Investitori Associati, an Italian private equity firm, has lost senior partner Filippo Gaggini. He has ended a nine year career with the firm to become an advisor to rival private equity house Investindustrial.
The move mirrors the defection of Luca Destito, formerly a partner at Investitori Associati, who joined Investindustrial in early September.
One of the longest established players in the Italian private equity market, Investitori Associati began investing its first fund in 1993. During the 1990s it made its name investing in companies such as Panini, the sticker maker. It also participated in the first private equity-backed buyout of Seat Pagine Gialle, the directories business.
Its most recent fund closed on €700 million in 2004.
Investitori Associati could not immediately be reached for comment.
Gaggini was one of two senior partners alongside Dario Cossutta. Before this he was a director at Carlyle Europe in Milan. His new role sees him join Investindustrial’s Milan advisory team.
Investindustrial is a mid-market firm that invests across Southern Europe. It recently closed a €100 million annex fund – predominantly from existing LPs – to invest in the existing portfolio companies owned by its €500 million 2005 fund. It has investment teams in the UK, Luxembourg and Switzerland with advisory teams in the UK, Italy and Spain.