3i Group buys MFM Capital

3i bought the company for a total consideration of up to €16m, of which €8.7m was deployed on signing the deal. The remainder will be paid at the end of the construction phase of the projects managed by MFM Capital and will depend on their performance.

The GP invested from its 3i European Operational Projects Fund (3i EOPF), which held its final close on €456m in April 2018, exceeding its €400m target. The vehicle received commitments from European and Asian investors, in addition to €40m from 3i itself.

EOPF is managed by 3i's infrastructure team and invests in operational projects across Europe, with a focus on France, the Benelux region, Germany, Italy and Iberia. It targets a wide range of sub-sectors, primarily social infrastructure and transportation, but also telecoms and utilities, excluding renewable energy projects. The fund has already invested approximately €85m.

Following the deal, Rekeep, in addition to a 5% stake, will also retain minority participations in the companies managed by MFM Capital.

Rekeep, at the time known as Manutencoop, was previously backed by a consortium of private equity funds, which exited the investment in October 2017. 

The deal saw GPs Private Equity Partners (PEP), 21 Investimenti, Value Italy (formerly MP Venture), Sviluppo Imprese Centro Italia (Sici), NEIP II and DeA Capital Alternative Funds, alongside financial investors Cooperare Sviluppo, Unipol Banca and Mediobanca, sell their 33.2% stake in the business to the firm's parent company Manutencoop Società Cooperativa, which became the sole shareholder.

Based in Zola Predosa, near Bologna, MFM Capital holds interests in several companies and entities managed by Rekeep, including Synchron Nuovo San Gerardo Hospital; Arena Sanità Hospital; Genesi Uno Hospital; and Alessandria Project Value.

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• Topics
• Real estate
• Southern Europe
• 3i
• Italy