial synergies the project is able to generate. We are convinced that this integration can further strengthen our individual ability to deliver added value to clients, manage complex projects and seize the opportunities of a rapidly changing market, in order to truly make a difference”, stated entrepreneurs Luciano Zini and Omar Cuel (Gruppo Zini).
In the transaction, Koinos Capital SGR was assisted by Roland Berger for Business Due Diligence activities. Alpeggiani Avvocati Associati also provided advice on the legal and contractual aspects of the transaction and its financing, the re-investment and corporate governance of the acquired companies, employment law matters, the coordination of Legal Due Diligence activities, and the assessment of golden power issues. KPMG coordinated the Financial Due Diligence, while Spada Partners handled tax matters. ERM acted as advisor for the ESG Due Diligence and EY for the Payroll Due Diligence.
Gruppo Zini relied on EY for financial advisory, with legal assistance from Studio Legal F.G.B. and tax assistance from Ergon Commercialisti STP S.S. Euroeco was assisted by EY for financial aspects, by LawSharing for legal matters and by Studio Berto rag. Paolo for tax matters. Studio Iannace, finally, assisted SEIT, with Opera Consulting S.r.l. for financial, tax and legal aspects.
Anthilia Capital Partners SGR S.p.A. and Tenax Capital Partners Limited are the two debt funds that financed the transaction.
The Koinos Capital team managing the transaction included Roberto De Carlo (Partner), Francesco Fumagalli (Founding Partner), Linda Cavallini (Investment Manager) and Davide Sorbello (Analyst).
