Four bids have been selected for a short-list of candidates to buy Italy’s closed-end funds asset manager Quadrivio sgr, the asset management firm’s Board decided last Friday October 6th.
Selected bids are said to be the ones by Lbo France, Tages Capital, Pm&Partners and Green Arrow Capital, the latter having been seen in a second row till now behind all the other bidders with a consolidated track record in the private equity and private debt sectors, while Green Arrow has been investing in renewable energy projects till now (see here another post by BeBeez).
Bids which have not been selected for the second phase of the auction were instead the ones put forward by Mittel, Tikehau Capital, Muzinich, Dea Capital Alternative Funds sgr (ex Idea Capital Funds sgr) and Vrm Group (see here a previous post by BeBeez).
The majority of the bids were over 20 million euros, which is the valuation that Quadrivio sgr’s parent company 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 sgr’s parent holding company is 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).
