Arcadia SGR S.p.A. completed the investment program of its second fund, Arcadia Small Cap II  with two new acquisitions in the Heating, Ventilation, Air Conditioning and Refrigeration ("HVACR") industry: KFL EST S.r.l. and CBS EST S.r.l. Arcadia has acquired a majority stake in both companies through a partnership with the respective teams of managing shareholders who, by retaining significant stakes, will promote a new organic growth and market consolidation, with the support of a manager introduced by Arcadia, with many years of experience in the specific sector.