Equinox has acquired a controlling stake in Italian window and door components manufacturer Master Group, establishing a platform for further expansion in the European aluminium fenestration supply chain.
The investment, made through the Equinox IV fund, gives the private-equity investor a 60% shareholding. The founding Loperfido-Lacatena family retains the remaining 40%.
The transaction was confirmed in Master Group’s original company announcement, published on 7 November 2026. The purchase price was not disclosed.
Family management remains in place
Michele Loperfido will remain chief executive, working with his children Annacarla and Stefano and the existing senior management team.
The Equinox Master Group acquisition therefore combines a change in majority ownership with continuity in operational leadership. The family retains a substantial financial interest as the business moves into its next development phase.
The investment strategy includes acquiring complementary businesses, with potential targets assessed for their products, technical expertise and geographic coverage. The stated ambition is to develop a larger European industrial group.
International manufacturing business
Based in Conversano, near Bari, Master expects approximately €65 million in revenue and €10 million in EBITDA for 2026. These are forecasts rather than completed full-year results.
The group employs more than 370 people, serves over 60 countries and generates 60% of revenue overseas. It manufactures approximately 95% of its products internally, with a range spanning window and door accessories, sliding systems, façade components and automation.
Its production model connects processes from mould development and die-casting through to finished components.
Factory expansion accompanies acquisition plans
Expansion of the Conversano factory is already underway. The programme is intended to increase capacity and production flexibility while introducing digital technologies and supporting more technically advanced products.
The announcement does not identify acquisition targets or provide a timetable for further transactions. It also does not disclose how much additional capital will be committed to the manufacturing programme.
Why the deal matters to fenestration
The transaction highlights the importance of the component businesses behind finished windows and doors.
Hardware influences how a product operates, how easily it can be manufactured and installed, and how it performs throughout its service life. For fabricators, a supplier’s engineering capability and continuity of supply can be as important as the initial component price.
A larger group could spread product-development and production investment across a broader customer base. Acquisitions could also make it easier to offer complementary components through existing sales channels.
Those are potential advantages, rather than outcomes already demonstrated by the transaction. Integration brings its own challenges, particularly where acquired businesses use different production systems, distribution arrangements, or product platforms.
Read the original press release: https://www.masteritaly.com/en/news/equinox-iv-invests-in-the-master-group-an-italian-excellence-in-window-and-door-components/
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