Italmobiliare buys Clessidra for €20m

According to a statement the acquisition needs to be approved by the Italian authorities as well as by the investors of the Clessidra Capital Partners III fund, the latest vehicle of the Italian GP.

The previous owner, the Sposito family, fully exited the business after the death of Clessidra CEO and key-man Claudio Sposito in January 2016.

As part of the deal, Italmobiliare will commit capital to Clessidra's third vehicle to restart its fundraising, which has been on hold after Sposito's death, hovering around €800m, below its €1bn target.

Italian press reports highlighted that the present deal value of €20m is higher than the price offer from the Sposito family to Clessidra chair Francesco Trapani in March 2016. As reported, Trapani was offered to buy a 79% stake owned by the Sposito family for €16m.

At that time, Trapani rejected the offer because he considered it an unjustified increase from a previous agreement, which expected a first purchase of a 59% stake for €7m and the acquisition of the remaining 20% after three years, valuing the company at €12m.

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• Topics
• GPs
• Southern Europe
• Italy
• Clessidra Capital Partners