Ethica Group, through its M&A Advisory team, together with Finerre, advised QCapital, a private equity firm founded by Stefano Miccinelli, Francesco Niutta, Massimo Busetti, Giovanni Pedersoli and Renato Peroni, on the acquisition of a 35% stake in Builder S.r.l. (Carnovali Group – CBS – Officine Minelli), a leading Italian manufacturer of machinery and equipment for industrial waste collection and transportation.
Founded in the 1970s by Ruggero Carnovali and headquartered in Nuvolera, near Brescia, Builder has established itself as one of Italy’s leading players in the waste collection and management equipment sector. The Group comprises three specialised businesses: Carnovali S.p.A., which designs and manufactures containers, compactors and stationary balers; CBS S.r.l., specialising in the outfitting of industrial vehicles for waste collection and transportation; and Officine Minelli S.r.l., which recently joined the Group and focuses on the production of hydraulic loaders for industrial waste handling.
With a workforce of more than 350 employees and an industrial footprint spanning eight production facilities across Lombardy and Veneto, covering a total area of over 96,000 square metres, Builder expects to generate consolidated revenues of approximately €110 million in 2026.
Through its integrated offering and established industrial expertise, Builder has strengthened its position as one of the leading operators in Italy’s Waste Collection Equipment market. The Italian market exceeded €2 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5% through 2030. Growth prospects are underpinned by long-term structural trends, including increasing waste generation, evolving environmental regulations, growing emphasis on ESG considerations and continued technological advancements in waste collection and management processes.
