Ergon is a disciplined and discreet value investor, which provides "patient and friendly capital"

Investments

> Date of Investment: February 2008 and October 2013
> Region: Italy/Germany
> Sector: Niche Manufacturing
> Website: www.nicotra-gebhardt.com
   www.cbifans.com
> Sales: €172MM

Headquartered in Bergamo (Italy) with R&D center and main production facilities in Germany, Nicotra-Gebhardt-CBI was formed following the integration between Nicotra, Gebhardt and CBI, three leading European manufacturers of fans for commercial buildings and industrial process ventilation applications. Nicotra-Gebhardt-CBI employs 1,100 people and has production facilities in Italy, Germany, Belgium, Middle East, India, China and Malaysia

Nicotra-Gebhardt-CBI is a truly international company offering one of the widest portfolio of ventilation products available in the market, including: (i) comfort air centrifugal fans and smoke extractors for the ventilation of commercial buildings; (ii) process air standard and heavy duty centrifugal and axial fans for industrial ventilation applications in many sectors including oil and gas, energy, infrastructure, steel, glass, cement, paper, etc., and (iii) fan filter units (FFUs) for clean rooms. Linked to its innovative and energy efficient products, the Company offers complex engineering and revamping solutions as well as recurrent ordinary maintenance services

In February 2008, Ergon acquired a controlling stake in Nicotra-Gebhardt and, in 2013, acquired CBI