You can wait.
A development programme that pays off in year eight is a normal decision here. So is expanding a plant, or buying a competitor the year they are finally ready to sell. Without an exit date, opportunity sets the timing.
Building industrial companies over time
Lio Industries owns, builds and grows Italian niche leaders, with capital that stays as long as the work takes.
OWNERSHIP
Why we own companies
What we buy is a position. A niche defended over years, customers with no obvious alternative, know-how that sits in the organization, a team we back rather than replace.
What these companies need is an owner who understands why they work and the patience to let a good position compound. Not a fund — there is no deadline that will put the company back on the market. Not an industrial buyer — the company keeps its name, its site and the person who runs it. Permanent industrial capital: money that arrives to build, and certainty about what comes after the signature. We move rarely, and when we commit, we commit our own capital first.
PERMANENT CAPITAL
Capital without a deadline
Every fund has an exit date written into it before the first investment is made. We do not. What that allows:
You can hold through a bad year.
Downturns end; forced sellers never find out. We keep leverage prudent so a bad year costs you a year, and nothing more.
You can keep the plan you started.
No new owner every five years, no strategy to re-pitch and re-justify from scratch, no management change written into somebody else’s exit.
You can choose once.
A fund’s ownership changes on the fund’s clock, not because you asked for it, and each time the relationship starts from zero. Here the same owner stays for as long as the company keeps growing.
WHAT WE LOOK FOR
Three things we need
Niche.
A structural trend behind it — not a bet on where things might go — and enough fragmentation or protection to build a lasting position in it.
Position.
A defensible share of that niche: pricing power, stable margins, and cash generation that holds up through the cycle — not just today’s numbers.
Someone to lead it.
A recognizable person to lead the growth project and co-invest alongside us.
OUR STRATEGIES
Two ways to build
Company Building.
Fragmented niches where no single company is big enough to lead. We bring capital, organization and a path to aggregation, building a platform of three to five companies that together lead the niche.
Buyout.
Established, cash-generative leaders in a protected niche. We bring continuity and governance, and the cash the company generates funds its own growth first — organic, and through acquisitions around the position it already holds.
THE ASK
What we ask
As a rule the seller reinvests alongside us, and the right person leads the company from there: you, a manager already inside, or someone we bring in with you. We take control or co-control, and we want the thesis in writing before we sign: what this company becomes, and how.
GOVERNANCE
How it runs
Governance stays decentralized, platform by platform: decisions get made close to the business. Where it helps, we work with whoever leads the company to deepen the management team — so that the company depends on an organization, not on one person, and is ready when the generation changes. As the thesis holds up, we work on the next investments around it. The Group’s AI team works with the company from the start, on process now and automation later.
“Great companies defend a premium position in a resilient niche. My job is to find them, back the people who lead them, and stay long enough for that position to compound.”
ANDREA BRUSCHI · CEO, LIO INDUSTRIES
INSIDE THE GROUP
An ecosystem, an advantage
A company owned by Lio Industries joins an industrial group with its own demand: data center campuses under development, energy infrastructure being built, properties being repositioned. Where the fit is right, the group is the first customer.
The development platforms work in years and sell at ready-to-build. Lio Industries works in decades and sells reluctantly. Owning both gives the Group two clocks, and company by company the aim is simple: an industrial holding that compounds.
We want to be one thing: the shareholder of continuity, still here when the next generation arrives.
Meet the team
CEO
Andrea Bruschi
Andrea has been part of Lio since 2026. Former Partner at IGI Private Equity and Co-Founder at LABS Corporate Finance. He is a chartered accountant and an Economics and Management for Business Law cum laude graduate from Bocconi University
Director
Guglielmo Bolla
Guglielmo has been part of Lio since 2018, first in Lio SSG and more recently in Lio Industries. Former Investment Analyst at Castello SGR, and prior to that at SDA Bocconi School of Management. Business Administration and Management graduate from Bocconi University
Investment Manager
Vlatko Atanasov
Vlatko has been part of Lio since 2026. Former Manager at goetzpartners, Senior Associate in Corporate Finance at Deloitte, and prior to that at EY. Accounting, Financial Management and Control cum laude graduate from Bocconi University
M&A Manager
Chiara Leoni
Chiara has been part of Lio since 2026. Former Director at LABS Corporate Finance. Finance graduate from Bocconi University