M&A: Baker Tilly Italia Tax S.r.l. S.t.p. acts as advisor to the Luccini family on Renaissance Partners’ investment in Reway Group

Renaissance Partners, an investment firm managed by Renaissance AIFM, has completed the acquisition of a controlling stake of 83% in the capital of Reway Group S.p.A., Italy’s leading independent operator active in the maintenance, redevelopment, and modernization of road and rail infrastructure, listed on Euronext Growth Milan. Upon completion of the transaction, Renaissance Partners and its co-investors will hold 70% of the share capital, while the Luccini family will retain a 30% stake by reinvesting a significant portion of the proceeds from the sale. Paolo Luccini will continue to serve as the Group’s Chief Executive Officer. In accordance with applicable regulations, a mandatory tender offer will also be launched to acquire all remaining shares and result in the company’s delisting.

As part of the transaction, Baker Tilly Italia Tax S.r.l. S.t.p. advised the Luccini family as a tax and financial advisor, assisting the client with vendor due diligence, defining the financial structure of the transaction, and analyzing and structuring the tax aspects related to the sale and subsequent reinvestment in the capital of the acquiring holding company.

For Baker Tilly Italia Tax S.r.l. S.t.p., the transaction was coordinated by partner Riccardo Bolla, with support from senior manager Lorenzo Ardoino on financial and transaction advisory matters, and by partner Stefano Roncagliolo, with support from senior manager Donato Spagna, on tax matters.

The transaction represents one of the most significant deals completed in the Italian infrastructure sector in 2026 and will enable Reway Group to embark on a new phase of growth with the support of a financial partner of the highest caliber, while maintaining the entrepreneurial and managerial continuity ensured by the Luccini family’s continued involvement in the Group’s equity structure and governance.

Founded in 2021, Reway Group is now Italy’s leading independent operator specializing in the maintenance of critical road and rail infrastructure. Through its operating companies, the Group carries out maintenance and rehabilitation of bridges, viaducts, and tunnels; installation of safety barriers; seismic retrofitting; and maintenance of rail infrastructure. In 2025, the Group reported revenues of approximately 278 million euros and an EBITDA of approximately 50 million euros, confirming its leadership position in a market characterized by significant growth prospects linked to investments in the safety and modernization of transportation infrastructure.

In connection with the transaction, the Luccini family was advised not only by Baker Tilly Italia Tax S.r.l. S.t.p., but also by Mediobanca as financial advisor, GA Alliance as legal counsel, and Equita for matters related to the documentation pertaining to the tender offer. Renaissance Partners, on the other hand, was advised by Intesa Sanpaolo—IMI Corporate & Investment Banking Division, Legance, EY-Parthenon, Banca Akros, Vitale, and Morrow Sodali.