TPG Rise Climate and Renaissance Partners to Co-Control SICIT Group in Strategic Investment Deal

Milano & San Francisco, May 2025 – TPG Rise Climate, one of the world’s largest private equity funds focused on climate solutions, has entered a binding agreement to co-acquire a controlling stake in SICIT Group S.p.A. alongside Renaissance Partners. The deal marks a new chapter of accelerated global growth and innovation for SICIT, a leading producer of sustainable biostimulants derived from leather industry residues.

Renaissance Partners, which had acquired a majority stake in SICIT in 2021 together with Intesa Holding (representing major tanneries in Italy), will reinvest in the new transaction through its Fund IV. The co-control partnership also includes prominent co-investors such as LGT Capital Partners and Schroders Capital. Intesa Holding will retain a minority stake in the Company.

Founded in 1960 in Chiampo (Vicenza), SICIT has pioneered a unique circular economy model, transforming leather industry waste into high-value biostimulants for agriculture, plaster retardants for construction, and fat for biofuel. The company plays a critical role in sustainable agriculture, producing plant-, seaweed-, and animal-based biostimulants that enhance nutrient efficiency, increase crop yields, and improve resistance to abiotic stress.

SICIT exports over 90% of its revenue and serves a global B2B client base, including leading agrochemical companies. Backed by strong R&D, a premium product line, and a fully integrated customer support model, SICIT continues to set the standard for sustainable, performance-driven solutions.

Under Renaissance’s ownership since 2021, SICIT has more than doubled its revenues and EBITDA, fueled by process innovation, production capacity expansion, and increased raw material sourcing from leather districts across Europe, Mexico, Brazil, and Turkey.

As part of the company’s growth strategy, SICIT is preparing to launch a new production facility in Mexico and expand into vegetable and plant-based product lines. The transaction is expected to close in Q3 2025, pending standard regulatory approvals.

Leadership Statements

Joerg Metzner, Business Unit Partner at TPG Rise Climate, said: “We are delighted to partner with Renaissance Partners and Intesa Holding to expand SICIT into new geographies and continue to deliver high-quality, sustainable products across a broad set of industries. SICIT represents our first investment in the Adaptation and Resilience sector, and plays a crucial role in helping crops withstand increasing environmental stress.”

Massimo Neresini, CEO of SICIT, stated: “Our strategic vision is centered on sustainable innovation and global expansion. With support from TPG Rise Climate and continued partnership with Renaissance, we are well-positioned to meet growing demand for sustainable agricultural solutions. The launch of our new plant in Mexico and our acquisition of Patagonia Biotecnologia in Chile further strengthen our global presence.”

Tommaso De Bustis Figarola, Partner at Renaissance Partners, added: “SICIT has delivered outstanding performance—financially and in terms of its environmental impact. TPG Rise Climate is the ideal partner to help scale SICIT’s mission, and we are proud to reinvest in the next phase of growth.”

Advisory Team

TPG was advised by Nomura and JP Morgan (financial) and Latham & Watkins and Paul, Weiss (legal). Renaissance Partners and Intesa Holding were supported by Lazard (lead financial advisor), Intesa Sanpaolo IMI CIB, Banca Popolare di Milano, BNP Paribas (financial), Legance Avvocati Associati and Chiomenti (legal), PwC (financial and operations), and EY (sustainability and ESG).

Source – TPG