Advents Italian job

Advent International is at the start of a focused investment strategy targeting Italian companies. The firm’s Milan office has just acquired AVIP, Italy’s largest independent outdoor advertising group, in a transaction with an enterprise value of €55m.

Giovanni Galasso, a senior principal based in the Milan office, said the firm’s investment activities in the media sector led it to identify outdoor advertising as a growth area. “Early on we identified AVIP as the company we thought best placed to capitalise on the opportunity. We have spent the last two years getting to know the business,” he said.

AVIP is a precursor to further acquisitions within the group’s core industrial sectors. New additions to the portfolio will be positioned to develop locally and internationally.

Formed in 1966, AVIP acquired and successfully integrated eight companies over the last five years. Turnover for the current year is €43m.

The company is now focused on consolidating its position, as the outdoor market is projected to grow faster in Italy than in any other

part of Europe. This will be achieved through existing operations, further acquisitions and expansion of the management team. (See also Advent profile page 7)