The transaction was led by one of our managers based in Italy and resulted in a gross multiple of 4.6x invested capital and a gross IRR of c.62% for Qualitas Funds I investors.

Founded in 1989 and headquartered in Cervignano del Friuli, Italy, Friulair designs, produces and sales dryers, filters, refrigerants and accessories for compressed air treatment and industrial refrigeration systems.

Since the GP’s initial investment, the company has brought in key leadership positions, including a CEO, CFO, and a sales manager. It has expanded its chiller division and strengthened its customer base, particularly in the dryers division. Furthermore, the company has experienced substantial growth in both the Far East and US markets.