Italy’s CDP rebrands as FSI

The former FSI company was 80% owned by CDP, while Banca d'Italia owned the remaining 20%. According to press reports, Banca d'Italia will sell its stake in FSI for €920m.

The new structure sees CDP Equity assume the role of long-term investment vehicle, and will manage assets in the Italian mid- and large-market for a holding period longer than the private equity industry standards. The vehicle will continue to be backed by the Italian government.

CDP Equity took over several portfolio companies from former FSI, including its 44.6% stake in Ansaldo Energia, a 46.2% stake in Metroweb, a 12.5% stake in Sapiem and a 49.5% stake in SIA, which will float in H2 2016 with CDP Equity retaining a 15% stake in the business.

As part of the deal, Leone Pattofatto has been named chairperson of CDP Equity, while Guido Rivolta was named CEO and Simonetta Iarlori became an adviser.

Moreover, CDP has established FSI SGR, a private equity and growth capital closed-end fund, which targets mid- and large-market companies. Currently, CDP has committed 100% of the capital in the vehicle, but according to a statement the GP will raise committed capital from local and international private investors and the management team. CDP ultimately intends to reduce its commitment to the fund below 50%.

According to a source familiar with the situation, several sovereign wealth funds will invest in the new vehicle, which has a €2bn target.

Following the transaction, Claudio Costamagna, Maurizio Tamagnini and Rosalba Casiraghi have been appointed to the firm's management board as chair, CEO and adviser, respectively.

Lastly, CDP has established FSI Investimenti, an investment fund owned by CDP Equity and the Kuwait Investment Authority (KIA), a Kuwaiti sovereign wealth fund. Maurizio Tamagnini will become the chair of FSI Investimenti, Guido Rivolta the CEO and Simonetta Iarlori an adviser.

FSI Investimenti took over the remaining FSI assets, including a 49.5% stake in Valvitalia, a 25.1% stake in Kedrion, an 8.4% stake in Gruppo Trevi, a 28.4% stake in Inalca and an 11.5% stake in Rocco Forte. All these businesses are expected to float between 2016 and 2017.

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• Topics
• GPs
• Restructuring
• Southern Europe
• Italy