Lifting and handling
REFA and VBS Invest €3M in Endeavour, Pragma Holding
Endeavour S.r.l., the industrial holding company founded in 2024 by entrepreneurs Lorenzo Mariani and Alberto Lodini, which controls Pragma S.r.l. and Orange Informatica S.r.l., has successfully completed a €3 million capital increase.
The transaction brings two leading industrial partners into the company's shareholding structure: REFA S.r.l., the investment holding company of the Reggiani family, and VBS S.r.l. Unico Socio, the investment holding company of engineer Vittorio Cavirani.
The investment strengthens Endeavour's shareholder base and capital structure by bringing together complementary entrepreneurial and industrial expertise in the automation sector.
Vittorio Cavirani, former shareholder and co-founder of Elettric80 (now E80 Group), played a pivotal role in the company's growth and international expansion, building extensive expertise in the design of integrated automation and intralogistics solutions. Widely recognized as one of the industry's leading experts, Mr. Cavirani has chosen to invest in Endeavour, contributing his strategic vision to support the group's next phase of global growth.
The Reggiani family founded and developed the Clevertech Group, a global benchmark in the design and manufacture of advanced industrial automation and secondary packaging systems, with a strong international presence. Founded in 1987, Clevertech ranks among the world's leading companies in its field, generating €236 million in revenue in 2025, employing more than 450 people, and operating subsidiaries in France, Germany, North America, Asia Pacific, the United Kingdom, South Asia, Eastern Europe and Mexico.
Further confirming the Reggiani family's industrial and financial standing, REFA recently signed binding agreements for the entry of CVC Capital Partners into Clevertech's share capital, while reinvesting alongside the fund to support the company's continued international expansion.
Endeavour was built on the experience and expertise of its founders, which continue to shape the group's strategic vision and development. Lorenzo Mariani and Alberto Lodini bring extensive experience as former executives of leading integrated intralogistics companies, providing the group with a unique understanding of complex logistics flows and outstanding execution capabilities in advanced automation technologies.
Following the transaction, Mariani and Lodini will retain governance and operational leadership of the group, ensuring strategic and managerial continuity while working in close synergy with the new shareholders.
Endeavour is an industrial holding company with majority stakes in its two operating businesses: Pragma S.r.l. and Orange Informatica S.r.l.
Founded in 1976 as Metalmeccanica Spaggiari and headquartered in Fontevivo (Parma, Italy), Pragma S.r.l. designs, manufactures and installs automated warehouse systems and integrated intralogistics solutions that optimize material flows throughout the entire production cycle. Specializing in heavy-load handling systems, the company manages every stage of a project—from engineering and installation through after-sales service and revamping.
Orange Informatica complements the group's offering as a software company based in Pistoia, with more than thirty years of experience in industrial software engineering. The company develops the digital architectures that coordinate and control automated systems in real time. Through proprietary solutions such as WMS (Warehouse Management System) and WCS (Warehouse Control System), Orange Informatica manages data flows, warehouse operations and picking activities, seamlessly integrating machinery and processes in line with Industry 4.0 principles.
The investment by VBS and REFA is intended to support the group's next phase of growth by providing additional financial resources, entrepreneurial experience, strategic relationships and industrial expertise. The partnership aims to leverage the complementary mechanical, engineering and software capabilities of the group's operating companies, fostering the development of fully integrated solutions while strengthening their position in the automation, intralogistics and industrial material handling markets.
The transaction's primary objective is to accelerate Pragma's international expansion. Supported by the global network of its new shareholders—already established across North America, Asia and Europe—Pragma aims to export its expertise to the world's leading manufacturing hubs, further consolidating its evolution from an Italian industrial excellence to an international technology player.
This strategy is already taking shape. Pragma is expanding its international footprint through the opening of new subsidiaries in Turkey and the United States, two strategic markets that will enable the company to better support customers operating in the world's fastest-growing manufacturing regions.
The additional capital will also significantly increase the group's industrial capacity, shorten the time-to-market of new solutions and further strengthen its international service and technical support organization.
Lorenzo Mariani and Alberto Lodini commented:
"With the entry of REFA and VBS, Endeavour is taking a major step forward in accelerating its international growth. We are combining our vision with that of two industrial partners representing global excellence in automation. Our objective is clear: to establish Pragma as a leading international player by combining its world-class engineering expertise with Orange Informatica's software intelligence to deliver unique, proprietary solutions."
Vittorio Cavirani, on behalf of VBS S.r.l. Unico Socio, stated:
"Our priority will always be to listen to our customers' needs and continue developing innovative solutions that help them become more competitive in a rapidly changing world. Our experience across different yet highly advanced industries will be a valuable asset in achieving this goal."
Giuseppe Reggiani, on behalf of REFA S.r.l., added:
"We joined this new entrepreneurial venture with great enthusiasm and are proud to finally have the opportunity to work alongside Vittorio while supporting Lorenzo and Alberto—two entrepreneurs with a clear vision and genuine passion for what they do. As a family, we are committed to helping this team achieve its ambitions, and we are proud to support the development of a new industrial group rooted in our local territory and driven by an international outlook."
The transaction was advised by Baldi Prati & Partners, with a multidisciplinary team including Francesco Mainini for financial advisory, Elettra Prati for corporate and contractual matters, Sara Mandelli and Paolo Messarra for legal and employment due diligence, and Luigi Spadaccini and Davide Prandi for accounting and tax due diligence.