Ambienta carves out Restiani from Total Erg

Total Erg divested the non-core asset in a deal valuing the business at €60m EV, according to a source familiar with the situation. The GP acquired an 80% stake in the business, while the Restiani family and the management team will retain the remaining stake.

Following the deal, the GP aims to support the company's expansion through strategic acquisitions and will focus on the part of the business dedicated to the installation and maintenance of centralised heating systems, increasing the adoption of more efficient and environmentally friendly systems, reducing the dependency on traditional oil fuels, the source said.

Furthermore, the company – geographically focused on the north-west of Italy – aims to extend its market reach to adjacent regions.

The GP bought the business via its second vehicle, Ambienta Fund II, which held a €323.5m final close in November 2014 and is currently deployed at more than 50%. This is the fourth deal in 2017 for the Italian GP.

Company
Established in 1937 and headquartered in Alessandria, Restiani's business consists of two branches: the distribution of energy products, such as coal, gas and oil, and the services delivery for heating systems, which targets the private residential sector.

The company's services include energy audits, engineering and the installation and maintenance of heating systems and smart meters.

In 2016, the business posted €173m in revenues and employs 150 people, according to a statement.

People
Ambienta – Mauro Roversi (partner, chief investment officer); Laura Della Chiara (investment manager).
Restiani – Ezio Restiani (CEO).

Advisers
Equity – Canova Finanziaria (M&A); Bain & Company (commercial due diligence); EY (financial due diligence, tax); REEAS (ESG due diligence); Gatti Pavesi Bianchi (legal).
Company – Studio Zaio (tax); Studio Ferrari (legal).

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• Topics
• Buyouts
• Southern Europe
• Support services
• Italy
• Ambienta