Cassiopea Partners acted as sole financial advisor to iCON Infrastructure in the acquisition of a 100% interest in Sestrieres S.p.A. (“Sestrieres” or the “Company”) from its shareholders Pubbli-Gest S.p.A. and A.B.C. S.r.l..
Sestrieres, established in 1931 and headquartered in Sestriere in Piedmont, Italy, is the operator of one of the largest ski areas in the European Alps. The Company operates 47 ski lifts, partly privately owned and partly managed under long-term concessions, connecting 305km of ski slopes. The extensive ski area spans across six connected valleys within the Piedmont region of Northern Italy, namely Sestriere, Sauze d’Oulx, Pragelato, Cesana Torinese, Sansicario and Claviere. Sestrieres’ ski area, in combination with the neighbouring French resort Montgenevre, represents an area with over 400km of slopes famously known as “La Vialattea” or “The Milky Way”, attracting more than 1.1 million visitors per season.
With the acquisition of Sestrieres for a total consideration of EUR 90 million, iCON Infrastructure has acquired one of the largest and most solid companies in the sector, setting medium-to-long-term objectives to grow the business while benefitting local communities.
Under the terms of the acquisition and given results achieved, Giovanni Brasso will maintain his role as Chairman over the next development phase, while the existing management team will remain in place and the current employee base will remain unchanged.
Iain Macleod, Managing Partner of iCON Infrastructure, said: “With this transaction, we have the opportunity to acquire one of the largest companies operating in the ski resorts sector in Italy. We look forward to working closely with the management team and the local municipalities to further develop the business to achieve its full potential. We intend to support a long-term development plan benefitting the business and all stakeholders”.
Giovanni Brasso, Chairman of Sestrieres and former shareholder, said: “I am very glad to have found in iCON Infrastructure a solid and proactive investor that will undoubtedly bring to the Company new motivations and investments, with the aim of respecting and fostering the territory’s growth and consolidating the leadership that Sestrieres has always had and deserves in the market”.
Alessandro Perron Cabus, CEO of Sestrieres and Chairman of ABC: “I leave serenely my role as CEO of this great firm with the belief that iCON Infrastructure could only be a great value added to the work done so far for the mountain community and for the ongoing development of its territory as a whole thanks to its financial capabilities and, above all, its pragmatism, competences and determination”.
Marco Forasassi Torresani, partner of Cassiopea Partners: “We are very proud of having assisted iCON Infrastructure in this important transaction further consolidating Cassiopea Partners’ track record in the infrastructure and leisure sectors.”
Alongside Cassiopea Partners, iCON Infrastructure was assisted by Orrick as legal advisor, Kearney as commercial advisor and EY as accounting, tax, technical, HR and EHS advisor.