If you’ve been watching the European mid-market lately, you’ve probably noticed things are getting a bit spicy in the Italian private equity scene. It’s not just about the volume of deals anymore; it's about the people moving the chess pieces. Specifically, Antonio Gatti moving to Fremman Capital is one of those shifts that signals a much bigger strategy for the region.
Honestly, the move makes a lot of sense when you look at the pedigree. Gatti didn't just stumble into the buy-side. We’re talking about a guy who spent nearly 20 years at Goldman Sachs, grinding his way up from an analyst to a partner. That’s a long time to spend in the trenches of investment banking. He eventually led the EMEA Financial Sponsors M&A group there, which basically means he was the go-to person for private equity firms looking to buy or sell big companies across Europe.
Then, he made the jump to Investindustrial, a powerhouse in Southern Europe. He spent about five years there as a managing principal. If you follow the Italian market, you know Investindustrial is behind brands like Eataly and Aston Martin. But by early 2025, Gatti decided it was time for a new chapter with Fremman Capital.
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What is Fremman Capital Actually Doing?
Fremman isn't exactly an old-school legacy firm. It was founded around 2020 by Ricardo de Serdio, who was a big deal at PAI Partners. They’ve grown incredibly fast, recently closing a debut fund and managing over €1 billion. They focus on what they call "local champions"—businesses that are leaders in their specific country but need a nudge (and a lot of capital) to become international players.
When Fremman hired Antonio Gatti as a partner, they weren't just looking for another resume. They were looking for a key to the Italian market. In the summer of 2025, they opened a brand-new office in Milan, and Gatti is the one running the show there.
The Milan Connection
Why Milan? Because Italy is packed with family-owned businesses that are world-class but "fragmented." That’s PE-speak for "there are a bunch of small companies that would be much stronger if someone bought them all and stuck them together."
Gatti’s role is basically to find these gems. He leads a lean team of three investment professionals in Milan, focusing on sectors that Fremman loves:
- Healthcare (like their investment in DIESSE Diagnostica Senese)
- Business Services
- Consumer Goods
- Industrials
The Strategy Behind the Move
You’ve got to appreciate the timing. The fundraising environment in 2024 and 2025 was, frankly, pretty tense. LPs (the people who give PE firms money) were being picky. Fremman managed to raise significant capital—roughly €4 billion for their sophomore efforts—which is a massive vote of confidence.
Having someone like Gatti, who has an engineering degree from Politecnico di Milano and an MBA, gives the firm a mix of technical "how things work" knowledge and high-level financial strategy. It’s a specific vibe. It’s less about corporate raiding and more about "how do we take this Italian healthcare company and make it a European leader?"
Take DIESSE, for example. They are a leader in IVD (in-vitro diagnostics). Fremman didn't just buy it for the sake of it; they took it over from another PE firm, ARCHIMED, with the intent to scale it. This is exactly where Gatti’s 40+ career transactions come into play. He knows how to structure these deals so they don't fall apart when the "local" company tries to go "global."
Why This Matters to You
If you're an entrepreneur in Italy or a business student watching the markets, this partnership is a blueprint. It shows that the "Goldman-to-PE" pipeline is still the gold standard, but the destination is changing. People are moving away from the massive, faceless mega-funds and toward agile, sector-focused firms like Fremman.
There’s a lot of talk about "ESG" and "sustainability" in private equity these days. Usually, it's just marketing fluff. But with Fremman, they actually named the firm after an old English word meaning "to assist, to promote, and to accomplish." It sounds a bit nerdy, but Gatti has been vocal about the idea of being a "partner" rather than just an owner.
What Most People Get Wrong
A common misconception is that private equity is just about cutting costs. In the mid-market space where Gatti operates, it’s actually the opposite. It’s about investment. You can't turn a "local champion" into a "multinational leader" by firing half the staff. You do it by buying better tech, entering new markets (like the US or China), and professionalizing the management.
Looking Ahead: The 2026 Landscape
As we move through 2026, keep an eye on the Milan office. Gatti is likely looking for "buy-and-build" opportunities. This means they’ll buy one solid company and then "bolt on" five or six smaller ones.
The European market is still a bit rocky with interest rates and geopolitics, but the mid-market—specifically in Italy—tends to be resilient. People still need healthcare, they still need essential business services, and they still buy high-quality Italian products.
Actionable Insights for Business Pros:
- Watch the Consolidation: If you’re in the Italian healthcare or tech services sector, expect more M&A activity. Fremman is actively looking for "fragmented" industries.
- Networking matters: Gatti’s career is a testament to long-term relationship building. His move to Fremman was likely years in the making through his connections at Goldman and Investindustrial.
- Local Expertise is King: Even for a London-based firm, you can't win in Italy without a local "face" who understands the culture and the corporate landscape.
If you're tracking the next big move in European PE, the Gatti-Fremman alliance is basically the lead indicator for where the "smart money" is heading in the Mediterranean.
To get a better sense of how these deals are structured, you might want to look into Fremman’s recent acquisition of Bertin Technologies or their radiotherapy platform Amethyst. These give a clear picture of the "essential services" playbook they are running.