Metrika II Acquires a Majority Stake in Proteg, an Italian Circular-Economy Champion

PRESS RELEASE

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METRIKA II ACQUIRES A MAJORITY STAKE IN PROTEG, AN ITALIAN CIRCULAR-ECONOMY CHAMPION

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Metrika II Fund's investment is intended to support Proteg, an Italian circular-economy champion that transforms organic residues and by-products into high value-added proteins, fats and renewable fuels for the pet food, fertilizer, oleochemical and energy sectors

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Milan, 22 July 2026 – Metrika II Fund, managed by Metrika SGR S.p.A. and led by partners Marco Giuseppini and Nicola Pietralunga, has completed the acquisition of a majority stake in Proteg S.p.A., an Italian circular-economy champion active in the collection and processing of animal by-products (ABPs) and of oils and fats into high value-added renewable raw materials.

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Headquartered in Campania and today led by the third and fourth generation of the founding family, Proteg has for decades been active in the collection and processing of animal by-products (ABPs), food no longer intended for human consumption and used vegetable oils. Collection is carried out across Central and Southern Italy, while processing takes place at the Group's industrial site in Campania.

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Through technologically advanced processes, Proteg transforms these materials into premium raw materials such as processed animal proteins (PAPs) and rendered fats, supplying high value-added end markets including pet food, organic fertilizers and soil improvers for agriculture, oleochemicals (industrial soaps and lubricants) and the energy sector (biofuels and bioliquids). The company sits squarely within the circular economy, recovering waste streams and returning them to industry as valuable raw materials and renewable fuels.

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Proteg's operations are conducted in compliance with the highest Italian and European regulatory standards for the environment and worker health. The company has an in-house analytical laboratory to monitor product quality and plant performance and has installed a biomass energy generation plant fuelled by sustainable bioliquid produced in-house. Proteg is certified to ISO 9001 (quality) and ISO 14001 (environmental management) and has recorded revenues of around €30 million in recent years.

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Processed animal proteins: an essential link in the food and pet food supply chain

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A central part of Proteg's output consists of processed animal proteins (PAPs): a high-protein, fully traceable material recovered from Category 3 animal by-products and processed in compliance with strict European and national health controls. These proteins are a valued ingredient in the fast-growing pet food industry, where demand for high-quality, sustainable and locally sourced proteins continues to rise. By recovering nutritional value that would otherwise be lost, Proteg turns meat-processing residues into a safe, certified raw material, reducing reliance on imported, land-intensive protein sources and strengthening the resilience of the national agri-food supply chain.

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A tangible story of circular economy and decarbonization

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For Proteg, sustainability is the business model, not a label. Every tonne of by-product collected by the Group is diverted from disposal and returned to the economy – as protein, fat, fertilizer, oleochemical feedstock or renewable fuel. This delivers concrete environmental benefits: it keeps organic matter in productive use, replaces fossil-based inputs in chemicals and energy, and supports the European agenda for the circular economy and decarbonization. The Group's biomass plant, fuelled by bioliquid produced on site, further reduces its energy footprint and emissions intensity. With Metrika II's support, the company intends to formalize this profile through structured ESG KPI monitoring, a decarbonization roadmap and continued investment in resource efficiency, consolidating Proteg's role in Europe's transition towards a circular, lower-emission industrial base. As an Article 8 fund under the SFDR, Metrika II is committed to promoting green industrial transformation and more sustainable practices in Italian manufacturing — and Proteg is a clear expression of this.

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Southern Italy as an engine of industrial growth

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Proteg is also an example of industrial excellence in Southern Italy. Operating from Campania, the Group demonstrates that the South can host technologically advanced, market-relevant manufacturing while creating skilled, quality employment locally. Metrika II's investment is a vote of confidence in this potential: the plan is to strengthen and professionalize the management team, attract and develop new technical and managerial skills and expand production capacity, rooting growth, know-how and opportunity in a territory that is increasingly a driver of Italian industrial renewal. Building national and international champions from a southern base is exactly the kind of value creation that Metrika pursues.

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The next phase of growth

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Proteg is now ready to embark on a further phase of growth supported by Metrika II, whose main objectives are:

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- strengthen and professionalize the management structure;

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- invest in production capacity, automation and plant efficiency to increase yields and product quality;

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- pursue further growth, including through a targeted M&A buy-and-build strategy in adjacent segments of waste valorization and renewable fuels;

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- consolidate Proteg's positioning in higher value-added end markets (pet food, renewable fuels, oleochemicals) and expand its geographic presence;

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- strengthen the Group's ESG and decarbonization profile in line with European circular-economy objectives.

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The founding family and the current management team, led by CEO Salvatore Papa, will ensure operational continuity while supporting Metrika II in achieving these objectives.

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Commenting on the transaction, Marco Giuseppini and Nicola Pietralunga, Managing Partners, and Gabriele Giustino, Director at Metrika SGR, said: "The acquisition of Proteg fits perfectly with Metrika II's strategy of creating value in resilient, market-leading Italian industrial companies. Proteg is exactly the type of business we look for: an essential service, decades of recognized technical know-how and a clear, structural sustainability profile. It combines a circular-economy model that turns by-products into high-value proteins, fats and renewable fuels with strong sector tailwinds and ample room for growth, both organically and through a targeted buy-and-build strategy. Our role will be to support the family and management in this new phase, investing in capacity, quality and people while opening up new higher value-added segments and markets."

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Salvatore Papa, on behalf of the founding family, added: "Proteg is the result of decades of work and the commitment of three generations of our family to transforming what others discard into value. In Metrika we have found a partner that shares our vision and our standards, and that will give us the resources to invest in our plants, our people and new markets, while preserving the identity and culture that have always defined us. It is the right partner to write the next chapter of our growth."

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On the transaction, Metrika II was advised on legal matters by Giliberti Triscornia e Associati (Matteo Acerbi, Chiara Gaudio, Giorgia De Pin and Luca Maugeri); on tax and accounting matters by EY (tax: Roberto De Bernardinis, Gianmarco Metrangolo, Vincenzo Savinelli and Vincenzo Casillo; accounting: Andrea Di Bella, Enrico Silva, Daniele Chiara and Clara Bellio); on business matters by OC&C Strategy Consultants (Riccardo Cremona, Alberto Regazzo, Luca Bettale, Andrea Montanaro, Federico Buzzi and Edoardo Jenna); on environmental and ESG matters by ERM (Andrea Perna, Simona Azzini, Luca Ferioli and Andrea Ucar); and on insurance matters by Aon (Francesco de Siena, Marcello Mura and Ludovica Belluz).

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The Papa family was advised on legal matters by LAWAL (with a team coordinated by Piergiorgio Mancone (Managing Partner) and comprising Luca Gobbi (Partner) and Associates Emanuele Francesco Rizzuti and Marco Baio) and on financial matters by Sergio Lucci and Studio Lucci-Lucci Dea S.r.l.

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Metrika SGR S.p.A. is an authorized private equity fund manager. The investment strategy of the Metrika II Fund, an Article 8 fund under the SFDR, targets the acquisition of majority as well as qualified minority stakes in Italian companies (with possible extension to other adjacent European markets on an opportunistic basis) with revenues between €20 and €100 million, sound operating profitability and a solid financial structure. Metrika SGR is distinguished by a "hands-on" approach to its investments, investing in industrial niches in which the members of the Investment Team have developed deep expertise. The Fund's areas of interest cover in particular the following industrial sectors: mechanics and precision engineering, packaging, industrial components, cosmetics, pharmaceutical chemicals, the life sciences supply chain and the food sector.

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METRIKA SGR S.P.A. (https://metrikasgr.com/)

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Proteg S.p.A., headquartered in Campania and led by the third and fourth generations of the founding family, has for decades been active in the collection and processing of animal by-products (ABPs) and vegetable- and animal-origin oils and fats, transforming them into processed animal proteins (PAPs), rendered fats, regenerated oils and renewable energy, meeting growing demand across several markets including pet food, fertilizers, oleochemicals and energy. Collection is carried out across Central and Southern Italy and processing takes place at the Group's industrial site in Campania. Proteg is ISO 9001 and ISO 14001 certified.

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PROTEG S.P.A. (https://www.proteg.it/)

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