Athena FH
Also known as Athena Family Holdings, Athena FH S.p.A., Athena S.p.A., Luigi Nalini S.a.p.a.
Padua family office and holding of the Nalini family; second-largest shareholder of listed Carel Industries (13.81% after a May 2026 sale) and investor in AIFs and private and public equity.
USEFUL FOR Business owners seeking a long-term partner · Co-investors
Family & background
- FAMILY
- Nalini
- WEALTH ORIGIN
- Carel Industries
- HEADQUARTERS
- Padova, Italy
Investment approach
- SECTORS
- Industrial & Manufacturing
- GEOGRAPHY
- Italy
- ROUTES
- Direct investments
- STRATEGIES
- Direct investmentsPrivate equityPublic equities
- LATEST DEAL
- Civitanavi Systems · Jun 2023
Overview
Athena FH S.p.A. is the Padua investment holding and family office of the Nalini family; Francesco, Chiara and Valerio Nalini control it with a 79.6% bare-ownership stake. It is the second-largest shareholder of Carel Industries and is party to a shareholders' agreement with Luigi Rossi Luciani S.a.p.a. In May 2026 it sold 5.6 million Carel shares (about 5%) by accelerated bookbuilding, cutting its stake to 13.81%. It says it invests across asset classes through alternative investment funds and direct private and public equity stakes in SMEs, and it held more than 5% of Civitanavi Systems after converting a €5M bond in 2023, a company Honeywell took fully private in 2024.
Investment thesis
Invests mainly in the real economy through alternative investment funds and direct private and public equity, acting as a long-term partner to innovative SMEs with managerial, industrial and financial support.
Holdings & investments (2)
- Carel IndustriesNOTABLEIndustrial & Manufacturing
- Civitanavi SystemsIndustrial & Manufacturing · since 2023 · Exited (Honeywell tender offer and squeeze-out; delisted 26 Aug 2024)
Classification
Family Holding. A family's holding company that owns stakes in several separate businesses or invests beyond its own group, without calling itself a family office. How family capital is classified →
FAQ
Athena FH is a family holding based in Padova, Italy.
Athena FH invests on behalf of the Nalini family (Carel Industries).
Athena FH invests directly in companies. Its stated asset mix includes direct investments, private equity and public equities.
Athena FH invests in Industrial & Manufacturing.
Athena FH's holdings and investments include Carel Industries and Civitanavi Systems.
The most recent publicly reported investment by Athena FH is Civitanavi Systems, announced in Jun 2023.