F2i, Marguerite buy KPNQWest Italia

The GPs acquired a 90% stake in the business from Italian entrepreneur Marco Fiorentino. The two investors purchased their stake via a newco, named 2i Fibre, which is 80% owned by F2i via its second fund, and 20% by Marguerite.

F2i's second fund, Secondo Fondo F2i, launched in 2012 and reached its final close on €1.24bn in July 2015, exceeding its initial €1.2bn target.

The current transaction is the third made by the duo of investors and follows the acquisition of a 94.1% stake in Infracom Italia for €57.8m and a 90% stake in MC-Link for €50.5m, unquote" understands. Currently, KPMQWest has 68 employees, while MC Link has 214 employees and Infracom employs 310 people.

According to a statement, the GPs aim to integrate the three assets into a single platform, which will subsequently be looking for further acquisitions.

F2i is expected to launch a third vehicle by the end of 2017 with a €2.5-3bn target, a source close to the matter told unquote".

Company
Based in Milan, KPNQwest provides fibre-optic connectivity and cloud computing services, and manages four data centres in Milan. The business was founded in 1985.

According to a statement, the company posted a €20m turnover with a €2.8m EBITDA in 2016.

Advisers
Equity – Gilberti Triscornia & Associates, Alessandro Triscornia, Emilio Bettaglio, Lodovico Montevecchi (legal); Analysis Mason (commercial due diligence); KPMG (financial due diligence, tax).
Company – EY, Vincenzo Bruni (M&A); Bird & Bird, Roberto Camilli, Gabriele Ferrante (legal).

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• Italy