Italian private equity fund Magenta today announced the completion of the acquisition of CIFA SpA, the Italian group active in the design, manufacture and distribution of equipment for the mixing, transportation and placement of ready-mix concrete.

Magenta is a new Italian private equity fund, founded by Luciano Balbo, Edoardo Lanzavecchia and Luigi Sala, that together have over 50 years of experience in the private equity industry.

Magenta with other financial investors that include private equity fund Alpha and Banca Intesa, acquired 72.5% of CIFA, with the Cerini – Mutti – Raimondi and other families owning the remaining 27.5%.

“CIFA is an example of an Italian company well know for its successful business worldwide. The company represents a great opportunity and an optimal platform to grow organically and through acquisitions. We look forward to working with the management team to drive the company forward” said Edoardo Lanzavecchia, managing director of Magenta.

Alceste Murada has been appointed CEO, Maurizio Ferrari Vice-Chairman and Giovanni Cerini has been confirmed Chairman.

Alceste Murada has extensive national and international experience, he realized the first European joint venture in the air-conditioning equipment sector between Sanyo and Elfi . He was Vice-President of Carrier Europe, Middle East & Africa (United Technologies Corporation) and CEO of Riello.

Maurizio Ferrari led as CEO several buyouts of Castelgarden/GGP, growing the company to the European leader in the gardening equipment sector.

“This acquisition – says Matteo Rolla Vice President of CIFA USA – is an excellent opportunity for the CIFA Group and particularly for their US based operation.

Beside the extensive knowhow in production and technology still assured by the previous owners, CIFA undoubtedly will benefit from the financial strength and internationally recognized management skill provided by the new shareholders.

I can foresee a great future for CIFA USA and our customers and partners. We will be committed even more than before in delivering high quality product, service and relationship”

Founded in 1928, CIFA designs, manufactures and distributes equipment for the mixing, transportation and placement of ready-mix concrete including mixing plants, formworks, truck mixers and concrete pumps.