Steliau Technology, a leading player specialized in value-added supply of electronic solutions, significantly broadens its European operations with the acquisition of the Italian company Special-Ind. This non-intermediated transaction is fully consistent with Steliau Technology’s strategic plan to expand throughout Europe, mainly by external growth. The newly formed Group should record pro-forma revenues of over €80 m for the current Fiscal Year.

Based in Milan, Special-Ind has a staff of around 60 people and subsidiaries in Spain, Germany, and France. The rationale for the acquisition stands in the strong product range complementarity: Special- Ind brings its positions in Automotive Harnesses, Hybrid Electric Vehicles and Electric Vehicles, Connectors, Electromechanics, Embedded systems & Display, Thermal and Energy Conversion as well as tailored products for telecommunications and radio transmission.

Special-Ind’s customer base covers a large variety of sectors, such as Automotive, Aerospace, Industry, and Consumer goods.

Massimo Loche, CEO of Special-Ind, will remain in charge whereas Fabio Pietribiasi, Chairman, should leave after an overlapping period aimed at facilitating a smooth transition until the end of 2021.

We started searching for external growth targets operating in Italy and Spain at the end of 2019. We quickly spotted Special-Ind as a company matching our requirements in terms of critical size, complementarity between our product ranges, and culture of designing value-added solutions.” explained Stéphane Jouannaud, Chairman of Steliau International. He added: “We shall generate top line synergies by sharing with Special-Ind our know-how in the areas of Display & Touch Panel, Connectivity, and Thermal solutions.”

Massimo Loche, CEO of Special-Ind, commented: “The merger with Steliau Technology carries a huge number of development opportunities for the coming years, with extended suppliers’ networks and the potential to launch new value-added activities. They will make it possible to enlarge the customer base and addressed business sectors.

The acquisition of Special-Ind is the 5th transaction advised by DDA & Company on behalf of Steliau and its shareholders, and the 2nd transformative external growth transaction, after the acquisition of Stone in 2017.

Alain Sitbon, Partner at DDA & Company comments:After more than 7 years of collaboration with the Group and 4 advised operations, we are proud to have supported Steliau in a new structuring operation, a key step in the European development strategy.”


Stakeholders in this Transaction


  • Steliau: Managers (Stéphane Jouannaud, Pascal Reynoud, Aurélien Bergé, Lionel Girardot)
  • Financial partners:
    • B & Capital (Bertrand Tissot, Mikaël Schaller, Charles Gaudry)
    • Swen Capital Partners (Jean-Philippe Richaud, Natalia Rey Vidal, Théodore Lecomte)
  • M&A advisors: DDA & Company (Alain Sitbon, Clément Darcourt)
  • Legal:
    • Structuring: Apollo Avocats (Guillaume de Ternay, Paul Crabié, Emmanuelle Prost, Victoire Blanc)
    • Due Diligence: Rossi & Associati Associati (Matteo Rossi, Mara Florianello, Mathilde Brun)
    • Financing: Paul Hastings (Marc Zerah, Peter Pedrazzani)
  • Tax & Financial Due Diligence: BDO (Ferdinando Fraschini, Giorgio Falcione, Francesco Bini, Ciarlo Gabriele, Gracis Pietro)


  • Special-Ind (Fabio Pietribiasi, Martina Clementina Passera, Alessandro Maria Passera, Marina Pietribiasi)
  • Financial advisors: Studio Palladini (Emilio Palladini, Giovanni Palladini)
  • Legal: Studio Legale Beccaria & Capurro (Manuel Capurro)


  • Idinvest Partners (Nicolas Nedelec, Olivier Sesboüé, Victoire Vanheuverswyn)
  • CIC Private Debt (Nicolas Offroy, Antoine Guérillon)
  • Advisor: DLA Piper (Maud Manon, Pierre Tardivo, Glenda Pereire-Robert, Méliné Torikian)