Italmobiliare spa has been selected by Manuela del Castllio Sposito, widow to Clessidra sgr‘s founder Claudio Sposito, to hold exclusive talks about the sale of her 79% stake in the private equity funds management company.
The news was announced yesterday evening in a press release that specifies that the agreement relates to the acquisition of 100% of Clessidra’s share capital (download here the press release).
Italmobiliare, a company listed on the Italian Stock Exchange, is the investment holding of the Pesenti family (which owns a 47.265% stake through Efiparind sa), while the Strazzera family owns a 10.3% stake (through Serfis) and Mediobanca owns a 9.5% stake.
Italmobiliare holds and manages a diversified portfolio of investments and equity interests worth more than 2 billion euro. Italmobiliare has a strategic vision backed by a financial and industrial history of more than 150 years and is due to finalize the closing of the sale of the controlling stake in concrete maker Italcementi to HeidelbergCement next July.
The announcement was quite a surprise for the market as other potential investors with much more focus on privarte equity sector were said to be active on the dossier after talks between Clessidra sgr’s chairman, Francesco Trapani, and Mrs. Sposito on the sale of the controlling stake of the company stopped (see here a previous post by BeBeez). Interested counterparts were said to be Neuberger Berman, Coller Capital, Ardian, Mittel and Bridgepoint.
The deal prices was not disclosed but it is said to be higher than the 16 million euros valutation for the 100% Mrs. Sposito asked Mr. Trapani, MF-Milano Finanza writes today.
The press release stresses that “the acquisition represents a unique opportunity for the development of the private equity business by acquiring the leading Italian player. Italmobiliare intends to support and grow Clessidra’s activities, ensuring autonomy and independence and strengthen its management structure”.
Mr. Pesenti said that “In pursuing this new initiative, Italmobiliare will boost Clessidra’s ability to create value by contributing its own industrial management vision and its ability to attract resources to develop the “made in Italy” on a global scale.
The deal is now to be presented to Clessidra sgr’s managment as managers are minority shareholders in the management company. But the the toughest comparison will be with Clessidra funds investors as they have the last word about the whole deal. Actually private equity funds investors have the right to approve or not the new management team and the new shareholder for the management company as a key men clause was breached last january when Clessidra’s founder passed away (see here a previous post by BeBeez).
