Equinox gains 60% in Italy’s Master Group, eyes European aluminium components growth

Italian aluminium window and door components manufacturer Master Group has unlocked a new chapter in its growth strategy as European private equity platform Equinox IV acquired a 60 per cent stake in the company. The investment, made in partnership with the founding Loperfido-Lacatena family, is aimed at reinforcing Master’s international expansion, boosting its production capacities and pursuing strategic acquisitions, with the ambition of building a leading European industrial group.  

The acquisition is the second investment in Equinox IV’s log book. The Loperfido-Lacatena family retains a 40 per cent stake, with co-founder and CEO Michele Loperfido would continue to lead the business alongside his children, Annacarla and Stefano, and the existing senior management team.

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95 per cent of products manufactured in-house

Founded in 1986 and headquartered in Conversano, Bari, Master Group employs over 370 workers. The company expects to generate approximately EUR 65 million (USD 72.98 million) in revenue in 2026, with EBITDA of EUR 10 million (USD 11.23 million). It operates through eight companies and has a presence in more than 60 countries, with overseas markets contributing 60 per cent of its revenue.

Master has developed an integrated production platform backed by investments in research and development, technological innovation, automation and production modernisation. The company manufactures approximately 95 per cent of its products in-house, covering processes from mould design and die-casting to finished components.

Its portfolio includes over 25,000 product references across seven main categories, including window and door accessories, sliding systems, corner joints, handles, façade components and proprietary automation solutions.

Its manufacturing operations are mainly concentrated in Italy, while commercial and logistics subsidiaries operate in Poland, Côte d’Ivoire and the United Arab Emirates (UAE).

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Conversano plant expansion and acquisition strategy

The joint growth plan includes acquiring businesses that complement the group through their product portfolios, technological expertise or geographical presence.

Expansion work is already in progress at Master’s Conversano facility. The project aims to increase production capacity and operational flexibility, introduce digital technologies and strengthen the company’s presence in higher-value product segments.

Commenting on the investment, Equinox Partner Carlo Cangialosi stated, “Master represents an excellence of Italian industry, capable of combining technological expertise, innovation and a significant international presence.”

He added that the window and door components sector remains fragmented, offering consolidation opportunities in Italy and overseas. Equinox sees Master as a platform with the potential to become a leading international industrial group.

Michele Loperfido described the transaction as “a fundamental milestone” in the company’s entrepreneurial journey. He said the partnership would support “a new phase of development” while preserving the importance of the people, skills and values behind the business.

Alongside its manufacturing and expansion plans, Master continues to invest in energy efficiency and renewable power generation. Self-generated solar energy currently meets 60 per cent of the group’s total electricity requirements, with further investments planned as the business grows.

The combination of an integrated production base, international reach and renewable energy investment gives Master a platform to expand its position in the aluminium window and door components market.

The transaction also throws light on Equinox IV’s focus on partnering with entrepreneurial families and strengthening Italian businesses with established industrial expertise, competitive positions and growth potential. In this case, it comes with the aim to expand the European aluminium window and door components base.

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