Arada Capital Partners, through the Search Fund Cassandra Investments, has completed the acquisition of New Roglass, an Italian company headquartered in Milan and a benchmark in glass recycling. The company transforms waste into high-quality secondary raw materials —such as furnace-ready cullet, pretreated glass, and recovered metals— that supply material- and energy-intensive sectors, from bottling to automotive and construction.
The interest in New Roglass comes in the context of strong growth in the recycled glass market. Demand for cullet far exceeds the supply available in northern Italy, while European regulation and industry sustainability commitments are driving circular economy models. In this scenario, the company has reported sales of approximately €10.5 million and an EBITDA of nearly €2 million over the past twelve months.
New Roglass operates three state-of-the-art plants with authorized capacity to process up to 128,000 tons annually, ranking among the seven largest operators in the country and consolidating itself as a key player in its region. Its industrial configuration —unique in the Italian market due to its independent pre-treatment and treatment facilities— enhances both the quality of the final product and the efficiency of its processes, two attributes that directly impact energy savings and raw material costs for its clients.
The transaction was carried out through Cassandra Investments, a Search Fund led by Emanuele Charalambis and Riccardo Donadel, and supported by a group of private and institutional investors. For Arada Capital Partners, this marks the seventh investment of Arada CP I and the second in Italy, in line with its focus on identifying European companies that are leaders in niches with high growth potential, solid competitive advantages, and generational transitions to address. The plan is to drive a new stage of growth, professionalization, and consolidation of New Roglass alongside a highly skilled management team aligned with long-term value creation.
Cassandra Investments brings leadership with a strong operational and financial component. Charalambis, a computer engineer from the University of Modena and MBA graduate from IESE and Kellogg, has experience in strategic consulting and investment banking at firms such as Delta Partners, Value Partners, and Bank of America Merrill Lynch, working on transformation projects, mergers, and acquisitions in technology, infrastructure, and renewable energy. Donadel, who holds a degree in Finance from the University of Bologna and an MBA from IESE, has executed more than fifteen mid-market transactions in Italy through roles at Koinos Capital, Scouting Capital Advisors, and the private vehicle B. Group, linked to the industrial group Coesia. Both will serve as co-CEOs of New Roglass with a focus on operational efficiency, sustainability, and strategic expansion.
With this acquisition, Arada Capital Partners continues deploying capital from its first vehicle, Arada CP I, which already comprises a diversified portfolio with a presence in Spain, Portugal, Italy, France, and the United Kingdom. The firm expects to close the investment period of this vehicle with around ten portfolio companies and is preparing the launch of its second vehicle, Arada CP II.
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