ETL Italia acquires stake in Vicarioli-Pistone & Partners

10 February 2026 – ETL Italia, the vehicle created by the joint venture between NexumStp Spa and ETL Global, announces its entry into the capital of Vicarioli-Pistone & Partners, a consulting, accounting and tax services company based in Canelli, which has been active for years in assisting companies in the Asti and Langhe areas and in supporting foreign investors, particularly those from Northern Europe. The transaction was completed in recent days.

The transaction represents a further step in the growth of ETL Italia and consolidates the group’s presence in an area of great strategic value, characterised by a high-quality entrepreneurial fabric and strong attractiveness for international investment, including in sectors of excellence such as DOCG wine production, including Alta Langa.

Vicarioli-Pistone & Partners will continue to operate as usual. Founders Maria Antonia Pistone and Carlo Vicarioli remain on board in different roles: Pistone retains her shareholding and management position, while Vicarioli takes on the role of consultant and co-administrator, ensuring management stability and leveraging the expertise gained over time.

For ETL Italia, the investment in Vicarioli-Pistone & Partners further strengthens its service offering to local businesses and foreign investors, thanks to new synergies and integration into a structured international network capable of supporting companies in their growth, internationalisation and investment in the region.

Massimo Nardini, Managing Partner of NexumStp and Chairman of ETL Italia, comments, “Vicarioli-Pistone & Partners is an example of professional excellence deeply connected to its territory. Their entry strengthens our group and confirms our growth strategy, based on expertise, continuity and international integration. The Asti area and the Langhe represent a highly valuable entrepreneurial ecosystem, not least because of the interest they continue to attract from international investors.”

Maria Antonia Pistone, partner at Vicarioli-Pistone & Partners, states, “Joining ETL Italia is a natural evolution of our journey. We will continue to work alongside local businesses and foreign investors with the same approach as always, now able to count on a broader network, new group synergies and new services.”

Johannes Struckmeier, Chief Investment Officer of ETL Global, adds: “This transaction confirms ETL Italia’s desire to grow selectively in the most strategic areas of northern Italy, investing in high- quality businesses with strong local roots.”

ETL Italia Srl is the vehicle established following the joint venture between the international consulting group ETL Global and NexumStp Spa. The two companies launched the project to develop the Italian market in 2024, after approximately three years of international partnership. NexumStp is a joint-stock company founded in December 2018 from the merger of some of Italy’s most prestigious tax and labour consulting firms. It has 59 offices in Italy, the main one of which is located in Rome, and assists approximately 22,000 clients in the tax, corporate, labour, legal and management sectors, as well as in the outsourced management of all administrative tasks of the personnel office (payroll). The group’s new competitive drivers also include research, personnel selection, funded training and technological solutions for business management.

Press Office NexumStp Diesis Group:
Giorgio Tedeschi – Valentina Colombo
Tel 02 626931 – nexumstp@diesis.it

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