Portfolio company Moby hits out at Clessidra in national press

Clessidra, which is understood to currently be on the road for its third fund, acquired a 30% stake in Moby in 2006. In 2011, the Italian state decided to privatise Moby's rival, Tirrenia. In the pursuit of economic efficiencies, which the firm hoped could be passed onto its customers, Moby acquired a 40% stake in the business in 2012, becoming majority shareholder in the group alongside Clessidra.

But according to Moby chief executive Vincenzo Onorato, hopes of integration were short-lived as disagreements surfaced between the two companies, with Clessidra siding with Tirrenia. An arbitration process was then launched as a result, writes Onorato in the open letter, which then suggests Clessidra may have been out to flip the bolted-on asset in the hopes of higher returns.

Clessidra has responded to the letter, suggesting it was in fact the GP that pursued arbitration, and pointing the finger at Onorato's propensity to complain via the media rather than the usual channels.

The GP also highlighted the order of the Italian Competition and Market Authority on 18-23 September, which stated that since the companies operate competing transport routes, corporate separation had to be maintained.

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