AXA Private Equity has sold its interest in Duplomatic Oleodinamica, the Italian industrial supplier to Progressio SGR. The divestment is 88% in the Italian supplier to be paid for by Progressio Investimenti II.

Also included in the investment is a consortium led by CEO Roberto Maddalon and the management of the company in a value of 14% of the company. The deal was pushed by AXA Private Equity, which had engaged the services of UBS for a buyer. 

Amongst the plans of Progressio is to expand Duplomatico into Northern Europe, the United States and China as well as expand its product portfolio and services offered. 

Duplomatico's majority shareholdings were acquired by AXA PE back in 2008. After the acquisition, the company refocused on the core business in order to improve market positioning. Also included in the restructuring is the appointment of a new general manager to implement the restructuring plan.