Clessidra chair Trapani abandons majority stake purchase talks

Trapani announced he would not continue negotiations with the Sposito family over the purchase of a majority stake in the company, equating to 59% of the share capital.

Following the untimely death of founder and key man Claudio Sposito, his family took over the controlling stake. According to a statement, the transaction between Trapani and the heirs was part of a moral commitment previously undertaken with Sposito and already communicated to LPs.

Nevertheless, Trapani's decision to cease negotiations stems from the request of the family to change substantial aspects of the preliminary agreement reached in the last weeks.

Trapani will continue to work at Clessidra, but the current uncertainty may further affect the business. According to press reports, Clessidra stopped fundraising for its CCPIII fund on €600-700m, below its €1.1bn target, although this has not been confirmed by the GP, which is currently renegotiating the terms and conditions with LPs regarding the vehicle. Moreover, media reports have mentioned that Clessidra operating partner Ugo Belardi may exit the company after 13 years of employment.

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