A journey of growth: Fedrigoni becomes Bocconi University case study

Fedrigoni, with its rich history and seamless blend of tradition and innovation, has carved a unique path since 1888. This journey, marked by significant growth and transformation, has been recognized as a case study by Milan’s prestigious Bocconi University.

The study, titled “From Family to Private Equity Ownership: The Value Creation Journey of Fedrigoni,” was authored by Giorgia Di Summa, Maurizio Dallocchio, Gianluigi Lucchini, and Chiara Pirrone from the SDA Bocconi School of Management.

Giorgia Di Summa led the research project, which took a full year to delve into the company’s internal processes and growth strategies. Reflecting on this experience, Di Summa noted, “Writing a case study is not an easy task. It requires the hard work and collaboration of many people. It was a privilege for us to capture their perspective and tell their story from the inside.”
The case delves into Fedrigoni’s transformation from a family business to a global player, focusing on the strategic acquisitions that have driven this impressive growth (17 M&As in four years). The study highlights the significant shift that began in 2018, when Bain Capital Private Equity acquired the company. Under the leadership of new CEO Marco Nespolo, Fedrigoni embarked on a path of significant acceleration. Since then, the company has invested in repositioning itself in premium niches within the packaging industry, undertook a comprehensive transformation of its operations and procurement processes, created a new leadership team, and attracted talents that could bring new skills to the company to combine with its strong existing know-how. Over the past four years, has demonstrated the ability to combine agility, creativity, and innovation with a long-term commitment to sustainability. This harmonious blend of traditional craftsmanship with modern business practices has allowed the company to thrive in a competitive market, proving resilient through several worldwide crises and a global geopolitical instability.

Professor Maurizio Dallocchio highlighted the significance of selecting Fedrigoni for this study, stating, “When a prestigious institution like Bocconi chooses to write an important case study to be discussed worldwide, there are at least two important ingredients to consider. The first is the credibility and visibility of the company, and this has certainly been the case with Fedrigoni. The second aspect is the relevance of the subject for all business students. When we talk about acquisitions, all business school students are interested and excited to discuss cases in this field.” This publication ensures that Fedrigoni’s journey will reach and inspire thousands of students around the world. It will be part of Bocconi’s MSc, MBA, and Executive Master programs and will be shared through major international platforms like Harvard, Darden School of Business, and the European Association of CCP Clearing Houses.