Azimut buys out Epic's fintech arm in €19M deal, capping Zest's 3.5x exit

What's the deal? Zest has closed a decade-long investment in EpicDealroom has a profile for this one. Try Dealroom →, an Italian fintech, booking a 3.5x return on invested capital and a 16% internal rate of return (IRR). The final step delivered a €863,000 cash payout to Zest.

How it unfolded: The story runs back to 2016, when the then-Digital MagicsDealroom has a profile for this one. Try Dealroom → — which merged into Zest in 2024 alongside LVenture GroupDealroom has a profile for this one. Try Dealroom → — joined a €4.8 million round that valued Epic at €13.4 million post-money, taking a roughly 3% stake.

The AzimutDealroom has a profile for this one. Try Dealroom → chapter: Epic's real industrial value emerged with AzimutDealroom has a profile for this one. Try Dealroom →. In February 2021, the two agreed to spin Epic's alternative-finance platform into a new company, Azimut DirectDealroom has a profile for this one. Try Dealroom →. By July 2021, Azimut controlled 50.1% and Epic held 49.9%.

In November 2022, Epic HoldingDealroom has a profile for this one. Try Dealroom → sold Azimut its remaining 49.9% of Azimut Direct for €19 million — €5 million in cash and €14 million in Azimut HoldingDealroom has a profile for this one. Try Dealroom → shares. Zest's filings note a mechanism guaranteeing a minimum €33 million value for those shares if sold after June 30, 2026.

Why it matters: This was not a sudden startup acquisition but a staged exit built over years. Epic's operating business first became fintech Azimut Direct; its residual stake then converted into a financial asset. Zest now describes Epic as a holding company owning Azimut shares under lock-up until June 30, 2026.

Is it a good exit? A 3.5x multiple means Zest recovered €3.50 for every euro invested. The 16% IRR measures the annualised return, factoring in both the amounts collected and the timing across a 10-year hold — positive figures, but ones tempered by the long duration typical of venture investments.

The signal: Another exit lands in Italy's innovation ecosystem, turning an illiquid stake into cash. It underscores how alternative-finance platforms for small and medium enterprises have become acquisition targets for large asset managers seeking fintech distribution and technology.

Image credit: David C. Foster