• Gruppo Servizi Associati S.p.A. (GSA) is a multi-service company operating in the fields of fire surveillance and prevention, soft security and facility management

  • GSA has a widespread presence across Italy and France with more than 4,000 employees

  • GSA's advanced engineering services, highly specialised and qualified workforce and introduction of tech innovations and patents, makes it a clear rival in the European market
  • In 2018, Armonia Sgr, a leading private equity operator, became the majority shareholder of GSA, bolstering the high levels of excellence achieved by the group

  • In 2019, the growth of GSA was complemented by the acquisitions of S.R.M.B. – Secours Routiers du Mont-Blanc SAS and in Friuli Estintori (renamed GSA Firesafe), further consolidating its presence in the fire safety and fire equipment installation areas


  • DC Advisory (DC) was engaged by GSA's shareholders Armònia Sgr and Al.Pe.Invest S.p.A. to act as financial advisor and provide sell-side M&A advice

  • DC provided comprehensive advice to GSA throughout the sale process including:

    • process strategy and tactics;
    • buyers scouting;
    • due diligence coordination;
    • deal structuring;
    • financial modelling and valuation;
    • support in negotiations; and 
    • advice on transaction documentation


  • Eurizon Capital SGR S.p.A. emerged as the preferred bidder for GSA

  • Following a detailed due diligence process, the sale & purchase agreement was signed on July 1, 2021

  • The transaction is expected to close by early September 2021

  • The closing of this transaction is subject to customary closing conditions and regulatory approval