Fondo Italiano sells Caronte & Tourist stake

According to press reports, the company increased its revenues from €135m in 2010 to an expected €180m in 2016.

During Fondo Italiano's holding period, the company pursued several bolt-on acquisitions, including the purchase of TTLines in 2015 and Siremar in 2016.

Previous funding
In 2011, Fondo Italiano led a €20m funding round for C&T's subsidiary Cartour, injecting a €17.5m equity ticket and acquiring a minority stake in the business. C&T's funding families provided the remaining €2.5m capital injection.

In July 2013, the GP operated an equity swap option and acquired a 10% stake in the mother company C&T, while the two founding families retained an equally split majority stake.

Company
Founded in 1965 and headquartered in Messina, Caronte & Tourist provides commercial and tourist ferry services from Sicily to Italy.

The company expects a turnover of €180m in 2016.

People
Fondo Italiano d'Investimento – Gabriele Cappellini (CEO).
Caronte & Tourist – Vincenzo Franza (CEO).

Advisers
Company – Legance (legal); White & Case (legal).

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• Topics
• Exits
• Consumer
• Southern Europe
• Italy
• Fondo Italiano di Investimento