Cassiopea Partners is advising Eurizon Capital SGR’s funds Eurizon ITEᴙ and Ersel Asset Management SGR’s fund Equiter Infrastructure II (“Equiter”) in the acquisition of a majority stake in Tecnofer S.p.A. (“Tecnofer” or the “Company”), a leading Italian infrastructure services company providing maintenance for the safety, reliability and efficiency of the railway and metro infrastructure.
Founded in 1989 to provide high value-added maintenance services to railway infrastructures, since its establishment, the Company has developed an important know-how and a proprietary fleet of specialized vehicles, including technologically advanced convoys. The services provided by Tecnofer play a key role in the proper and safe operation of the infrastructures served, as well as reducing the related pollution levels.
The transaction involves the acquisition of a majority stake in Tecnofer by Eurizon ITEᴙ (ca. 54%) and Equiter (ca. 36%), which will exercise joint control through a JV. Executive S.p.A., the holding company headed by Marco and Carlo Ascari, respectively Chairman and CEO of Tecnofer, will remain a shareholder of the Company with a stake of ca. 10%. The transaction also envisages the confirmation of Carlo Ascari, co-founder of the Company together with his brother, as CEO.
This transaction further reaffirms Cassiopea Partners’ track record in the value-add infrastructure sector.
Cassiopea Partners acted as M&A advisor to Eurizon ITEᴙ and Equiter, alongside Clearwater International (financing), Studio Legale Chiomenti (legal), Roland Berger (business), Deloitte (financial and tax), GBSapri (insurance), Protiviti (ESG), Rina (technical) and Macfin (internal control and risk management).
The transaction is expected to close during 2023.