Italian Government sponsored Fondo Italiano di Investimento announced yesterday its first divestment. The fund sold its stake in Eco Eridania, an Italian company based in Arenzano (Genoa) specialized in waste collecting, transporting, storage and disposal. The acquirers were entrepreneur and majority shareholder Andrea Giustini and Xenon Private Equity Fund V, an actual shareholder in Eco Eridania since December 2012 (download here the press release).
As referred in Fondo Italiano’s Annual Report for 2013 (download here the Annual Report), Fondo Italiano entered in Eco Eridania’s shareholders capital at the end of September 2011 with a 38.77 pct stake paying 10 million euros subscribing a capital increase. In December 2012 the fund subscribed a 1.44 million euros interest-free convertible bond, while Xenon subscirbed two convertible bonds for a total value of 10.86 millions. The two funds apported then new finance for a total of 12.3 millions aimed at financing the acquisition of Team Ambiente spa.
In March 2013 the two funds converted their bonds into Eco Eridania’s shares and subscribed a new capital increase for a total value of 3.3 million euros, of which 860k euro Fondo Italiano and 2.44 millions Xenon. The latter fund subscribed also a new 2.2 million euros convertible bond. These transactions were aimed to the acquisition of Paderno Energia srl, owner of a special waste disposal plant ; the special waste business of Ghi.be.ca Tecnoplus srl; and Elettrochimica Carrara srl, a company operating in the same sector of Eco Eridania.
Eco Eridania grew then from being a local player active in Liguria and Sardegna regions with revenues of 15 million euros and 100 employees in 2011 to be the leader in Borthern and Central Italy with cmore than 70 million euros of revenues and 340 employees.
Fondo Italiano and Xenon invested a total of 26 million euros, with Fondo Italiano that invested 12,3 millions for a 32.16 pct stake in the company capital at the end of 2013 (or 30.60 pct if Xenon converts the bond). After the last deal, Xenon will control a stake slightly lower than 50 pct in Eco Eridania’s shareholders capital, MF-Milano Finanza writes today.
