Italian-listed holding company Italmobiliare signed an agreement with Clessidra sgr‘s shareholders to buy the 100% of the capital of Italy’s major private equity company for a 20 million euros price (download here the press release). The deal follows the announcement of exclusive talks starting last April 26th (see here a previous post by BeBeez).
Italmobiliare was actually 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. Italmobiliare’s bid was for 100% of the company and had to be accepted by  Clessidra sgr’s managment too as managers are minority shareholders in the management company.
Moreover it is understood that Clessidra funds’ investors agreed about the whole deal as 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
The price that Italmobiliare is paying is quite higher than the 16 million euros valutation for the 100% Mrs. Sposito asked Clessidra sgr’s chairman Francesco Trapani to pay before talks between the two stopped (see here a previous post by BeBeez).
Italmobiliare 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.
The company will cash a pile of money next July when the closing of the sale of its 45% stake in mortar maker Italcementi‘s capital to Heidelberg Cement in expected in a 1.66 billion euros deal. Italmobiliare will then invest 241 million euros in a 5% stake in Heidelberg Cement remaining with about 720 million euros of cash for new investments.
Italmobiliare is expected to invest part of that money in Clessidra Capital Partners III, the new fund which was targeting initially 1-1.1 billion euros. The target was reduced after Mr. Sposito had died to about 800 million euros and then even less (see here a previous post by BeBeez).
