News

London and Este (Padua), 23 December 2025 – Stirling Square Capital Partners (“Stirling Square”), a leading pan-European mid-market private equity firm, announces the sale of Isoclima Group (“Isoclima” or the “Company”), the global leader in innovative transparent solutions, to a consortium of financial investors led by Fondo Italiano d’Investimento SGR (”FII”), a leading platform for Italian private capital with a multi-strategy approach, and TEC Glass, an independent vehicle established by the investors participating in the club deal initiative sponsored by The Equity Club (“TEC”). Financial terms of the transaction, which is subject to customary closing conditions, have not been disclosed.

Founded in Italy in 1977, Isoclima has grown into a world-class provider of glass and composite materials solutions that enhance personal safety, security and sustainability across a variety of sectors including aerospace, armoured and high-performance vehicles, yachting, and security architecture. The Company is recognised as the partner of choice for a wide spread of demanding clients based on its advanced design and development capabilities, extensive patent portfolio, and commitment to impeccable service.

Under Stirling Square’s stewardship, Isoclima transitioned from family leadership to a professional management team embodying institutional and entrepreneurial qualities. The Company expanded operations across Italy and Croatia while refocusing on priority growth areas such as aerospace, military and architectural security applications. Isoclima further internationalised its business with the acquisition of two specialty glass makers in the United States and a strategic partnership in Colombia, which earned it full exposure to the fast-growing markets in the Americas. With Stirling Square’s support, Isoclima also progressed its digital and sustainability transformation; new capabilities were introduced to boost operating efficiency and elevate customer experience, enhancing the Company’s competitive positioning and operating margins.

Gregorio Napoleone, Founder and Executive Chairman, at Stirling Square Capital Partners, commented: “We are proud to have supported Isoclima’s multi-pronged transformation throughout our ownership. Our partnership with the original founder and a newly appointed management team has led the Company to new strategic and performance heights, as evidenced by the doubling of revenues and profits. This transaction builds on Stirling Square’s track record of partnering with family businesses and delivering ambitious, transformational value creation. We are excited for the continuing growth prospects of the business, and wish the talented team led by Liviana Forza all the best as they embark on a new chapter in their storied history.”

Liviana Forza, CEO of Isoclima Group, commented: “Stirling Square’s support has enabled Isoclima to evolve into the global benchmark for advanced transparent solutions. By investing in our people, operational footprint, proprietary IP and distinctive capabilities, we have built a strong foundation for long-term growth and excellence. I am thrilled to welcome FII and TEC as shareholders and look forward to working with them towards our future expansion plans.”

Stirling Square has been investing in Italy for over two decades, with c.26% of the overall Firm’s capital deployed in the country to date. With the sale of Isoclima and the acquisition of Iconsulting (both expected to close in the first quarter of 2026), Stirling Square will have invested in excess of EUR 0.5bn across 10 transactions since 2006. Throughout the last seven exits, Stirling Square will have realised aggregate proceeds of over EUR 1.0bn against related cost of EUR 0.3bn. The Firm provides talented founders, entrepreneurs, and family-owned businesses with capital and experienced support to pursue accelerated growth via internationalisation and business transformation.

Baird acted as financial adviser and Pavia e Ansaldo acted as legal adviser to Stirling Square on the transaction.

About Isoclima Group

Isoclima Group is a global leader in the design and manufacture of high-performance transparent solutions for applications across Aerospace, Civilian Armored and Defense Vehicles, High-Performance Cars, Yachting, Security Architecture and Rail. Renowned for its advanced engineering capabilities, extensive patent portfolio, and strong commitment to sustainability, the Group partners with leading international OEMs and blue-chip clients across the world’s most demanding markets.

About Stirling Square Capital Partners

Stirling Square Capital Partners was founded in 2002 as a pan-European private equity firm specialized in internationalizing and digitizing mid-market businesses with an enterprise value between EUR 100m and EUR 500m. The firm manages EUR 3.5bn on behalf of a global and diverse investor base. Since inception, Stirling Square has invested in 30+ platform companies and 100+ add-on acquisitions globally, helping to create regional and global champions. For more information, visit www.stirlingsquare.com.

About Fondo Italiano d’Investimento SGR

Founded in 2010 at the initiative of the Ministry of Economy and Finance (MEF) and participated by CDP Equity, Intesa Sanpaolo, UniCredit, ENPAM Foundation, ENPAIA Foundation, ABI, Banco BPM, and BPER Banca, Fondo Italiano d’Investimento SGR's main objective is to manage closed-end mutual funds aimed at channeling capital towards the system of excellent Italian companies, combining the goal of return on invested capital in line with international benchmarks with that of fostering the growth of the Italian productive system. Fondo Italiano manages 21 closed-end mutual funds reserved for qualified investors, totaling over Euro 4 billion of capital under management, and operates through direct and indirect investments (fund of funds). Fondo Italiano considers sustainability a fundamental value and is committed to integrating environmental, social, and governance (ESG) criteria into its investment activities. For more information, visit www.fondoitaliano.it.

About The Equity Club

The Equity Club is a club deal initiative promoted by Roberto Ferraresi, Filippo Penatti, and Mediobanca, established with the aim of creating a flexible private capital platform. Now in its second edition, the initiative involves some of Italy’s leading entrepreneurial families, with aggregate soft commitments of approximately €900 million. Through its first investment program, The Equity Club promoted investments of around €500 million in successful Made in Italy companies, including Jakala, La Bottega, Philogen, Lincotek, HSA, Regi, ART, and Tatuus. Isoclima is the fourth investment promoted through The Equity Club 2.0, following the previous investments in Club del Sole, Rainbow, and Forgital. For more information visit www.equityclub.eu.

Stirling Square Capital Partners (“Stirling Square”), a leading pan-European mid-market private equity firm, today announces an investment in the Isoclima Group ("Isoclima" or the “Company”) as part of a management buyout co-led by Isoclima co-founder Alberto Bertolini and industry veteran Bill O'Gara.

Isoclima is the global solutions leader in transparent armour and high-performance glass products. It is headquartered in Este, Italy and employs more than 700 staff in operations across Italy, Croatia and Mexico. Since its founding in 1977 by Augusto Gasparetto and Alberto Bertolini, Isoclima has emerged as the best-in-class producer of high-quality, high-complexity and high-performance glass solutions. For decades, Isoclima has shaped the industry’s leading technical boundaries of ballistic protection, optical clarity, shaping, precision tolerance and weight efficiency.  Isoclima’s end-markets include Civilian and Military Armoured Vehicles, Specialty Vehicles, Marine, Architecture, Aerospace and Rail.

The transaction cements a strategic and financial partnership involving Stirling Square, Alberto Bertolini (the co-founder who will continue to lead the Company's R&D and strategic key accounts development) and Bill O’Gara (the veteran manager of civilian and military armouring and defence companies).  Stirling Square will support Isoclima's international development strategies, Mr. O'Gara will lead the execution of these strategies as Group Chief Executive Officer, and Mr. Bertolini will remain a key shareholder and executive director of the Company.  Isoclima's senior management team is also joined by Chip Lennon (EVP Global Operations), Steve Ratterman (EVP International) and Mirko Prato (EVP Finance).  The headquarters of the Company and principal facilities will remain in Este, Italy, which will also continue to be the R&D centre for the Company.

Gregorio Napoleone of Stirling Square commented: “We are delighted to partner with Alberto, Bill and the management of Isoclima, the global 'gold standard' in high-performance glass solutions.  Assiduous R&D, product innovation and process know-how have placed the Company in a market-leading position.  We see a great deal of potential for Isoclima and, alongside our new partners, intend to rapidly accelerate its product development and delivery into new sectors and geographies”.

Bill O’Gara added: “It is with tremendous excitement that I join Alberto and the Isoclima management today.  I have known Alberto for three decades, during which I have admired his pioneering vision and entrepreneurial spirit and I look forward to a powerful new partnership with him and Stirling Square".

Alberto Bertolini noted: “It is with great pleasure that I team up with Stirling Square and an international management group led by Bill to take Isoclima to the next level. This partnership will allow the Company to capitalise on its strengths and tap its true potential, including via organic development, external alliances and acquisitions.”

The transaction represents the seventh platform investment in Stirling Square’s Third Fund.

Advisers to Stirling Square:
Canaccord – M&A Advisory

Fineurop Soditic – Debt Advisory

Roland Berger – Commercial

Pavia e Ansaldo – Legal (M&A)

Gattai Minoli Agostinelli & Partners – Legal (Debt)
KPMG – Financial and Tax