Presidio, Italy's first mezzanine fund which raised €50m ($60m) in March this year, has completed its first transaction, backing the acquisition of Alfatherm, an Italian PVC and plastics manufacturer.

PM & Partners, an Italian private equity firm, led the secondary buy-out of Alfatherm from Bank of America Capital Management, the US bank's principal investment arm. PM & Partners is understood to have paid around €110m for Alfatherm, which operates three facilities in Italy with 500 staff.