Proger strengthens its position with the entry of Azzurra Capital Investments into its capital

The leading independent “non-captive” Italian engineering and management company presents a business plan involving €40 million in investments and acquisitions

Milan, September 16, 2025 — A new era in Italian engineering begins today with Azzurra Capital Investments‘ entry into Proger S.p.A.‘s capital. Proger is Italy’s leading independent “non-captive” engineering and management company. This transaction, which values Proger at €222.4 million, accelerates the company’s international growth and positions it as the undisputed leader and champion of the sector. Proger is now the global “master” of Italian engineering.

“This strategic operation strengthens Italian engineering and prepares it to face international challenges,” said Marco Lombardi, Proger’s CEO.

Marco Lombardi and Stefano Marsaglia, CEO of Azzurra Capital Investments, formalized the transaction today at Palazzo Mezzanotte, the headquarters of the Italian Stock Exchange.

Azzurra Capital Investments is an international private equity firm that represents the interests of leading financial institutions and major international strategic investors, including sovereign wealth funds in the Middle East and Asia.

Undersecretary Freni said, “This operation strengthens the country’s economy and shows us the right way to grow and contribute to development”. 

A Partnership to Accelerate the International Growth of Italian Engineering

Following the transaction, the Azzurra Capital Fund will acquire a 25.45% stake in the company. The current reference shareholder, consisting mainly of the company’s management, will retain control with 74.55% of the shares.

Proger closed 2024 with an aggregate production value of over €206 million and now aims to strengthen its international presence, expand its technological expertise, and respond to new global engineering challenges with an ambitious, structured development plan.

$40 million investments: Mergers and Acquisitions, Innovation, and Human Capital at the Heart of the Industrial Plan

The agreement with Azzurra Capital marks the beginning of a multi-year industrial plan that will see investments totaling around 40 million euros in the coming months.

• €25 million will be allocated to mergers and acquisitions in the new engineering sectors. The goal is to build an integrated system of highly cross-cutting skills and be able to tackle modern technological challenges.
• €8 million will be invested in research and development to support continuous innovation and the study of pillars such as sustainable growth.
• €7 million will be dedicated to human capital with targeted policies to attract and retain the best talent in the engineering and cultural sectors to develop a stable and qualified workforce. 

The protagonists of the strategic operation 

“As Italians, we are the heirs of the greatest engineer in human history, Leonardo da Vinci. It is time to invest in creating the champion of Italian engineering on the global stage,” said Marco Lombardi, CEO of Proger. “What we are presenting today is undoubtedly the most important financial operation in the history of pure engineering companies in Italy. We are finally investing in designing the future, imagining the world to come, and turning those projects into reality. We must invest in our ability to adapt to an ever-changing world through planning and programming. Doing so effectively now will prevent us from continuing to only intervene in emergencies, as has been the case for too long. It’s a great challenge we’re taking on courageously. This is Proger’s vision and mission for the coming years“.

Stefano Marsaglia, the CEO of Azzurra Capital Investments, said: “We are very pleased to become a partner of Proger and contribute significantly to its future growth in terms of size and profitability. Over the years, Proger has demonstrated rapid growth, creating value for shareholders.” We are pleased to become a partner of Proger and contribute to its future growth in terms of size and profitability. Over the years, Proger has demonstrated its ability to grow rapidly, creating value for shareholders. Our investment in Proger aligns with our investment criteria: excellent profitability, a leading position in their operating segments, a high-quality entrepreneurial and management team with whom we share objectives and interests, and a well-diversified business with a significant Italian and foreign presence. We believe that our partnership with Proger will be successful, providing excellent returns for all shareholders“.

“This operation strengthens the country’s economy and shows us the right way to grow and contribute to development.” These are the words of Undersecretary for the Economy Federico Freni in a video message for the presentation. “We are in what we affectionately call the era of equity. Operations such as Proger’s, especially in strategic sectors like engineering, show us that our development depends on companies’ and entrepreneurs’ ability to see beyond debt.” According to the undersecretary, debt induces growth, but believing in 2026 means expanding and opening up capital. He hopes that Proger will not be the only company in this country to follow this path, which they are trying to support legislatively. He believes this will give our small and medium-sized enterprises an extra boost and allow them to grow”. 

Growth already underway: production set to double within 5 years

Thanks to a backlog of over half a billion euros and a constantly expanding pipeline, Proger expects to double its production value within the next five years, reaching approximately 400 million euros with a compound annual growth rate (CAGR) of 15%.