Selling a Business in Rome
Rome is Italy's political and administrative capital and home to a distinctive set of businesses that are not found elsewhere in the country: government technology firms, defence suppliers, regulatory services, and hospitality businesses at the scale that only a capital city generates. Selling here requires an adviser who understands both the Italian M&A framework and the specific dynamics of the Rome market.
The Rome mid-market M&A landscape in 2026
Rome's mid-market is structurally different from Milan's. Where Milan is defined by private-sector industrial and commercial businesses, Rome's economy is significantly shaped by its role as the seat of national government, EU programme funding, and the public administration. This creates a distinctive set of M&A opportunities and a different buyer profile.
Italy's PNRR recovery programme has injected significant capital into public sector digitisation, infrastructure, and healthcare, driving a new wave of government-facing businesses with institutional revenues. These businesses — IT services firms, compliance technology providers, infrastructure consultancies — are attracting increasing interest from European and US technology services groups looking to access Italy's large public sector market.
The defence and aerospace cluster around Leonardo and its supply chain is an active deal generator. European defence consolidation, driven by changed geopolitical priorities, is producing cross-border transactions that involve businesses throughout the Italian defence ecosystem. Italy's Golden Power regulation requires careful management in this sector, but experienced advisers understand the process well.
Businesses in Rome generally require a longer and more relationship-intensive sale process than comparable businesses in Milan. Political and stakeholder considerations are more prominent, deal timelines tend to be longer, and public sector client relationships require sensitive management during a sale process. These are characteristics to plan around, not obstacles that prevent successful transactions.
Key sectors driving Rome M&A
Rome's economy is concentrated in sectors that reflect its role as Italy's capital. Here is what buyer appetite looks like across each.
Government Technology & IT Services
Italy's public administration is one of the largest in Europe, and Rome is its administrative centre. Government technology businesses — IT services, digital transformation platforms, software for public bodies — represent a significant and growing M&A segment. Italy's PNRR (Piano Nazionale di Ripresa e Resilienza) commitments have accelerated public sector digitisation investment, creating a new generation of businesses with strong public sector client bases and recurring service revenues that attract both domestic and international buyers.
Defence & Aerospace
Leonardo, Italy's national aerospace and defence group, is headquartered in Rome. The surrounding ecosystem of suppliers, specialist engineering businesses, and defence technology firms is one of the most active M&A segments in the city. European defence consolidation is structurally driving deal activity, and government-to-government considerations — including Italy's Golden Power framework for strategic sectors — are a consistent feature of transactions in this space.
Professional & Regulatory Services
Rome's role as Italy's political and regulatory capital concentrates a distinctive cluster of professional services businesses — law firms with public law specialisms, regulatory consultancies, lobbying and public affairs advisers, and compliance services. Buyers are typically large professional services groups or PE-backed platforms seeking access to Rome's regulatory network and the long-term client relationships that come with it.
Tourism, Hospitality & Real Estate
Rome is one of the world's most visited cities, and the tourism and hospitality sector is a major component of its economy. Hotel assets, hospitality management businesses, and tourism technology platforms attract consistent buyer interest from international real estate investors and hospitality groups. Real estate investment structures in Italy — including the SIIQ vehicle for listed real estate entities — are relevant considerations for property-linked businesses.
Media & Broadcasting
RAI, Italy's public broadcaster, and the broader media ecosystem around it make Rome a centre for Italian media, content production, and broadcasting. Independent production companies, media technology businesses, and content distribution platforms have attracted interest from European media groups and US streaming platforms expanding their Italian content capabilities.
Healthcare Services
Healthcare services businesses — private hospitals, diagnostics, specialist clinics, and healthcare technology — are an active M&A segment in Rome and the Lazio region. Italy's mixed public-private healthcare model creates businesses with a combination of SSN (Servizio Sanitario Nazionale) contracts and private pay revenue that institutional buyers value for its resilience. Healthcare regulatory considerations, accreditation requirements, and clinical workforce succession are standard diligence areas.
Key considerations when selling a Rome business
Selling a business in Rome involves considerations specific to Italy's legal framework and to the characteristics of the Rome market in particular. Understanding these before starting a process avoids surprises later.
Public Sector Revenue Concentration
A significant number of Rome-based businesses derive a majority of their revenue from public sector clients — central government ministries, regional bodies, or state-owned enterprises. Buyers assess public sector concentration carefully: it creates revenue stability but also exposure to political and budgetary risk, procurement cycle delays, and potential receivables issues. Businesses with a mix of public and private sector revenue, or long-term framework contracts with public bodies, are generally more straightforward to position.
Golden Power & Strategic Sector Regulation
Italy's Golden Power regulation is particularly relevant for Rome-based businesses given the concentration of defence, telecommunications, energy, and government technology businesses in the capital. Any acquisition of an Italian business in a regulated strategic sector requires notification to the Presidency of the Council of Ministers and may be subject to conditions or veto. Early assessment of Golden Power applicability is essential — buyers from certain non-EU jurisdictions may face more scrutiny than others.
Italian Civil Code M&A Framework
Italian M&A transactions are governed by the Codice Civile framework. Key provisions include Article 2341-bis (non-compete agreements in shareholders' agreements), the rules on representations and warranties under Italian law, and the treatment of earn-out mechanics. Representations and warranties insurance is available in Italy but less standardised than in Anglo-Saxon markets. The notarial requirement for Srl share transfers means execution logistics must be planned carefully, particularly for transactions with multiple closing conditions.
Deal Pace & Political Considerations
Rome deals, particularly those involving public sector clients or regulated entities, typically move at a slower pace than equivalent Milan transactions. Political and regulatory considerations are more prominent, stakeholder consultation processes are more extensive, and the decision-making chains within large institutional buyers tend to be longer. Factoring realistic timelines into process design — and maintaining momentum through regular buyer engagement — is an important part of running a successful process in the capital.
What buyers look for in Rome businesses in 2026
Buyers approaching Rome businesses in 2026 are disciplined and focused on specific strategic rationales. The businesses achieving the best outcomes are those that are clearly positioned to address a buyer need — whether that is public sector market access, defence supply chain capability, or institutional client relationships that took years to build.
Contracted, recurring public sector revenues
Framework contracts with central government ministries or state-owned entities — particularly in IT services, facilities management, or professional services — provide the kind of revenue visibility that buyers model favourably. Multi-year contracts with renewal history are particularly valuable positioning assets.
PNRR positioning and digital credentials
Businesses that have successfully competed for PNRR-funded contracts — digital infrastructure, healthcare technology, smart city — are well positioned in the current buyer market. The investment cycle created by Italy's recovery programme is real, and buyers with European market ambitions want access to it.
Regulatory relationships and sector accreditations
In a city defined by regulation and government, the quality of a business's relationships with sector regulators, ministries, and procurement authorities is a genuine asset. These relationships are hard to build and slow to transfer, which is exactly why strategic buyers value them and pay for them.
Management independence from the founder
As with all Italian family businesses, demonstrating that a capable management layer can operate the business post-exit is critical. In Rome, this is particularly important for businesses where key client relationships are held at the founder level — buyers will probe hard on client portability and relationship succession.
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