Livingstone has acted as exclusive financial advisor to the Carabelli family on the sale of IGM S.r.l. (”IGM”), a leading Italian designer and manufacturer of electromechanical and electronic equipment for the railway industry, to the Sirail Group, a French industrial player operating internationally in the same sector. As part of the transaction, the Carabelli family reinvested in the group as minority shareholders.
Founded in 1992 and headquartered in Follo (La Spezia), IGM specializes in the design and production of electromechanical and electronic systems—such as electrical cubicles and driver desk components—primarily for railway applications. The company also has a subsidiary in Poland and generates consolidated revenues of over € 20 million.
The Sirail Group, established in 2007, is a French family-owned company focused on the production of electrical harnesses for the rail sector. It has grown rapidly through strategic acquisitions: Sicor (Tunisia, 2015), Confecta (Germany, 2016), and Liatech (France and Morocco, 2017). The group also operates a manufacturing facility in Slovakia. Today, Sirail employs over 1,000 people across five countries, with revenues exceeding € 70 million.
The integration of IGM enhances Sirail’s product portfolio and technological offering, leveraging IGM’s proven capabilities in product development. The partnership enables both companies to diversify their customer bases and benefit from complementary industrial and commercial synergies.
“As financial advisor to the Carabelli family, we played a key role in identifying the right international partner, structuring the deal, and managing negotiations, including the reinvestment process,” commented Luca Maccagnani Castelli, Managing Partner at Livingstone. “We are proud to stand alongside entrepreneurial families, supporting them in handing over their legacy to the next generation.”
Marco Carabelli, CEO of IGM S.r.l. said: “We are excited to join Sirail Group, one of the leading and most recognized players in the European market, and to participate in this new venture as minority shareholders. Our combined strengths will enable us to enhance customer satisfaction, a goal we proudly share with Sirail Group.”
This transaction further reinforces Livingstone’s expertise in cross-border Industrial M&A and its reputation as a trusted advisor to family-owned businesses navigating complex strategic transitions.
