Ambienta Invests In P.I.ECO, A Leading Global Provider Of Industrial Water Treatment And Recycling Solutions

• P.I.ECO provides high-performance water treatment and recycling solutions globally.
• Its solutions address the global water recycling challenge, which currently accounts for less than 2% of total withdrawals.
• The deal marks the first investment of Ambienta Small Cap Fund.

Ambienta SGR SpA (“Ambienta”) , one of Europe’s largest and most established asset managers exclusively focused on environmental sustainability , is pleased to announce the acquisition of a majority stake in P.I.ECO (“ Pieco ”), a leading provider of advanced industrial water treatment and recycling solutions. The Medolago founding family will reinvest alongside Ambienta and will continue to play a key role in the growth of the business.

Founded in 1996 and based in Terno D’Isola (Bergamo, Italy), Pieco develops and installs advanced industrial water treatment and recycling solutions for customers worldwide, with a primary focus on the cosmetics, pharmaceutical, and food industries. More than 80% of the company’s revenues are generated outside Italy, reflecting a strong international presence . Pieco supports clients across the entire industrial water cycle, with particular focus on wastewater purification and reuse, as well as rainwater recovery.

The company delivers end -to-end water management solutions to blue -chip customers, spanning initial water testing and analysis, system design and engineering, through to installation and commissioning. It stands out for its highly effective water recycling solution, powered by a proprietary, patented mechanical ultrafiltration process. This technology enables water recovery of up to 85%, significantly outperforming the prevailing market standard - largely based on chemical treatments - which typically achiev es recycling rates of around 40%. Pieco’s offering is underpinned by an expertise built over more than 30 years in a range of advanced technologies, including a proprietary, patented membrane -based process, enabling high recovery rates and consistent perfo rmance across complex industrial applications. Pieco provides industry -leading engineering solutions, powered by continuous innovation, unmatched technological quality, and flexible system design, helping customers maximise water recovery, ensure consistent water quality, and meet stringent discharge and reuse requirements.

This technological edge is increasingly critical as water scarcity becomes a structural global challenge. With around $15 T GDP exposed to high water stress and the share of global land affected by droughts having increased by around 10% over the last century, water scarcity affects both living condi tions and business continuity, as manufacturing depends on reliable access to high -quality water for production, cleaning and cooling needs . This emphasizes an inherent contradiction of water management: although water is widely recognised as a critical resource for human life, less than 2% of withdrawn water globally is currently recycled. As business disruption risk grows, advanced water trea tment and reuse solutions will be increasingly adopted to mitigate such risk.

Governments are therefore accelerating the introduction of stricter rules on industrial wastewater discharge to reduce pollution and promote circular water practices. These measures are driving growing demand for solutions that enable higher levels of puri fication and safer waste disposal. In this context, Pieco helps industrial customers address both business continuity and regulatory requirements, reducing freshwater consumption and strengthening water resilience through advanced treatment and recycling solutions.

The transaction represents the first investment from Ambienta’s latest fund, Ambienta Small Cap. With its differentiated technology, strong market positioning and international customer base, Pieco is one of the few sizeable pure -play companies in the indu strial water treatment and recycling sector serving multinational customers.

Mauro Roversi, Founding Partner and Private Equity CIO at Ambienta, commented: “We are proud to announce Pieco as the first investment of Ambienta Small Cap. The company combines differentiated capabilities, strong momentum and a highly attractive sustainability profile in a sector that Ambienta knows well and considers one of the mo st critical environmental priorities. Supported by a client base of leading international customers, a strong technological edge and a clear runway for expansion, we see significant potential for Pieco future growth. Realising this opportunity will require continuous investment in the organisation, its leadership and its operational capabilities, in line with Ambienta’s long -standing approach”.

Giacomo Forti, Partner at Ambienta, added: "Industrial water treatment is on a structural growth trajectory, underpinned by compelling environmental sustainability trends. Pieco stands out as a rare pure player combining highly advanced technology with a proven track record in cosmetic and p harmaceutical water treatment and recycling, among the fastest -growing segments in the sector. We are pleased to partner with the Medolago family to further strengthen Pieco’s leadership with global customers”.

Alessandro Medolago Albani, shareholder and CEO of Pieco, commented: "We are delighted to welcome Ambienta as our partner to enable Pieco’s next phase of growth. We see significant opportunities ahead, and Ambienta brings the experience, solidity and strategic support needed to accelerate our expansion in high -potential industrial segments while strengthening our organisation and capabilities. Together, we are committed to driving growth while delivering tangible sustainability outcomes in industrial water management”.

Ambienta was advised by Giova nnelli e Associati, Roland Berger, KPMG, and Ramboll.

About Ambienta
Ambienta is a European investment manager, founded in 2007, pioneering sustainable investing in environmental champions across private equity, public markets, and private credit. With offices in Milan, London, Paris, Munich and Stockholm Ambienta manages o ver €4bn in assets and is backed by a global and growing investor base. The firm invests in companies driven by environmental megatrends and whose products or services improve Resource Efficiency or Pollution Control. Its science -driven approach identifies environmental champions of the real economy – businesses that deliver strong financial returns while generating measurable positive environmental impact.

An industry pioneer, Ambienta was one of the first UN PRI signatories in 2012 and attained B -Corp status in 2019. In 2020, Ambienta became IIGCC member and in 2023 committed to the Science -Based Targets initiative (SBTi). For more information, visit www.ambientasgr.com.