Typical client
Italian Family Businesses
Valuations in generational transitions, shareholder restructurings, entry or exit from the capital, reorganizations, and strategic transactions.
Valuation & Fairness Opinion
Independent valuations and fairness opinions for sensitive decisions.
We produce independent valuations for family businesses, investment funds, and banks when the decision requires a defensible technical basis: strategic transactions, governance, financing, related party matters, and ownership transitions.
Who it's for
Valuation is not just about setting a number.
It is about making a decision defensible before shareholders, boards, credit committees, and counterparties. That is why we put methodological independence, clarity of assumptions, and traceability of the work at the center.
Typical client
Investment Funds
Pricing of acquisitions or divestitures, fairness opinions, portfolio review, potential conflicts, and related party transactions.
Typical client
Banks
Support to credit committees and special situations teams with independent valuations on businesses, equity, complex assets, or sensitive corporate transactions.
What we do
Independent valuations, fairness opinions, and decision support.
We work where methodological independence, robustness of assumptions, and documentation quality are integral parts of the decision.
Primary service
Independent enterprise valuation
We build robust, readable enterprise valuations using methodologies consistent with the nature of the asset, the decision, and the end recipient.
Fairness opinion
Fairness opinion
Fairness opinions for boards of directors, strategic transactions, related party transactions, and sensitive corporate steps.
Shareholder matters
Valuations for governance and restructurings
Support to shareholder decisions, successions, demergers, mergers, contributions, and ownership reorganizations.
Financing support
Valuations to support financing
Independent analysis of equity value, business value, and economic-financial assumptions in financing or restructuring transactions.
Complex assets
Complex assets and equity stakes
Valuation of equity stakes, intangibles, or non-standard assets when a defensible technical basis is required.
Transaction support
Deal pricing and second opinion
Independent support to M&A, private capital, and special situations processes where price must be verified or discussed.
Board materials
Materials for boards, committees, and stakeholders
Preparation of technical documentation readable by boards, supervisory bodies, investors, and financial institutions.
The method
How we work.
How we build robust, readable, defensible valuations.
01
Methodological triangulation
Contextual application of DCF, market multiples, comparable transactions, and NAV where applicable, with reconciliation of results.
02
Rigorous peer sample
Selection of comparable peers by sector, size, and profitability, with documented inclusion and exclusion criteria.
03
Sensitivity testing
Sensitivity analysis on WACC, terminal growth, cash margins, and key operating drivers, with 2-way sensitivity tables.
04
Defensible documentation
Complete written output with rationale for each methodological choice, data sources, assumptions, and explicit valuation limitations.
Industries
Eight reference industries.
Industrial & Manufacturing
Independent valuations of Italian manufacturing SMEs: appraisals under art. 2343 cc (Italian Civil Code, contributions in kind), fairness opinions on strategic transactions, business valuations for disputes.
Real Estate
Valuations of real estate assets and dedicated SPVs. Portfolio appraisals, fairness opinions for intragroup and related party transactions.
Financial Services
Valuations of asset managers, intermediaries, and trust companies. Fairness opinions under art. 2391-bis cc (Italian Civil Code, related party transactions).
Infrastructure & Logistics
Valuations of logistics and infrastructure operators. Appraisals on operating assets and fairness opinions for mergers and contributions.
Digital Infrastructure
Valuations of data centers and digital infrastructure. Appraisals of capex-intensive assets and fairness opinions for infrastructure funds.
Digital Finance
Valuations of fintechs and digital financial platforms. Fairness opinions on equity rounds and strategic transactions.
Retail & Consumer
Valuations of Italian consumer brands, retail, and luxury. Fairness opinions on generational transitions and PE entry transactions.
Life Sciences
Valuations of healthcare operators, specialty pharma, and medical devices. Fairness opinions on transactions with institutional investors.
Sector insight
Practice insights.
Report
Comparable transaction multiples in Italy 2026: Montesino's proprietary database
Note
WACC for the Italian mid-market: construction and pitfalls
Article
Fairness opinions: why they are not all alike
Report
Impairment tests in an inflationary environment: stress tests and sensitivity
The team
Lead partner.
Ugo Zampieri
Partner
Senior expert with over 25 years in M&A and debt restructuring across IT, business services, and healthcare, with Italian and cross-border experience. Originator of mandates for several IPOs on the EGM segment (formerly AIM Italia of Borsa Italiana).
Gian Piero Sala
President
Chartered accountant since 1993, court-appointed expert (CTU) at the Tribunal of Milano (Milan). Expert in contribution appraisals and litigation valuations.
Mirco Galeri
Managing Partner
Thirty years of strategic and operational management, combining direct entrepreneurial activity and executive advisory. CFO and Executive Committee member at top-tier companies, with cross-sector experience in metals & mechanics, chemicals, agriculture, and services.
Riccardo Puddu Cortesi
Managing Partner
Liaison with supervisory boards, auditors, and legal advisors on valuations in complex transactions.