Costa Edutainment, an Italian company managing theme parks in Italy and abroad with the Genoa Aquarium among them, is ready to a relaunch of its business and aiming at listing at the Italian Stock Exchange in 5 years’ time thanks to a 16% capital increase by Vei Capital (gruppo Palladio Finanziaria).
Costa Edutainment’s ceo Beppe Costa, who controls the company with his family (the same family who founded Costa Crociere cruise group), announced the details of the deal in a press conference in Genoa a few days ago after MF Milano Finanza had wrote about the deal last December (see here a previous post by BeBeez).
Private equity company Vei Capital is to invest 20 million euros in Costa Edutainment, 5 million of which in a capital increase and 15 millions subscribing a convertible bond. If Vei converts the note, the fund will increase its stake over 16%.
The deal will strengthen Costa Edutainment’s financial structure in order to allow new acquistions after the ones of Aquafan and Oltremare aquaparks in Riccione in 2013. Moreover the new cash will allow new investments in the Genoa Aquarium which recorded a drop in visitors last year and met higher costs than expected in renewing a special pool for cetaceans,
The group manages 12 entertainment structures in Italy and abroad and last year welcomed 2.5 million visitors for about 52 million euros in revenues versus 55 millions in 2014, when it reached 6.5 millions in ebitda (see here Mr. Costa’s interview with the MediTelegraph).
Costa Edutainment was advised for the deal byCarbone D’Angelo law firm and by financial advisor Palladio Corporate Finance. Vei Capital was supported byLombardi Molinari Segni law firm, by New Deal Advisors as for financial issues and by Studio Pirola Pennuto Zei & Associati, Aecom and PwC as for fiscal matters.
