Small Cap

Investment in companies with EBITDA lower than € 3 mln

Since 2021 we have invested in profitable companies, founded and managed by young entrepreneurs with c. € 10 m revenues and € 3 m EBITDA, specialised in:

B2B innovative services based on strong logical cognitive skills acting in high growth segments (i.e. digital transformation, data analytics, martech, AI, ciber security, etc). These companies provide their services via an own software or technological platforms which allow a high scalability and recurrent revenues

B2B manufacturers with a proprietary product know-how that can provide high value added services in businesses where innovation and flexibility are key and can counterbalance the positive correlation between size and competitiveness

Dimms-Control

Dimms Control, now Socotec, is the italian leader in TIC business (Testing, Inspection and Control) and more specifically in the field of geophysical investigation surveys, geotechnical laboratory testing (soils and rock mechanics), laboratory testing on construction materials (concrete, steel, bitumen, etc.) and chemical-environmental testing.
The company, based in Avellino, was founded in 1992 by a university professor who leveraged his vast knowledge in geophysics and capitalized on the human capital provided by local universities.

Xenon met the founder’s sons in 2011, offering them an alternative to a listing on the AIM market, i.e a mixed deal where most of the monies were injectedinto the company to support the entry into new markets and to expand the scope of services offered.

The first add-on acquisition was Elletipi S.r.l., a company specialized in laboratory testing activities, topographic and geotechnical-structural surveys as well as non-destructive testing, which was facing a generational change. The closer proximity to the Italian major infrastructural projects laid down the premises for changing the Group perception as a true national player and allowed the company to quickly acquire both Geomarine S.r.l., a provider of geotechnical and geophysical surveys in nearshore and offshore environments, and Labo Consult S.r.l., a firm specialized in chemical laboratory testing and environmental monitoring.

Examples of past investments are:

First Advisory

Leader in Italy in the private insurance market by selling single premium life policies to high net worth individuals. Thanks to a proprietary technology platform the company connects insurance companies with distributors delivering highly scalable solutions.

HWG

One of the most advanced cyber security player in Italy which thanks to a Security Operations Center supplies sophisticated detention, response and recover services to face cyber attacks in large organizations.

Easy Welfare (now Edenred Italia)

A pioneer in the introduction of flexible benefits in the Italian market with 100% digital solutions, a network of 15 thousand affiliated sale points, a fully mobile suite and a platform dedicated to corporate clients.