Green Arrow Capital has been selected as winner of the competitive auction for the 100% of the capital of Italy’s closed-end funds asset manager Quadrivio Capital sgr (see here the press release).
Founded in 2012 by asset managers Eugenio de Blasio, Daniele Camponeschi, Stefano Russo and Alessandro Di Michele, Green Arrow has also former Poste Italiane Chairman, Luisa Todini, as a new partner sine last June.
The investment company has been investing solely in renewable energy projects till now and was selected to be part of a short-list of four candidates to buy control of Quadrivio sgr at the end of last October together with Lbo France, Tages e Pm Partners (see here a previous post by BeBeez).
The majority of all the bids were over 20 million euros, which is the valuation that Quadrivio sgr’s parent company (Quadrivio Italia spa) has on its books. Quadrivio sgr has about 1.4 billion euros of assets under management, generates about 12 million euros in revenues and has an adjusted expected ebitda for 2017 of 2.4 millions.
Quadrivio Italia is in turn controlled with a 70% stake by Alessandro Binello and Walter Ricciotti, who have been sgr’s chairman and ceo, respectively, till last April (see here a previous post by BeBeez), while the remaining 30% stake is owned by FuturaInvest, an investment holding controlled by banking foundation Fondazione Cariplo and Enasarco pension fund).
In the deal Quadrivio Italia was supported by Lazard as financial advisor and by Studio Pedersoli law firm. Green Arrow was instead advised by Rothschild as financial advisor, by Legislab and Orrick law firms and by Kpmg as accounting firm.
Quadrivio sgr is one of Italy’s most important closed-end funds platforms as for assets under management and for variety of assets managed ranging from private equity to private debt to clean energy for a total of about 1.3 billion euros.