LA BOURSE ET LA VIE TV était présente à l’évènement EUROPEAN MIDCAP EVENT organisé par CF&B Communication.

Didier Testot : Alessandra Gritti, thank you to be with us today.

Alessandra Gritti : Thank you very much to you.

Didier Testot : You are the CEO and founder of Tamburi Investment Partners, it’s an independent and diversified industrial group, you invest in listed companies and not listed companies. How were the last months for your company in terms of investing and in terms of selling some assets?

Alessandra Gritti : I think that we have had the last six months very very lucky. First of all because we succeed with an very important IPO in the US, it’s an Italian based company that is Vending SpA that is in fintech and that means a great success for us and I think for the Italian market overall. But on the other hand all the companies we are invested in have had an incredible performance. All the top line positive, with an increase in terms of EBITDA.

Didier Testot : About the choice you have done during the past months, you were talking about a tech fintech company, but is it some sector you are more investing or all sectors can be?

Alessandra Gritti : We are well balanced in order not to take much risk. I think that in terms of percentage more or less the most important is still the industrial one. Then we have consumer and retail with Eataly and others, as well as healthcare. So historically always well balanced in order not to take risk on one specific sector, also in technology.

Didier Testot : About the price, when I’m talking a lot with listed companies, and since few years they are always talking to me, the price on private equity is too much, I have targets but it’s too much. What is your view of the price of assets?

Alessandra Gritti : The view is that what you’re saying is correct. It means that we have on the listed side, I can tell you very, what we can call cheap prices, means compared with the non-listed side. The non-listed side is still very expensive. Means that the expectations are still high. But that means for us the model works in a different way. Because we are not working in terms of looking for majorities, so with minorities we still have a very important market to work on.

Didier Testot : What is changing in your world is the bonds and during the past months we see a different, how can we say, world, it was at zero since a long time and now in a few months it’s up to 4% etc. For the company you are presenting, what’s its impact?

Alessandra Gritti : The impact is that what we were foreseeing already since the last two years, that the interest rate will stay high. So this is a different world for everybody, for the company themselves as well as the private equity that are working on leverage. But that means if you are profitable and you don’t use too much debt, it’s something that you can work on. If you are using a lot of debt, that means the world will change dramatically in this respect. But our view is that interest rates will stay high.

Didier Testot : When we were looking at the Vending SpA you mentioned, it took a huge part of your investment. So some investors are asking, are you moving to a tech company?

Alessandra Gritti : Yeah I mean it has been a very important experience because I mean when we entered they were really very very small, and we can talk about a small company it was 2019, and we consider if that model became one of the important companies at the Nasdaq, we are proud. But that means the team is really extraordinary. So it’s very much depending on the top management that has had a view and that has really finalized the view they had.

Didier Testot : Where in which market do you see the next opportunity? Is it in Italy, in Europe, in US, what is your view?

Alessandra Gritti : Honestly we are still working within Europe because we are based in Europe, means that we can leverage on our network, and this is the reason why I think we succeed in this way because we have been knowing companies for a lot of time. So I think that we will still remain inside of Italy, although we are investing in worldwide companies. So we are still working on multinational companies but that are based in Italy.

Didier Testot : Can you explain why you chose to do the 10 million share buyback program now?

Alessandra Gritti : As a management I think that whenever you are out and saying that the value of your company is around 16 euros per share, and that means the stock price is at 9, you buy. And so I think that also for the market itself, it’s the best way to show how we can really grow on that and showing that if there is an undervaluation, we buy.

Didier Testot : Do you see the French market as an opportunity for listed or not listed companies?

Alessandra Gritti : Yes we do, you know that we are invested in a French company that is Roche Bobois. It’s a deal that we have since many many years and so I think that we can work, we can work also outside. Our philosophy is that we work outside of Italy whenever there is a link either with an Italian network, an entrepreneur. Here the link was the design, means that Italy is very very strong on design and having a relationship with the Italian market, it’s something that can work also for Roche Bobois.

Didier Testot : About the outlook and priorities, looking ahead how do you see the coming months for your company?

Alessandra Gritti : We are sitting on important expectations still. We know exactly the budget of all our companies, also the second half of the year will be very profitable. Now that means, apart what is going on in terms of wars and so on, for sure we have an increase in terms of cost of energy, especially in Italy that vis-a-vis other countries around Europe is higher. But I mean in terms of expectations, all the companies will still perform better than the last year, also in the second half of the year.

Didier Testot : Alessandra Gritti, thank you to have been with us today.

Alessandra Gritti : Thank you very much to you.

Résumé des principaux points évoqués par Alessandra Gritti (Tous droits réservés www.labourseetlavie.com 2026)

• Excellente performance et succès aux États-Unis : Tamburi Investment Partners a connu un semestre très positif, marqué notamment par l’introduction en bourse réussie au Nasdaq de la fintech italienne Vending SpA. Les entreprises du portefeuille affichent également de solides performances avec une hausse de leurs revenus et de leur EBITDA.

• Stratégie de diversification et gestion des risques : Le groupe maintient un portefeuille très équilibré pour limiter les risques. L’industrie reste le secteur prédominant, suivi par la consommation/retail (ex: Eataly) et la santé, évitant ainsi une surexposition au seul secteur de la technologie.

• Approche face aux valorisations du Private Equity : Alessandra Gritti confirme que les actifs non cotés (Private Equity) sont actuellement très chers avec des attentes élevées. À l’inverse, les valorisations en bourse offrent des opportunités. La stratégie de Tamburi de cibler des participations minoritaires plutôt que majoritaires leur permet de rester compétitifs dans ce contexte.

• Résilience face aux taux d’intérêt élevés : Le groupe anticipait depuis deux ans que les taux allaient rester élevés. Si cette situation pénalise fortement les acteurs recourant massivement à la dette (effet de levier), le modèle de Tamburi, axé sur la rentabilité et un faible endettement, est parfaitement adapté à ce nouvel environnement.

• Focus européen et réseau italien : Les opportunités d’investissement futures restent concentrées en Europe, et principalement sur des multinationales basées en Italie, afin de capitaliser sur le solide réseau relationnel de l’entreprise. L’investissement dans le français Roche Bobois est cité comme exemple d’une stratégie hors Italie réussie grâce à des synergies (ici, le design italien).

• Création de valeur et rachat d’actions : Le lancement récent d’un programme de rachat de 10 millions d’actions est justifié par une sous-évaluation manifeste de l’entreprise en bourse (action à 9€ alors que la valeur estimée par la direction est de 16€). C’est un message fort de confiance adressé au marché.

• Perspectives optimistes malgré le contexte macroéconomique : Malgré les tensions géopolitiques et les coûts de l’énergie élevés en Italie, Alessandra Gritti se montre très confiante. Le second semestre s’annonce très rentable et toutes les sociétés du groupe devraient surperformer par rapport à l’année précédente.